What we see in your industry
- Setting up and running a medical or dental professional corporation
- Salary vs. dividend decisions each year
- Investment income inside the corporation and its effect on the small business rate
- Income splitting with family members within the TOSI rules
- Mostly HST-exempt income, which limits input tax credits
How we help
- Corporate (T2) and personal (T1) returns planned together
- Annual owner compensation planning
- Bookkeeping for billings, clinic expenses and staff payroll
- Year-end financial statements for your corporation and bank
- Planning for holding companies and long-term savings
Common questions
Should I incorporate my medical or dental practice?
Often yes once your income is more than you need to live on, because money left in the corporation is taxed at a lower rate until you take it out. We model your numbers before you decide.
Do I need to charge HST?
Most health care services are exempt from HST. Some services, such as purely cosmetic procedures, can be taxable. We review what you provide.