Dental professionals face a number of challenges in running their business.
The first question is whether incorporation is the right solution for the financial challenges you will face as a practitioner. Corporate income tax may be lower than the taxes you would otherwise pay as a practitioner. Corporations and practitioners have to fill out two entirely different tax returns, but luckily we are here to help you to make the right decision for your firm.
Most dental services are HST exempt – this means that HST is not collected on the services provided to clients and that HST paid on expenses and purchases can not be claimed as input tax credits (ITCs) except against that portion of HST collected on taxable revenue.
Dental services usually receive income from a very wide variety of sources – OHIP for those who are eligible, private insurers such as Sunlife and Manulife, as well as directly from their clients. We can classify your income by source, as well as by the procedure provided – cleaning, filling, implants, root canals, and x-rays, among others.
No dental practitioner can do their work without a staff, and payroll is an important concern for employer and employee alike. Whether or not you choose to use a payroll service, we can help you to determine deductions you should remit on behalf of each employee based on their gross salary, as well as prepare annual T4s for them to complete their own personal tax returns.
In summary, here are just some of the services that we can provide for you:
- Assurance services (audit, review, and compilation)
- Tax services (T2s, T1s, T4s, T5s, payroll remittances, HST filing and instalments)
- Valuation (fair market value of fixed assets, investments, trust balances, etc.)
- Other consulting services
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