Health Care, Medical Doctors & Dentists

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Experts In The Unique Challenges of Accounting For Healthcare

Accounting Plus are specialists in providing tax and accounting services for the unique challenges of the healthcare industry.

Tax Issues for Medical Professionals

Should I Incorporate My Business? Ask us.

Income Splitting with Spouse/Family Members for Medical Professionals

New rules have resulted in a significant reduction in physicians incorporating for income splitting purposes. Inquire with us about how to pay family members through the corporation.

Meals and Entertainment Expenses for Medical Professionals

The Income Tax Act allows for a deduction of 50% of meals and entertainment expenditures from professional or business income. This includes:

  • Meals with colleagues to review treatment techniques
  • Meals purchased by a doctor for their interns
  • Occasional entertainment expenses with partners
Vehicle Expenses for Medical Professionals

Should you buy or lease the vehicle? Ask us. hould the vehicle be registered under the corporation or personal name? Ask us. Vehicle expenses for business-related travel can be claimed with two methods. The first method is the simplified method. The vehicle expense is calculated based on the number of kilometres driven for business purposes. The second method is based on actual vehicle expenses incurred. This includes:

  • Fuel and oil
  • Repairs
  • Parking
  • Toll changes
  • Insurance
  • Lease payments
  • Depreciation on the cost of the vehicle

A log of business travel should be kept.

Business deductions and credits for Medical Professionals
  • Convention expenses (for tax purposes, you are generally allowed to deduct two conventions per year)
  • Annual medical licence fees and certain professional dues
  • Professional development
  • Capital cost allowance on specific capital expenditures (e.g., medical equipment
    or leasehold improvements on your office)
  • Consider applying for Scientific Research & Experimental Development (SR&ED) Tax Credits
GST/HST for Medical Professionals

Some medical services such as massage therapy and psychotherapy are GST taxable supplies. Therefore, you may need to register and collect GST/HST. Although some medical services are GST/HST exempt, some physicians may have to register for GST/HST if non-medical services are provided, such as reports to insurance companies, court opinions and presentations/speeches.

Accounting Issues for Medical Professionals

  • Does your MPC have investments and want to reduce the tax? Contact us for tax planning solutions.
  • Some medical practices share the small business deduction between partners. Contact us on how to mitigate this.
  • Invest in life insurance
  • Foreign income verification
  • Receive tax free dividend CDA
  • Comply with CPSO renewal, our office provides CPSO renewal services.

Accounting Plus Testimonials

Accounting Plus Testimonials

Accounting Plus Solutions for Health Care
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Trusted Accountancy For Over Two Decades

  • I’ve been using Account Plus for a while now and could not be happier. The entire team is very responsive, easy to deal with and extremely detail or... Read More
  • Great service. We were very happy. Can be done on-line easily. Thanks guys!
  • Excellent knowledge and advice given by Peter and his staff. Always willing to help with any issues or questions. All the staff we have dealt with are... Read More
  • The Accounting Plus is our medical business' financial company which provides us with accounting, financial planning, and tax planning services. The w... Read More
  • In our family, every year there is some change in tax preparation needs. Someone gets older, some family member moves out of the country, then comes ... Read More

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