We currently are accountants for Chiropractors in Toronto, Mississauga, Vaughan, Oakville, Brampton, Milton and the Ontario region. This area of medical practice has several challenges and we have the experience to deal with such matters.
Incorporation: We work closely with lawyers to provide to get you incorporated. It is critical for have it setup properly as the practices gain value and these businesses qualify for the life time capital gains exemption (LCGE) amount of $850,000 per shareholder.
Full Accounting: Monthly electronic bookkeeping (pro-active management of expenses and business decisions to find solutions to reduce taxable income between corporation and personal. Separating business vs. personal.
Payroll: We are partnered with ADP with preferred rates for automated payroll should the client want that. We also assist in the payroll for the owner and limited staff.
Tax Planning: Salary vs. Dividends, income splitting strategies, shareholder loans, home loans, etc. Avoiding tax triggers for purchasing additional properties, etc. Chiropractors can pay themselves and family members who work with them thru salaries and dividends (owners). The Chiropractor can pay themselves up to $45,000 of tax free dividends on the personal side if no other income is present personally. This depends on many factors and we look for the ideal split between salary and dividends. We apply the best practices for corporations to assist you in tax and estate planning thru a variety of option including life insurance.
Filing Corporate Returns: Annual filing of Corporate returns and keeping corporation compliant with CRA.
CRA Online Access: We handle all CRA dealings for both personal and corporate.
HST Returns: As the sales of chiropody services are zero rated but some purchases and sales are subject to HST Chiropody clinics can claim input tax credits on rent and related expenses. Proper accounting is necessary to apply for refunds as CRA regularly conducts reviews and audits before giving refunds.
Financial Statements: Annual financial statements for lending institutions, etc.
Holding Companies: As revenues grow in the Chiropody Corporation it is essential to consider holding companies to make additional purchases of assets and not pull it out of the corporation to cause tax triggers. This includes purchasing of building for the clinic, etc.
Buying and Selling Chiropractor Clinics:
We assist our clients with business loans thru financial institutions and other means for setting up their clinics or to purchase existing ones.
This service includes the best way to structure the purchase and sale of practices. Our relationship with lawyers, certified business valuators, financial institutions and financial advisors are put to work for the benefit of the chiropractor.
Sole Proprietors (Non Incorporated – Professional Returns T2125)
Electronic T1 (professional personal tax return) filing
Tax saving strategies (RRSP) and allowable expenses and deductions.
Dealing with CRA inquiries and reviews
Open communication with accountant
Electronic bookkeeping (separation of professional vs. Personal expenses) pro-active vs end of year.
Electronic T1 (personal tax return) filing – complimentary
Corporate return t2 electronic filing
Financial statements (notice to reader)
Dealing with CRA (audits, reviews) – Online Access
Payroll for employees (basic and electronic with ADP partnership with preferred prices.
Tax strategies – payroll vs. Dividend, shareholder loans, maximizing allowable deductions, personal vs. Business split.
Access to accountant throughout the year and proactive management of your practice.
** Fees will cover compliance engagements and prices will vary based on your unique circumstances, billing, and additional dealings with CRA on existing matters and your stage of the practice will influence your package. We will inform you to come up with your unique package so you have a package that will be a block fee’s for the year. Our billing is monthly and we have a system especially designed for proactive management of the accounting cycle for Chiropodists.