Tax Accountant for Doctors
Easy Financial Solutions for Doctors and Medical Professional Corporations
- Specialized Industry Knowledge
- Precise Accounting
- CRA Audit Assistance
- Certified CPAs
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AFFORDABLE Accounting for Doctors
With the combination of OHIP billing, private income, investment strategies in corporations, and how you can split income with your family members, tax planning for a doctor is far from a normal small business accountant’s task. Being Accountants for Doctors in Ontario, we deal with such things every day – not occasionally but in our daily routine.
Our clients include family doctors, specialists, and general practices throughout the Greater Toronto Area; we coordinate all bookkeeping, incorporation, and tax planning in accordance with how your medical practice and MPC works.
Fully Licensed CPA Ontario
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Financial Reporting Designed for How a Physician's Income Works
Physician revenue never flows from a single stream – OHIP revenue, private revenue, on-call income, and locum work may all be recorded in the same calendar year, and each requires proper categorisation. And that’s before even considering any investment income earned through the corporation, adding another level of financial reporting complexity.
Your bookkeeping is set up to reflect the real world: separate OHIP and private revenue recording, corporate investment income reporting under CRA’s passive income rules, and planned compensation arrangements instead of defaulting into them.
Why Beta taxes for Doctor
& Practice Services?
Value in Analytics:
Transform your billing and corporate investments data into value with our analytical services and make confident financial decisions.
Expert Guidance:
Benefit from our professional expertise and advice about MPC structuring, TOSI compliance, and long-term financial planning for physicians.
Customized Support:
Enjoy tailored financial solutions depending on your billing structure and corporate interests.
Control and Oversight:
Enjoy more control of your finances through proper reporting and financial decision support.
Full-Service Accounting for Doctors
Full CPAs’ expertise for physicians and Medical Professional Corporations in Ontario – not just small business general advice.
1. Personal Tax Returns for Doctors
- We prepare income tax return for physicians, taking care of their professional membership fees, licensing, and continuing medical education properly
- We accurately file taxes regardless if you are billing OHIP or an MPC, or both
- We make instalment calculations to avoid an unexpected balance on your personal taxes
- We prepare your personal tax return in conjunction with dividends that you take from your Medical Professional Corporation
2. Bookkeeping Services for Doctors
- We split OHIP bills and private billings to keep categories correct and prepare for GST/HST
- We record locum, on call and stipends earnings in addition to your routine billing
- We categorize all clinic and practice expenses appropriately to maximize your deductible expenses
- We reconcile all accounts monthly for accuracy of your practice and corporate records
3. Business Tax and Accounting for Doctors
- We prepare your T2 return within six months of year-end for your Medical Professional Corporation
- We analyze the corporation’s investment income properly due to CRA’s restrictions on passive income and SBD
- We align the corporation’s and your personal investment plans together with your financial advisor for correctness
- We compute the quarterly tax installments by using the prior year method, avoiding CRA interest charges
4. Advising Services for Doctors
- We examine if incorporation into the Medical Professional Corporation would make sense for you depending on your billings
- We examine TOSI restrictions properly before planning your family dividends income splitting
- We advise on the Excluded Business and Excluded Shares requirements to qualify for family income splitting
- We consider the income deferral strategies that are relevant to physician’s accumulation of corporate savings
5. Payroll Services for Doctors
- We establish payroll for you if your practice hires administrative and clinical support staff.
- We determine CPP, EI, and taxation amounts accurately for employees of the practice, including the new CPP2 rate.
- We prepare T4s for employees and T4As for any contractors hired to assist with your practice.
- We file ROEs when there are changes in the number of staff in the 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 qualify to incorporate as a Medical Professional Corporation?
It all depends on the amount of gross billings and the income levels. There are always potential tax savings and tax planning strategies when you incorporate, however, there is more red tape involved. We will look at your numbers.
What is TOSI and what effect does it have on income splitting with my family?
TOSI stands for Tax on Split Income. It is an Income Tax Act rule which will result in dividends received by family members being taxed at the top rate, unless one of the exclusions applies. The most common exclusion is active involvement in the practice of at least 20 hours per week. We will run your numbers according to these tests to see if we recommend income splitting.
How do you differentiate between OHIP billings and private billings?
OHIP billings and private billings must be recorded separately due to their HST implications.
What is the total time involved in incorporating a Medical Professional Corporation?
This involves six to ten weeks, taking into consideration the incorporation process, obtaining the CPSO Medical Professional Corporation Permit as a separate step, opening tax accounts, as well as setting up banking and payroll.
Do you coordinate with my investment advisor regarding my corporate investments?
Yes – many doctors invest in their corporations, and we coordinate directly with your investment advisor to make sure that everything is reported and done properly according to your tax planning.
Would you be able to assist me if I am a partner in a group practice instead of working on my own?
Yes, as we have extensive experience dealing with solo doctors as well as partnerships within medical group practices.
What is the cost of accounting for a doctor’s practice?
It would depend on whether you are incorporated, how complex your billing process is, as well as on whether the income splitting is included in your tax planning. We give you a fixed rate once we know all the details about your practice.
Serving Doctor
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.
- Talk about your accounting and tax requirements
- Receive personalised recommendations based on your company's goals
- Find out more about our accounting process and service options
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