Health Professionals
Why Pick a Specialized Accountant?
dwm Accounting Professional Corporation specializes in accounting services for a wide range of health professionals. Why? That’s because there is a range of specialized rules and regulations set out by the government, and the respective practitioner colleges, that govern treatment practices, as well as how the various health professionals operate their business, incorporate themselves and remit taxes.
Not only do health professionals as a whole have a special set of rules governing them, the rules even vary between types of health professionals. By maintaining a well-established portfolio of clients in the health professional world, dwm Accounting is well versed in the dynamic and growing health professional field and the many intricacies that lay within it. Our current portfolio of health professionals includes: Physicians, Dentists, Optometrists, Chiropractors, Physiotherapists, Naturopaths, Chiropodists, Pedorthists, RMTs and TCM Practitioners.
Starting your Health Professional Career?
In the majority of cases, health professionals that are entering their field do so as associates of another practice. This means that they are considered self-employed businesses in the eyes of the government and must maintain records and pay taxes accordingly. This is an extremely overwhelming transition, even for the top-of-class health professionals due to limited business training in their respective education curriculum. And fairly so – my goal by working with health professionals is to allow them to put their focus and training where it counts: delivering outstanding patient care – you can leave the difficulties of managing a business with me!
I start working with many health professionals even before they begin practicing to help them set up correctly, educate on what can & cannot be claimed as expenses, ensuring compliance with government regulations and, when the time is right, incorporate into a Professional Corporation.
Professional Corporations
Governed by each respective practitioner college, health professionals are now allowed to incorporate their practice as Professional Corporations. A Professional Corporation (PC) benefits from many of the same factors as a regular business that chooses to incorporate, but for obvious reasons, are unable to fully separate from malpractice liability. However, there are still significant benefits for health professionals to incorporate into a PC such as tax-deferral, potential income splitting (for Physicians and Dentists), ability to sell your practice later on tax-free and favourable tax rates on dividends.
Is incorporating into a PC the right choice for a health professional? In the majority of cases, definitely – however the real question comes down to a matter of when the right time to go through this process is. I’m more than happy to discuss when the right time is to incorporate, and help register PCs on behalf of clients as it can be an overwhelmingly complicated process.