Healthcare

Healthcare Tax

As a healthcare practitioner, we understand that you have spent many hours training for your designation and you take great pride in putting it into practice as a business. Whether you are operating as an individual, a member of a health team or a professional corporation, it is of the utmost importance to have a full-service financial professional as part of your team. Doing so will ensure all financial aspects of your practice is structured and operating as efficiently as possible.

At Tax Partners, we have numerous clients in the healthcare industry, that we help every day – addressing, on-demand – any financial questions or hurdles they encounter. Operating a professional practice ourselves, we can relate to the many of the challenges you encounter and we don’t just focus on the numbers. Our depth of knowledge has been achieved with strength in numbers of professional clients, as well as contacts in the industry.

We are committed to understanding our clients’ needs and providing a high standard of client service. We provide services to a wide range of professionals including the following:

• Physicians, surgeons and other medical specialists
• Dentists and hygienists
• Optometrists
• Chiropractors
• Physiotherapists
• Pharmacists
• Veterinarians

In addition to the standard advisory, accounting, and tax compliance services, Tax Partners provides a comprehensive list of specialized services to healthcare professionals including:

• Business support services
• Cash flow management
• Financial forecasts and projections
• Human resources advisory services
• Incorporation advisory services
• Part-time/temporary controller services
• Practice growth planning and management advice
• Practice transition
• Practice valuation

RESIDENTS & FELLOWS

Our expertise is in areas including:

• Tax treatment of fellowship and scholarship income earned in Canada and abroad
• Coordinating US and Canadian tax filings
• Resident retention grants and loans
• Moving expenses and relocation incentives
• Expenses common to medical residents

PHYSICIANS

Our services are designed to allow physicians to fully understand their finances while eliminating the task of administering their finances. Our services include:

• Providing an independent second opinion on all financial decisions
• Sourcing other professionals with experience servicing physicians
• Corresponding with Canada Revenue Agency (CRA) on all matters
• Decision to incorporate or to dissolve a corporation
• Tax planning for investment and real estate income
• Corporate reorganizations and estate planning

CLINICS

Our experience representing clinics are of particular help to small medical clinics without the need for a full-time financial professional to manage their affairs. Services include:

• Arranging financing to purchase, establish or expand clinics
• Design and review of cost-sharing and associate agreements
• Tax planning associated with clinics
• Goods and Services Tax issues
• Structuring compensation for associate physicians
• Consultation on significant financial and taxation issues

We can help you sort through the endless stream of information and guide you accordingly. Contact us at info@taxpartners.ca or by phone at 905-836-8755.