Tax Planning for Doctors

Healthcare Professionals

Efficient Accounting Solutions for Healthcare Professionals: ProBusiness Tax and Accounting

As a physician in Ontario or elsewhere in Canada, you can implement numerous income-splitting methods to fine-tune your tax situation. These include strategies such as salary vs. dividends, shareholder loans, and home loans. Recognizing tax triggers when acquiring more properties is vital to avoid unnecessary taxation. For example, a physician who is the sole common shareholder in a corporation can receive eligible dividends of up to $50,000 tax-free. Furthermore, a spouse who contributes more than 20 hours a week in a clinic could qualify for these tax-free dividends under the latest TOSI regulations.

Filing corporate returns is essential for maintaining your corporation's compliance with CRA. As well, an annual filing ensures that your corporation maintains good standing with the government. Our team of skilled accountants can assist with all corporate tax planning and compliance aspects, including filing and keeping your corporation aligned with CRA regulations. Contact us today to learn more about our services for physicians in Ontario and beyond.

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Physicians Incorporated

As professional accountants serving the Greater Toronto Area (GTA), Ontario, Canada, we are well-versed in the intricacies of tax filing for incorporated physicians. Our services extend to electronic T1 and T2 filing, dealing with CRA audits and reviews, financial statements, and tax strategies such as payroll vs. dividend and maximizing allowable deductions. In addition, we offer year-round access to accountants and proactive management of your practice for optimal tax savings and compliance. Finally, contact us to evaluate the benefits of incorporating your practice, such as income splitting with family members and enhanced retirement savings options.

Access to CRA Online

Engaging with the Canada Revenue Agency (CRA) can be challenging and confusing for a medical practitioner. That's why we provide CRA online access for personal and corporate tax filings, taking the hassle off your shoulders and managing it ourselves. Through CRA online access, we correspond with the CRA on your behalf, providing a seamless and efficient tax filing process. This service saves you time and ensures all tax-related matters are resolved accurately and promptly. Alongside CRA online access, we provide annual financial statement services for lending institutions, ensuring your financial records are current and precise. As your medical corporation expands, holding companies should be considered for making additional asset purchases and avoiding triggering taxes when drawing out funds from the corporation. Trust us with your tax filings and financial statements, freeing you to focus on your medical practice. Contact us today to find out how we can simplify your tax filings and financial statements.

Tax Services for Salaried Physicians

At ProBusiness Tax and Accounting in the GTA, Ontario, Canada, we offer complete tax filing services for salaried physicians. Our services include assistance with T1 individual income tax returns, summarizing and determining eligible expenses/credits, and formulating tax, financial, and budgeting strategies. We also provide a personalized tax calendar, email reminders for due dates, year-round support, and general correspondence with the CRA, including electronic filing with CRA confirmation. In addition, we excel at tax-saving strategies, such as RRSPs and allowable deductions, and can assist salaried physicians with CRA inquiries and reviews. Contact us today to learn how our services can benefit salaried physicians and healthcare workers in Ontario, Canada.

Effective financial management is pivotal for any healthcare professional looking to excel in their practice. Optimize your financial records with Xero, an accounting platform that allows you to track expenses, generate invoices, and reconcile bank transactions while keeping your financial data safe and secure. As a professional accounting firm operating in the Greater Toronto Area, ProBusiness Tax and Accounting extends its expertise in setting up and maintaining your Xero accounting system, offering valuable insights to drive informed decisions.

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Deductions & Credits

As a doctor, physician, or healthcare worker in Ontario, Canada, you stand eligible for a multitude of tax deductions and credits, individually or as a corporation:

Business Expenses
Deduct costs related to the operation of your business, including office rent, supplies, travel expenses, and employee salaries.
Medical Expenses
Claim personal, spouse, or dependent children's medical expenses covering prescription drugs, dental care, and vision care.
Home Office Expenses
Claim tax deductions from a portion of your home expenses, such as rent, utilities, and insurance.
RRSP Contributions
Registered Retirement Savings Plan contributions are deductible from your taxable income.
Charitable Donations
Contributions to registered charities can be claimed as a tax credit.
Education Expenses
Pursuing further professional education? Claim a tax deduction for tuition fees, textbooks, and related expenses.
Child Care Expenses
If you have children under 16, claim childcare expenses incurred while working.
As a healthcare professional, your unique circumstances might require bespoke tax advice. Contact our accounting firm in GTA, Canada, to learn more.
Tailored Solutions for Doctors and Physicians

The tax season can be stressful for physicians and doctors in Ontario, Canada, necessitating crucial financial decisions such as tax filing and maximizing available tax breaks. Consider enlisting an accountant's services to manage this complexity and optimize your tax benefits.

Our skilled team at ProBusiness Tax and Accounting specializes in assisting doctors and physicians with their tax filings and credits. Recognizing the unique financial needs of healthcare workers, we provide specialized solutions to save you both time and money.

Medical Expense Tax Credit: This credit allows you to deduct costs for prescription medications, medical equipment, and medically necessary travel not covered by your insurance policy.

We understand that the tax season can be daunting for medical professionals. Hence, we offer tailored solutions to navigate the intricacies of tax filing and credits. Our team of accountants in the GTA region of Ontario, Canada, is committed to delivering exceptional service to healthcare professionals.