Physicians · London, Ontario
Accounting and tax for physicians in London, Ontario
Medical professional corporations, OHIP and clinic income, and planning that grows with your career. Advice built for doctors, from a CPA who knows the rules.
What we handle
The tax and bookkeeping issues physicians face
Medical professional corporations
Incorporating can let you defer tax on income you don’t need right away. We set it up, file the T2 and plan around it every year.
Salary versus dividends
The right mix affects your tax, your RRSP room and your CPP. We model it for your numbers, not a rule of thumb.
Income splitting rules
The tax on split income (TOSI) rules sharply limit paying family members through your corporation. We review what still works and what to avoid.
HST and exempt services
Most physician services are exempt from HST, which affects what you can recover on expenses. We keep it straight.
How we help
Services for physicians
Every physician we work with gets a CPA who knows the industry, plain English answers and a secure online client portal.
Questions
Frequently Asked Questions
When should a physician incorporate?
Usually once you earn more than you spend, so the corporation can hold the extra at a lower tax rate. We model your income and costs before you decide.
I am finishing residency. When should I call?
Before you start practising. Setting up the right structure and books from day one is far easier than fixing them later.
Can I still split income with my family?
Much less than before. The TOSI rules limit it, but some options may remain depending on your family’s involvement. We review your situation.
What our clients say
★★★★★
She takes the time to explain, educate and answer any questions. She simplified concepts and used examples that made it easier to absorb.
Amanda V
★★★★★
She has helped us with business and personal income tax for several years and we are ever so thankful for her expertise.
Joan B
★★★★★
Her friendly manner, professionalism and attention to detail is very impressive. I highly recommend Major Tax & Accounting.
Sandra R
Other industries we serve
We work with all kinds of owner managed businesses
Let’s talk about your practice.
Book a 15 minute call. We’ll listen, ask a few questions and tell you exactly how we can help.