Our firm has years of experience dealing with Veterinarians. Whether you are owing a clinic or an associate we provide you expertise and a complete solution for your accounting and tax needs.
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 amount of $850,000 per shareholder.
Full Accounting: Monthly cloud based 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 management for assistants, staff.
Tax Planning: Salary vs. Dividends, income splitting strategies, shareholder loans, home loans, etc. Avoiding tax triggers for purchasing additional properties, etc. Veterinarians can pay themselves and family members who work with them thru salaries and dividends (owners). 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 veterinarian services are zero rated but some purchases and sales are subject to HST. Veterinarian 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 Veterinarian Corporation it is essential to consider holding companies to make additional purchases of assets like buildings and not pull it out of the corporation to cause tax triggers.
Buying and Selling Practice: We assist our clients in evaluation of practices for purchase and sale and all the necessary transitions.
College of Veterinarians of Ontario: https://cvo.org/