Accounting for Doctors and Dentists

dentistbanner

Accounting and Tax Planning Advisors for Dentists and Doctors – Coquitlamin Coquitlam

We provide a full range of accounting and tax planning advise tailored just for Dentists and Medical Doctors, located in Coquitlam. Our in-depth knowledge of the medical industry allows us to provide you with opportunities to minimize your taxes and improve your business and personal cash-flow. Managing your income taxes is a critical element of managing the overall cash flow of your business. We will provide you with pro-active tax planning solutions to help and better manage your taxes, which ultimately will increase your business cash flow. Timing of revenue and expenses can be a critical factor in this mix. We don’t use a cookie cutter approach we provide a custom tax plan for your individual and business needs. These are a few things that we can do to help our medical professionals: Minimize personal and business taxes by

  • Split income with family members; such as paying your children’s tuition fee from the business
  • Setup and fund an appropriate pension plan for your retirement such as a RRSP, TFSA and IPP
  • Tax free cash proceeds upon selling the practice by utilizing the $850,000 life time capital gain exemption
  • Compensation decisions between dividend vs salary
  • Having a holding corporation and family trust for splitting and protecting corporation assets
  • Attribution rules avoidance with spouse and minor children
  • Protecting business assets and practice in case of marital break-down
  • Refinancing practice and equipment
  • Practice valuation and related accounting and tax issues
  • Incorporation of a practice and designing a tax effective structure
  • Making non-deductible expenses to tax deductible expenses by utilizing tax provisions
  • Implement strategies to deal with company’s risk effectively
  • Managing cost effectively to improve cash flow.

 

We also provide comprehensive accounting services to Dentists and Doctors in Coquitlam and Greater Vancouver.

  • Financial statement preparation
  • Tax Return Preparation (Practice and Personal)
  • Online and offline bookkeeping
  • Payroll services to staff
  • New business accounting system set-up
  • T4 (Salary) and T5 (Dividends) Preparation
  • Cash flow management and analysis
  • Budgeting and variance analysis
  • CRA audit representation and query management

 

Contact us today for a FREE initial consultation and discover how we can help you.