Working with us, you’ll avoid the frustration of navigating tax season on your own and potentially missing any details that could cost you financially. Together, we’ll proactively plan your tax future and minimize tax and claims.
Personal Tax Return Preparation and Tax Planning
Who is it for?
- Medical Residents
- Sole Proprietor Health Professionals who have not yet incorporated.
What is included?
- This service includes personal tax return preparation
- Walk away with:
- Summary reports of your practice revenues and expenses using 1 credit card, 1 practice bank account (surcharge added with additional cards or accounts)
- Customized expense tracking worksheet for health professionals
- Learn best practices on personal vs professional expense tracking (in 20 minutes or less, monthly!).
- Gain access to our library of training videos for any additional questions you may have.
Incorporated Health Professionals Year-end Package
Who is it for?
- Incorporated Health Professionals
What is included?
- This service includes corporate and personal tax return preparation.
- It also includes annual tax planning consultation (salary vs dividends, paying yourself a salary from your incorporation tax-efficiently, how to pay down debt to maximize TFSA balances, etc.).
- Walk away with:
- Summary reports of your practice revenues and expenses using 1 credit card, 1 practice bank account (surcharge added with additional cards or accounts)
- Preparation of T5 and T4 slips, as applicable (for max 2 employees)
- Preparation of GST/HST return, as applicable
- Customized expense tracking worksheet for health professionals
- Save time with access to our monthly bookkeeping services.
- Learn best practices on personal vs professional expense tracking (in 20 minutes or less, monthly!).
- Gain access to our library of training videos for any additional questions you may have.
Medical Incorporation Consultation
Who is it for?
- Unincorporated Health Professionals at all career stages who want to pursue medical practice incorporation in Ontario.
- Incorporated Health Professionals who want to incorporate a holding company.
What is included?
- This consultation will help you determine if it’s the right time for you to incorporate your medical practice.
- Examining the following variables of your situation, you’ll learn about the tax implications of:
- Where you’ll be earning income;
- Your citizenship and whether you file tax returns in other countries; ○ Shares you may hold in other corporations
- Anticipated future practice locations
- Incorporation vs proprietorship tax savings
- Any debt you may carry
- Walk away with clear recommendations on whether or not medical practice incorporation makes sense for you at this stage of your career.
"How to Make Most of Your Wealth Consultation"
Who is it for?
- Unincorporated Health Professionals
- Incorporated Health Professionals
What is included?
- This consultation will empower you with strategies to maximize your wealth and minimize tax, today and in the future.
- Learn how to calculate how much you need to live on, and how to plan your salary vs dividends accordingly.
- Walk away with a realistic picture of your living costs, a savings plan (whether inside or outside your corporation) and a strategy on whether to leverage tax-free savings accounts, Registered Retirement Savings Plans (RRSP) or Registered Education Savings Plan (RESP) accounts.
Retirement Planning and Consultation for New-to-Practice Physicians
Who is it for?
- New-to-practice health professionals
What is included?
- This consultation will help you navigate the most important decision you can make when starting your practice: Deciding how much you will need to retire, how to order your lifestyle accordingly.
- In 3 minutes, learn how to calculate a fixed target retirement amount.
- Walk away with:
- Practical monthly savings plan
- Working knowledge of how to preserve family capital when going through unanticipated life events
- Financial foundation on which to make bigger lifestyle decisions (house, car or travel)
Approaching Retirement Planning and Consultation
Who is it for?
- Health Professionals 10-15 years from retiring.
What is included?
- This consultation will help you take a realistic look at your current lifestyle and income sources to ensure you are on track to retire comfortably.
- Together we’ll analyze all possible sources of retirement income to gain a clear picture of your unique situation, including:
- CPP
- Old age security
- RRSP
- Investment income sources
- Walk away with a clear sense of how much is enough to retire on and how you’ll get there and a spreadsheet summarizing income sources, expected expenses, surplus, deficit, shortfalls, and deficiencies.
Strategic Consultation and Business Advice
Who is it for?
- Unincorporated Health Professionals
- Incorporated Health Professionals
What is included?
- Personalized, strategic consultation on:
- Obtaining bank financing
- Preparing a business plan
- Obtaining subsidies and grants
- Obtaining scientific research and experimental development
- Risk management and insurance
- GST/HST consultation
Estate Planning
Who is it for?
- Mid-career Health Professionals who haven’t yet written a will, and looking to pass their wealth onto dependents in a tax-efficient manner.
What is included?
- This engagement will help you determine and document how your assets will be preserved, managed and distributed after your death.
- This may include setting up trusts, making charitable donations to manage estate tax, and purchasing insurance to cover income tax.
- Working with your lawyer, we’ll ensure these decisions are clearly documented in your will, to avoid potentially expensive probate fees (and a long, confusing drawn-out process) that could occur if the will is not properly updated.
- We will also provide ongoing monitoring to keep an eye on any changes in tax laws or rates