If you are a doctor and searching for an excellent accountant in Toronto to handle your accounting services, then you came to the right place. We at SDG Accountants can handle your accounting and tax needs as we have years of experience working with doctors, dentists, and medical professionals and understand the nuances of the trade. We are the best accounting firm in Toronto and have helped many businesses grow by taking care of the financial side of their business. We offer end to end solutions and are a one-stop-shop if you are a medical professional looking for help with your accounting and taxes.
The value of “Doctors” in our lives has grown manifold in the recent and in today’s testing times the need for doctors has grown manifold. However, the challenges that come with this most demanding job gives no time for financial planning, tax planning, record keeping and accurate tax filing. It is also understandable that since you are not an expert in the subject matter, you need someone who can guide you and take the burden of handling your taxes.
Medical Practitioners and Dental Offices usually have a good work-life balance. It is your decision to make whether enjoying the family time after work by outsourcing your bookkeeping work to us or you can work as a bookkeeper for yourself. Despite the differences in lifestyle and priorities, neither of our clients has regret to let us help with their accounting records. As a Chartered Professional Accountant firm in Toronto, we are licensed, experienced, and effective in solving difficulties in the accounting and taxation field just like yours.
- Keep a record of your expenses – A good expense tracking application can do wonders. Chat with us on which application medium would be the best for your business. We have our integrations with mostly used software’s and ERP solutions and the can-do end to end bookkeeping for you. We can train and guide on the use of cloud-based accounting software which is beneficial for your practice.
- Tax Sheltering – Optimizing tax leakage through your professional corporation to ensure you only are withdrawing funds as needed to not have ‘tax leakage’.
- RRSP’s and TFSA – We can guide you on how to keep your investment portfolio to leverage the maximum and save taxes in the most judicial manner. Doctors earn a higher income and need to ensure their hard work is taking advantage of the Canadian tax provisions such as deductions for RRSP contribution, etc.
- Education expenses and student loans – The tax system in Canada offers rebates for your student loans and various educational and professional expenses.
- Need for corporate insurances and the deduction availability on the same
- Income splitting provision with the spouse & TOSI rules.
- Membership dues and Automobile Expenses – We guide you on the deductions available for various expenses that are incurred in generating any income.
- The needs and benefits of setting up a corporation and the provisioning of income received for OHIP- As most of you bill to the OHIP or other such plans it is important to know how setting up a corporation for this can be beneficial.
- Tax Planning – With more clarity on the Tax Reform Proposal which targets wealthy small business owners, Medical Professionals and Dental Officers who are facing stricter requirements on both profit-sharing and holding passive investment portfolios within the corporation. Failure in tax planning or disclosure will lead to higher tax liability or even trigger the CRA penalty and interest.
- The advantages and disadvantages of incorporating with insights on how it can affect your profession – Discussion on the cost and benefit analysis of incorporating the business and the benefit from it including the possibility of deferment of the taxes.
To sum it up, the needs and challenges can be numerous, and the need of the hour is to make sure that you have the best accountant in Toronto. The search for the best accountant for doctors Toronto ends right here and we are there to assist you in the best possible manner.
Get in touch with us if you are medical personnel and searching for the right accountant to help you with your taxes! Please contact us directly at 416-755-3000 or by emailing us at [email protected] if you are looking for a competent accountant for doctors and dentists Toronto to handle your accounting and taxes. Visit our contact us page to book a consultation.