Comprehensive Accounting Services for Medical Professional Corporations
Medical Tax Planning and Optimization
Effective tax planning for doctors in Canada is crucial for minimizing liabilities while ensuring full compliance with CRA tax regulations. Our experienced accountants provide strategic tax solutions to help physicians, dentists, and specialists optimize their earnings.
- Lower Corporate Tax Rates: Proper income categorization and expense deductions allow MPCs to take advantage of lower corporate tax rates, maximizing retained earnings.
- Income Deferral Strategies: Smart withdrawal planning can defer income to future years, reducing tax obligations when in a lower tax bracket.
- Dividend Payments: Structuring salary and dividends correctly ensures tax-efficient compensation for physicians and medical practitioners.
HST Considerations for Medical Professional Corporations
While medical services provided by licensed professionals in Canada are generally HST-exempt, some additional revenue streams may require HST registration and collection.
- HST-Exempt Services: Patient consultations, medical exams, and other insured healthcare services do not require HST collection.
- Taxable Revenue Streams: Non-medical services (e.g., cosmetic procedures, medical consulting, fitness programs, or specialized treatments) and medical product sales (such as supplements, skincare products, or orthopedic devices) may be subject to HST.
- Small Supplier Rule: If taxable revenue remains below $30,000 annually, MPCs qualify as small suppliers, meaning they are not required to register for HST. Once the threshold is exceeded, mandatory HST registration applies.
- Input Tax Credits (ITCs): MPCs may be eligible for ITCs on taxable business expenses related to non-exempt services or product sales.
Full-Service Medical Bookkeeping Solutions
Accurate bookkeeping for medical professionals is essential for keeping finances organized and audit-ready. MiAccounting ensures every transaction is recorded accurately, giving you financial peace of mind.
- Real-Time Financial Tracking: Our full-service bookkeeping integrates seamlessly with medical practice management software for accurate daily record-keeping.
- Financial Reporting: Detailed reports provide insight into revenue, operational expenses, and cash flow, supporting informed decision-making.
- Cloud-Based Accounting Solutions: Secure, remote access to your financial records enables 24/7 tracking of practice performance.
Payroll Processing for Medical Practices
As your healthcare practice grows, payroll management becomes increasingly complex, particularly when employing staff across multiple provinces.
- Full-Service Payroll Management: We process payroll, handle tax deductions, and ensure T4 compliance for all employees.
- Compliance with Federal and Provincial Laws: We guarantee accurate payroll tax deductions, employee benefits calculations, and provincial tax obligations.
Year-End Financial Statements and Corporate Tax Filing
Accurate year-end financial statements and corporate tax filing for medical professionals are vital for ensuring compliance and maximizing deductions.
- Detailed Year-End Financial Statements: Gain a clear picture of practice profitability and financial health.
- Corporate Tax Returns: Our accountants file accurate and timely corporate tax returns for doctors and medical businesses, ensuring compliance with CRA regulations.
Why Choose MiAccounting for Your Medical Professional Corporation?
At MiAccounting, we specialize in accounting services for medical professionals, ensuring that doctors, dentists, and specialists receive top-tier financial guidance.
- Expert Medical Accounting Services: We have extensive experience managing MPC tax strategies, bookkeeping, and HST compliance.
- Custom Financial Solutions: Our services are tailored to the unique financial needs of healthcare professionals at every career stage.
- CRA Audit Compliance & Tax Planning: Stay compliant with all CRA regulations while optimizing deductions and tax savings.
- Proactive Business Growth Support: We help medical professionals plan for expansion, investment, and long-term financial success.
FAQs: Medical Professional Corporation Accounting
What are the tax benefits of incorporating my medical practice?
Incorporating allows for lower corporate tax rates, income deferral strategies, and tax-efficient dividend payments, helping maximize earnings.
Are all medical services HST-exempt in Canada?
No. While most medically necessary services are HST-exempt, non-medical services (e.g., cosmetic procedures, specialized consultations) and product sales may be taxable.
If my taxable sales are under $30,000, do I need to charge HST?
No. If taxable revenue remains below $30,000 per year, the small supplier exemption applies, meaning HST registration is not required. However, exceeding this threshold triggers mandatory HST registration.
Can MiAccounting assist with payroll for medical practices?
Yes! We manage payroll processing, tax deductions, and employee benefits for medical practices across Canada.
Does MiAccounting handle year-end financial statements and tax filings?
Absolutely! We prepare detailed financial reports and corporate tax returns to ensure compliance and maximize deductions.
Optimize Your Medical Practice Accounting with MiAccounting
At MiAccounting, we provide the best accounting services for doctors and medical professionals, helping you navigate complex tax laws, HST regulations, and financial planning strategies.
📞 Contact MiAccounting today to schedule a consultation and optimize your Medical Professional Corporation’s financial success. Let us handle your accounting while you focus on delivering top-quality patient care!