Tax Accountant for Dentists
Simple Financial Help for Dentistry Business Owners and Partners
- Industry-Focused Tax Advice
- Accurate Financial Statements
- CRA Compliance and Audit Assistance
- Trusted Professional CPAs
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AFFORDABLE Accounting for Dentists
Expensive equipment purchases, non-standard compensation for associates, and the unique requirements of forming a professional corporation – dentists’ practices involve a certain amount of financial intricacies that most generic accountants are familiar with only superficially. Being Accountant for Dentists in Ontario, we consider Dentistry Professional Corporation structuring and equipment depreciation to be among the basic responsibilities of our job.
We cooperate with dentists who own their practice, associates, and multi-chair dental clinics all over the GTA, arranging bookkeeping and tax planning processes depending on the specific needs of the dental practice.
Fully Licensed CPA Ontario
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Financial Reporting That is Based on the Reality of Your Dental Practice
A dental practice holds much more in terms of capital investment than many other small business practices – imaging machines, treatment chairs, sterilizing machines and improvements all form an important part of the dental practice’s value.
We design financial reporting based on this understanding: proper depreciation using CCA classes for all equipment, appropriate treatment of associate compensation whether they are employees or contract workers, and proper recording of dental practice income according to payment methods used.
Why Beta taxes forDental
& Practice Services?
Value in Analytics:
We analyze your practice's data and help you make sound decisions regarding the procurement of new equipment, hiring of staff, and other aspects.
Expert Guidance:
Access the wisdom of financial experts who can advise you on how to organize your practice, depreciate equipment, and be tax compliant.
Customized Support:
We offer you customized solutions that take into account the unique specifics of your practice including its size and associated personnel.
Control and Oversight:
Enjoy better control of your finances through strategic management of your practice's financial data.
Full-Service Accounting for Dentists
Experience from CPAs who understand the accounting needs of transportation and logistics in Ontario — not small business accounting for everyone else.
1. Personal Tax Returns for Dentists
- Prepare personal tax returns of practice owners and associates, ensuring proper deductions for professional fees, licensing, and CPE
- We prepare income calculations accurately regardless of whether you are an associate, a practice owner, or receiving income through a Dentistry Professional Corporation
- Ensure instalment payments for taxes calculated to avoid a big surprise at the end of the year
- Integrate your personal taxes with any distributions made out of the corporation’s income
2. Bookkeeping Services for Dentists
- Insurance collections reconciled with actual amounts received and outstanding claims identified
- Track equipment and leasehold improvements separately to facilitate proper CCA calculation at year-end
- Properly categorize compensation for associates and other staff based on the true nature of their work
- Monthly reconciliation of all accounts to keep practice records current and auditable
3. Business Tax and Accounting for Dentists
- Your T2 is filed within six months of year-end for business running under a corporate entity
- We correctly classify dental chairs, imaging and sterilization equipment under the appropriate CCA categories
- We properly account for HST for the difference between exempt dental services and taxable supplies offered by your practice
- Quarterly instalments are determined using the previous-year method, ensuring your corporation doesn’t pay any CRA interest
4. Advising Services for Dentists
- We assist in determining the suitability of the Dentistry Professional Corporation for your income needs
- We provide advice in structuring compensation of the associates with consideration of tax benefits and competitiveness
- We evaluate the profitability of your business, focusing on the highest margins offered within all services
- We assist in modeling the financial impact of adding a chair, associate, or second practice location
5. Payroll Services for Dentists
- Calculate CPP, EI, and income tax deductions for your hygienists and office staff, including new CPP2 tier deduction calculations
- Properly classify employed vs. contractor associates in order to properly report either on T4 or T4A forms
- Manage WSIB premiums if you have a requirement for them
- Manage ROE filing for any staff change that is made in your practice
Case Studies
Capital Gain Reporting for an Investor Selling Stock Positions
Problem: The individual investor, who had sold some of his stock positions during the year, was uncertain as to how he should calculate his adjusted cost base and report the capital gain.
Solution: We compared his T5008 forms with his brokerage account statement, calculated his correct adjusted cost base for previous investments, and properly reported the gain using Schedule 3.
- Capital gain recorded correctly by Schedule 3
- Cost basis determined correctly and validated
- Paperwork strong enough to pass any CRA inquiry
Tax Joint Filing for a Newly Married Couple in Toronto
Problem: The couple was married during the middle of the year and did not realise that the way in which they filed taxes was different – from eligible credits transfer to what one of the spouses' tuition amounts could help the other.
Solution: The two returns were looked at simultaneously, and we figured out which credits should be transferred between the two and how the two should file in conjunction with one another.
- Both returns filed successfully as a paired couple
- Credits allocated to the more worthy spouse
- The couple is now aware about joint filing after marriage
Claiming Tuition and Relocation Expenses for a Graduate Student in Waterloo
Problem: The student moved for his work experience but was unsure whether his relocation expenses could be claimed as a deduction or how he should claim the unused tuition amount.
Solution: It involved evaluating the circumstances surrounding his relocation based on the eligibility requirements of the CRA and computing his deductible amount, as well as organising his years of unused tuition credits.
- Return prepared correctly with relocation expense deduction
- Tuition credits unused properly documented and categorized
- Student ready for using credits carried forward in the future
First-Time Home Buyers Credit for a Couple Buying a House in Milton
Problem: A couple that had just bought their first house did not know which credits and withdrawals they qualified for, one being the withdrawal from their RRSPs under the Home Buyers' Plan (HBP).
Solution: We verified whether they could apply for the first-time home buyers credit and reported their HBP withdrawal.
- Claimed first time home buyers credit in full
- HBP repayment amount accurately indicated
- Payment plan clearly established for future filings
testimonials
Our Clients' Results Speak for Themselves
Real success stories from businesses we’ve helped grow.
Expert Tax Advice for Truckers & Small Businesses
I had a great experience with at Beta Taxes CPA. He explained a complex CRA trucking issue in very simple terms and helped me understand the risks and the right way to move forward. Very knowledgeable, patient, and practical. If you are a trucker or small business owner looking for clear tax advice, I highly recommend Beta Taxes.
Sarang Vaid
Stress-Free Business Tax & CRA Compliance
Beta Taxes CPA provided excellent support for our business tax and CRA compliance needs. Their team is knowledgeable, proactive, and very responsive. They explained CRA requirements clearly, identified tax-saving opportunities, and handled filings accurately and on time. The entire process was smooth and stress-free. We highly recommend Beta Taxes CPA for reliable business tax and CRA support.
Pargat Sandhu
Expert Guidance for Canadian Home Sale Tax Matters
Alex has been so amazing! I sold my home shortly after moving to the UK on a temporary visa and it was so stressful navigating the Canadian tax system. Even from afar – across the world, Alex took his time walking me through what I need to do, advised me on next steps, and how he can help me through calls on Whatsapp and email. I received the letter I needed from him to proceed with the closing of my Canadian home sale. Thank you so much to Alex and the team for your guidance and help! I appreciate it so very much 😊.
Carmen Mach
FAQ’s
Frequently Asked Questions
Do I need to incorporate as a Dentistry Professional Corporation?
This may be beneficial for tax deferral and income splitting above your required income, depending on your income and long-term plans. However, it also involves more compliance, which is analyzed based on your numbers.
How do you deal with CCA calculations for dental equipment?
We assign different dental equipment to proper CCA classes and get the most out of depreciation. Plus, we help with future planning of equipment acquisition at fiscal year end.
Do associate dentists have an employment status or contractor status?
This depends on the working conditions of the associate and the practice. The right classification will help you avoid potential problems with CRA.
Are you involved in the tax planning for both the associates as well as the practice owners?
Yes – we work with both of them. The associates have their own considerations related to tax planning with respect to structure and deductions.
What does the HST have to do with a dental practice?
HST is not applicable to most of the core dental services but there are situations where there are some taxable supplies along with clinical services.
Do you assist when I'm looking to buy an existing practice or even purchase it?
Yes – we consider the financial and tax aspects of acquiring a practice.
How much would accounting for my dental practice cost?
That would depend upon whether you're an associate or a practice owner and also on your corporate structure. We can give you a fixed quote after understanding your needs.
Serving Dentist
Services
Ontario & Canada
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Each business has its own unique financial goals and the best accounting strategy is based on understanding the goals. If you’re in need of continuous support in accounting including bookkeeping, tax planning and payroll management, or business consulting services Our team is ready to assist.
In your initial call we’ll use the opportunity to understand your business as well as discuss the current challenges you face in accounting and suggest solutions that are tailored to your specific needs. You’ll get a better picture of how we will assist you in achieving financial success by providing clear communication, practical guidance and consistent, year-round service.
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