There are many challenges facing medical professionals working today.
Doctors perform vital, essential services, and work long hours performing mentally, physically, and emotionally taxing healthcare to the patients who need it most. It seems unreasonable to ask them to also keep a close eye their finances on top of that. Fortunately, we are here to provide medical professionals with the accounting services they need for their business to succeed, to pay their taxes and make sure they are not overpaid, to be properly compensated for the research and development they conduct, and to file their corporate and personal taxes on time!
We are able to help medical practitioners who are just starting their business – who have recently been hired or appointed to provide their services, or who are attempting to open a clinic to provide services directly to the public. Don’t let the big step of setting out on your career, or taking a new step into the unknown, be any harder than it has to be. Speak with us first, and we’ll help you understand all the important decisions you need to make about your business and its operations well in advance, and we’ll help you make the best possible decision.
When it comes to revenue, are your earnings HST exempt or not? Do you bill OHIP and receive payments from the Ministry of Health? Do you work for a research university? Do you receive grant money from the government or a charitable institution? Are you a specialist? Do you have a private practice? Does any portion of your income come from private billings for elective surgical procedures not covered by OHIP, or from alternative medical treatments?
Our extensive experience working with many medical professionals with a wide variety of disciplines within the industry – plastic surgeons, general practitioners, oncologists, and others – means that we are ready, willing, and able to help you to answer all the questions you may have about your finances. Should you incorporate? The government encourages professionals of all stripes – including doctors – to do so, and the tax consequences are important.
Many doctors have staff – even small clinics often have a handful – and payroll is a headache even for business owners who have a lot more time on their hands. We can help you determine the net payroll your receptionists, administrators, nurses, technicians, and interns are due, and what remittances will need to be paid on a monthly basis. We can even pay your remittances on your behalf. For doctors who do earn private income, HST filing is a necessity. Don’t go through the hassle of sorting which of your income is HST taxable and which isn’t – we can do that for you, file your quarterly HST return, and make sure the HST on purchases you make and expenses you pay will be properly deducted from the HST you collect according to CRA rules.
Whether or not your medical practice is incorporated, we will prepare your financial statements, and whatever tax returns are required on an annual basis: T1s, T2s, and T4s. Doctors with investment portfolios can also rely on our services to keep track of the investments and the income they make from them – dividends, distributions, interest, and capital gains on trade, along with foreign income and tax withheld.
In summary, here are some of the services we can provide for you:
- Assurance services (audit, review, and compilation)
- Tax services (T2s, T4s, T5s, payroll remittances and corporate tax instalments)
- Valuation (fair market value of investments and fixed assets, etc.)
- Other consulting services
As a medical professional, the most important work you do is providing healthcare to your patients. The most important work we can do is provide financial services for you so that you can focus on that work. Contact us now to find out more about how we can help you.
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