Doctors
We are currently one of leading accountants for doctors in the GTA, Ontario with clients across Canada. Whether you own your own practice or an associate our services and packages will match your needs. We handle all the tax and accounting so you can focus on the growth of your practice. We are cloud based accounting it further removes your need to provide bank and credit card statements.
Medical Corporation: Share structure for income splitting (Voting vs Non-voting), share classes, shareholder agreements. We work closely with lawyers to provide the ideal structures for your corporation.
Full Accounting: Cloud based bookkeeping (pro-active management of expenses and business decisions to find solutions to reduce taxable income between corporation and personal. Separating business vs. personal.
Tax Planning: Salary vs. Dividends, income splitting strategies, shareholder loans, home loans, etc. Avoiding tax triggers for purchasing additional properties, etc. In Ontario and other provinces a physician can be the only common share holder and received eligible dividends of up to $50,000 tax free. If a spouse works in a clinic more than 20 hours they may also qualify under the new TOSI rules.
Filing Corporate returns: Annual filing of Corporate returns and keeping corporation compliant with CRA.
CRA Online Access: We get CRA online access for both the corporation and personal to deal with them directly and take this responsibility away from our clients.
Financial Statements: Annual financial statements for lending institutions, etc.
Holding Companies: As revenues grow in the Medical 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.
Website for the College of Physicians and Surgeons of Ontario http://www.cpso.on.ca/
Packages:
Salaried employee’s & residency students:
Electronic T1 (personal tax return) filing
Tax saving strategies (RRSP) and allowable deductions.
Dealing with CRA inquiries and reviews
Open communication with accountant throughout year for pro-active management
Sole proprietors (non incorporated – professional returns T2125) – These are complimentary in transition years while getting incorporated.
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.
Incorporated physicians
Electronic T1 (personal tax return) filing – complimentary for owner and spouse
Corporate return T2 electronic filing
Financial statements (notice to reader)
Dealing with CRA (audits, reviews) – Online access
Tax strategies – payroll vs. Dividend, shareholder loans, maximizing allowable deductions, personal vs. Business split, Home loans.
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, 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 medical professionals.