Veterinarians and Animal Care
Many children dream of becoming veterinarians when they are young – and despite the high barriers to entry into a highly technical and specialized field, you made it! Now that you’ve attained your dream job and are devoting your career to providing care to the most vulnerable members of any household, don’t let your finances get in the way of the work you do! We can help you. We have worked with veterinary clinics large and small and can bring our expertise to your practice, no matter how unique your circumstances.
If you are just getting started, should you incorporate? Corporate income taxes are likely to be lower than what you would pay as a practitioner, but this also creates an obstacle to drawing funds from the corporation to sustain yourself without tax consequences. In general, if your firm is financially successful and continuing to grow, incorporating makes sense, but knowing when the best time is to make that decision is where we can help you.
Like other medical practitioners, veterinarians can affiliate with health insurance providers to allow clients to lower the financial burden of caring for their beloved pets. However, unlike most other forms of medical care, veterinary care is not HST exempt. It is important to register for HST and file regularly, making remittances and instalment payments as needed. Purchases made by the veterinary clinic are eligible for input tax credits (ITCs) which can reduce your HST payable. We can help you to keep track of your HST payable, make your mandatory periodic HST filings, schedule instalment payments, and remit any amounts owing by the due date.
Veterinarians are nothing without their highly skilled and valued staff – who deserve to be paid promptly and without delay or interruption, and for their remittances to be handled by their employer. We can help you with that, too! Scheduling monthly or quarterly payroll remittances based on the gross salaries of your employees, making those remittances in a timely fashion, and preparing and filing T4 returns every February are specialties of our firm, and we can supplement a payroll services firm in taking care of your payroll needs.
For firms with high-volume transactions, we offer bookkeeping services, keeping track of sales, purchases, and expenses, along with bank reconciliation.
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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