Healthy Finances for Medical Professionals

Building Financial Success Together: Your Reliable Accounting and Tax Ally

Expert Accounting Services for Dentists and Doctors - Elevating Your Financial Success

Our knowledgeable professional accounting team excels in providing high-quality Corporate tax preparation and Accounting Services for Dentists and Doctors serving Greater Vancouver and surrounding areas. With our extensive experience and deep understanding of the industry’s unique needs, we offer comprehensive services tailored to the specific financial requirements of dentists, doctors and other healthcare professionals. Our commitment to excellence ensures that every client receives the best in class service, reflecting our dedication to maintaining the highest standards in accounting for dentists and doctors.

Tax & Accounting Services for Dentists and Doctors

Bookkeeping and Accounting

We offer comprehensive bookkeeping and accounting services for dentists and doctors that allow you to focus on your patients. Our team will take care of all your financial records, including account reconciliation, payroll processing, financial statements, and more. We will provide you with accurate and timely financial information to help you make informed decisions.

Tax Planning and Preparation

Our corporate tax planning and preparation services help dentists, doctors, and other medical practitioners stay compliant with tax regulations and maximize their tax savings. We will work with you to develop a tax strategy that aligns with your financial goals and minimizes your tax liabilities. Our team stays up-to-date with tax laws and regulations, so you can be confident that you are receiving the best advice.

Practice Management

We can help dentists and doctors to streamline practice management and improve your profitability. Our team will help you with budgeting, financial analysis, cash flow management, and financial reporting. We will provide you with the tools and resources you need to make informed decisions and optimize your practice's financial performance.

Consulting Services

Our consulting services are designed to help medical practitioners achieve their business goals. We can help you with strategic planning, business valuation, financial forecasting, and more. We will work with you to identify areas for improvement and develop practical solutions to help you achieve success.

Why Choose Us?

coquitlam accountant Nafees chaudhry

Grow Your Practice

Our team has years of experience providing accounting and tax services to dentists and doctors and other medical practitioners. We understand the unique challenges of the industry and have the knowledge and expertise to help you succeed.

Help achieve your goals

We know that timely and accurate financial information is essential for making informed business decisions. That's why we provide you with up-to-date financial reports and analysis, so you can make informed decisions.

knowledgeable

We understand that each medical practice is unique, and we provide personalized accounting services to doctors and dentists that is tailored to your specific needs. We will work closely with you to understand your goals and develop a customized plan that aligns with your vision.

Competitive Pricing

We offer competitive pricing for tax and accounting services, and we will work with you to develop a plan that fits your budget. We believe that high-quality service should be accessible to all medical practitioners.

Advance Tax Planning for Dentists and Doctors

For dentists and doctors, one of the main expenses is taxes. With over 23 years of experience working with dental and medical practices, our approach involves strategic tax planning to maximize medical professionals’ earnings retention. We tailor proactive tax planning solutions for medical professionals to lessen their tax burden and enhance their business’s cash flow. This method is critical to the successful financial management of a medical practice, focusing on optimizing tax savings to boost the overall profitability of the business.

Case Study: Optimizing Financial Health for a Medical Practice

Background

A Canadian physician operates a successful medical practice. The practice had been structured as a sole proprietorship, but with increasing revenue and complexities in tax obligations, the doctor realized the need for a more efficient corporate structure. The practice faced challenges in maximizing tax savings, optimizing cash flow, and planning retirement.

Strategy Implemented

 

  1. Corporate Restructuring:

    • Doctor transitioned from a sole proprietorship to an incorporated entity, forming a Medicine Professional Corporation (MPC). This change allowed for a more favorable tax structure, as corporate income is taxed at a lower rate (approximately 11% in BC) than personal income tax rates (up to 53.5%).
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  2. Tax Planning:

    • Implemented income splitting strategies, although recent changes in tax regulations limited this to active family members in the practice. This helped in reducing the overall tax burden.
    • Made use of passive income investment strategies, mindful of the government’s limitations on a corporation’s access to the federal small business limit.

  3. Retirement Planning:

    • Doctor maximized contributions to an Individual Pension Plan, leveraging the deferral of taxable income and the potential for lower tax rates upon retirement.
    • Explored the conversion of pre-tax retirement to a RRSP account for more efficient legacy planning.

  4. Operational Efficiency:

    • Reviewed and optimized cash flow management, including better accounts receivable practices.
    • Implemented cost-effective strategies for equipment purchases, taking advantage of capital cost allowances.

  5. Compliance and Advisory:

    • Regular consultations with a CPA to ensure compliance with the evolving tax landscape and to adapt strategies as needed.

Outcome

  • Tax Efficiency: The MPC structure led to a significant reduction in doctor’s tax liability, saving approximately 42.5% in taxes on retained earnings within the corporation.

  • Improved Cash Flow: Efficient management of accounts receivable and expenses improved the practice’s cash flow.

  • Retirement Readiness: Enhanced retirement planning ensured a secure financial future for the doctor, with potential tax savings during retirement.

  • Business Growth: The practice experienced growth due to better financial management and reinvestment of saved funds into the business.

  • Compliance: Continued compliance with tax laws and regulations, adapting to changes effectively.

What People Say?

"Nafees and his professional team have provided me with a broad range of services to help manage my small business for the last ten years including recent support through the sale of the business to new owners. I found the quality of his services to have been excellent and it was always reassuring to have Nafees' providing advice and guidance, virtually as a partner with me, as the business grew. I continue to use his services for my personal financial matters."
Glen Quarrington
Glenn Quarrington
Owner (Ex VP of BestBuy)
I am working with Nafees since 2010 and he has been a very trusted business and tax advisor. He is very passionate about his work and very affordable. Nafees and his team have demonstrated that they are skilled professionals at every level. I have recommended my closest friends to him.
Healthy smile- mobile dental hygiene Inc.
Soheil Irvani
Healthy Smile Mobile Dental Hygiene Inc.
Nafees and his staff have been nothing but awesome , very easy to communicate and great in their work.
Mellow Family Dental Care
Dr. Sabrina Makhani (Dentist)
Mellow Family Dental Care