Accountant for Doctors in Toronto

A practice is often a corporation plus a personal return

An accountant for doctors in Toronto, at this firm, is the same Scarborough desk that files T2 returns and personal returns. Many physicians and dentists practise through a corporation. The corporation files a T2. The doctor still has a personal T1 for salary, dividends and other income. Both can be prepared here. There is no clinic on site and no second office.

HST is not automatic

Many health-care services are exempt from HST. Some fees and some products are not. The firm does not treat every deposit as taxable and does not treat every deposit as exempt. Bring a description of what the clinic bills, and the invoices, before an HST return is filed. Cosmetic or other non-exempt work has to be separated from exempt clinical fees.

Staff and books

A practice with employees needs payroll: the pay run, the remittance, T4s and an ROE when someone leaves. The books still need an income statement and a balance sheet for the corporation. That is the bookkeeping service, done monthly or for the year. No monthly package price is published.

The only office is in Scarborough, near Kennedy Station. You can visit or send the documents. English, Bengali and Tamil are spoken. Manoranjan (Mano) Talukder, CPA, leads the firm, which has worked since 2010. Personal returns start at $49.99 + HST. Other files are quoted first.

The corporate return is described on the T2 page. Payroll is on the payroll page.

Two returns, one desk

An accountant for doctors in Toronto, at this firm, is the Scarborough office that already prepares T2 returns and personal returns. Many physicians and dentists practise through a corporation. The corporation files a T2, supported by an income statement, a balance sheet, a statement of retained earnings and a cash flow statement. The doctor still has a personal T1 for salary, dividends and other income. Both can be prepared here. There is no clinic on site and no second office in Toronto. Dentists, chiropractors and other practitioners use the same pattern when they have incorporated. The firm does not invent a different service for each profession.

HST is not assumed

Many health-care services are exempt from HST. Some fees and some products are not. The original HST page is about taxable supplies, the $30,000 small-supplier line, and input tax credits on the taxable side. The firm does not treat every deposit as taxable and does not treat every deposit as exempt. Bring a description of what the clinic bills, and the invoices, before an HST return is filed. Cosmetic or other non-exempt work has to be separated from exempt clinical fees. If there is no taxable supply, there may be nothing to register. The office will say so from the invoices, not from the job title.

Staff, books and the personal return

A practice with employees needs the payroll service: the pay run on the weekly, bi-weekly, semi-monthly or monthly cycle, the CPP, EI and tax remittance, T4s, and a record of employment when someone leaves. The books are the bookkeeping service, monthly or for the year. The doctor’s own T1 is the personal service. A simple personal return starts at $49.99 + HST. The corporation, the payroll and the books are quoted. No monthly package from the old site is published.

Records for the corporation are kept for the general six-year period. If the CRA writes, the audit service is the same one any other client uses: the letter, the statements, and an explanation of how the return was prepared. English, Bengali and Tamil are spoken. Manoranjan (Mano) Talukder, CPA, has led the firm since 2010. The address is 2390 Eglinton Ave E, Suite 205, Scarborough.

What to send before the quote

The year-end of the corporation, if there is one. A description of what the clinic bills, so exempt clinical fees are not mixed with anything taxable. The payroll cycle if there are employees. The doctor’s own slips: T4 or T5 from the corporation, and any other income. The office will say whether the engagement is the T2, the T1, the books, the payroll, or all of them. Each piece is quoted. None of them uses the old monthly package prices.

A practitioner who is not incorporated is a self-employed return, filed with the personal return on the net income. The same document rule applies: bank statements, income records and expense invoices. There is still no clinic at the firm’s address. The address is the Scarborough office near Kennedy Station, and Toronto practitioners use that desk or send the file. English, Bengali and Tamil are spoken. Manoranjan (Mano) Talukder, CPA, has led the firm since 2010.

A clinic that also sells a taxable product, or bills a non-exempt service, should say so before the books are set up. The exempt clinical fees stay out of the HST return. The taxable amounts do not. Mixing them is the mistake the office is trying to avoid, and it is avoided by the invoices, not by the profession’s name.

If the corporation pays the practitioner a salary, that T4 belongs in the personal package as well as in the corporate books.

The personal return and the corporate return are quoted separately even when they are prepared in the same week. Ask which return is behind before you send a full year of clinic deposits.