Accounting and Tax Specialist for Toronto Dentists
Accounting and Tax Specialist for Toronto Dentists
If you are a professional dentist in Toronto or Mississauga looking for an accountant or tax specialist, Professional Tax Accountants at WebTax Online is your answer. We are a team of professional accountants who specialize in serving dentists in the Greater Toronto Area and across Canada. We can meet your accounting needs, no matter what stage you are in in your dental career. We can help you with incorporation if you want to start your own practice or make sure the accounting part of your practice runs smoothly if you already have one. Our goal is to manage the accounting and tax needs of dentists.
Avail dentist tax services from us.
We provide the following services:
- Incorporation of professional dental practice and structuring
- Accounting and accounting
- Payroll management
- Profit maximization
- Preparation of the budget
- Presentation of the corporate tax return (T2)
- Dentist Tax Return (T1)
- Tax planning taking into account your tax needs
- Salary comparison vs
- Tax breaks on income and capital
As accountants specializing in managing the accounting and tax needs of healthcare professionals such as dentists. We help dentists make the right financial decisions to get their practice off to a good start and help them withhold as much of their legally taxable income as possible. Professional Tax Accountants at WebTax Online is well equipped to work with the latest accounting software to ensure timely and correct accounting.
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We take a proactive approach and use our expertise and tailor it to your specific needs, delivering more than you expect from your chartered accountant. This allows our clients to focus on providing health services and serving their patients, while we take care of their financial and accounting needs. Our accountants and specialists are experienced in working with dentist taxes and have knowledge of practice management software to keep accounting running properly and efficiently.
We make sure we provide our customers with the best possible service when it comes to their taxation. Whether you are a sole proprietor wishing to file your personal tax return, one of the partners in a partnership, or own a professional company, we can help you with your tax obligations. As we have many years of experience in protecting taxes for healthcare professionals, we can help our clients in a variety of ways by making sure they don’t pay more tax than they should and can benefit from any concessions or subsidies granted to them by the government and relevant authorities.
Our team of certified professional accountants helps develop efficient tax compensation plans for our clients and their families. Our team also helps in-house professionals to incorporate their business. Professional Tax Accountants at WebTax Online offer tax advisory services such as estate planning, year-end tax planning, and guidance on the sale and purchase of assets without serious tax implications.
Professional Accounting Services for Dentists in Canada
We are a team of professional accountants and consultants who have come together to create a customized tax and financial plan to help you at every stage of your dental career. That is why we have come together to offer a wide range of tax and accounting services that can be of great benefit to dentists. Our mission is simple:
Grow your dental practice
By letting us guide you with a comprehensive approach to tax planning, you will have more time to focus on your patients and grow your practice.
Offer professional advice
We are professional accountants always ready to help dentists at every stage of their business and personal life.
Help us achieve your goals
Your goals are now our goals and we work hard on your behalf to achieve them through meticulous tax preparation and accounting services.
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Professional accounting with years of experience
Our services include:
By helping you pay less income tax, you can keep more hard-earned money and increase cash flow in your business. Let us take care of your tax planning while you continue to focus on treating your patients.
Are you opening a new dental office? Have you been running a business for years without a proper plan? Let’s plan your future together and set realistic goals to maximize your profits.
You don’t have to be your own accountant. When you give us the reins, you can continue to focus on what is most important to you: treating your patients. From identifying financial problems to answering any of your questions along the way, your dedicated accountant will cover all the bases.
Our accounting experts can also take care of something else. From managing your firm’s cash flow to general assistance in running your business, you can have much more free time when you trust us as dedicated accountants.
Filing your own income taxes can be downright confusing and time-consuming. But here we come to the point. Save yourself the headache and let our tax return expert file your tax return correctly and on time for you.
It’s never too early to plan ahead, especially when it comes to your dental office insurance. We offer a variety of insurance coverage plans for dentists, including life insurance, disability insurance, critical insurance, and general office insurance. We adapt the plans to your needs.
Need help? Talk to dentist tax accountants near me.
We can help you save thousands of dollars
You need tax and accounting professionals you can rely on
Our accountants have family members who are healthcare professionals themselves, so our team knows how much hard work and dedication dentists put into their practice. That’s why we want our clients to be able to focus on their practice while handling their tax preparation, accounting, and other financial needs for them. We have many years of invaluable experience in the financial industry and look forward to working with new clients to help them achieve their goals. Rest assured we care about your practice as much as we care about you, working diligently on your behalf to give your practice (and your portfolio) the advice it deserves.
How We Are Different
We know you’ve heard this before, but we’re very proud that our services meet the highest possible standards for dentists in Canada. We help our clients gain complete control over their financial situation and needs by developing an intimate understanding of their long-term goals. From there, we do what we do best while our customers do what they do best. We work on financial magic so that our client’s number one priority can always be their patients. Contact our dental tax team now so we can start customizing your financial solution and help you save thousands of dollars.
2. Review of the accounting infrastructure and implementation of processes
- Introduce the team and review current processes
- Review and document detailed processes within the accounting infrastructure, including accounting, debt, and credit and tax compliance.
- Evaluate and finalize the software and “application stack” to increase the efficiency of accounting processes, provide automation where appropriate, improve controls, etc.
- Provide credentials and training to internal team members
Accounting services for dentists
If you are thinking of buying or selling a dental practice, we can help you through the ordeal. Our charter business appraisals are experienced professionals who assist in providing appraisal services and can ensure that you are fairly compensated.
Here is a list of services we help other dentists and practice owners with:
1. Corporate income tax for the financial year and financial statements
- Prepare year-end documents for all businesses, including:
- Budget – Notice to readers
- Tax return T2
- GST / HST monthly returns
- Slip T4 / T5 and information returns
- Canada Revenue Agency Correspondence and Audit Assistance
3. Back Office services managed monthly in progress
- Monthly data entry and transaction review
- Monthly reconciliation of bank accounts
- Monthly identification of credit card expenses
- QuickBooks Online (QBO) Review.
- Support for general accounting
- Management reports including key financial data
- Support and management of accounts payable
- Configuration and integration of Plooto payments
- Pay monthly suppliers and suppliers
- General accounting and bookkeeping consultancy
- Store HST and make tax payments (including HST and corporation tax)
- Payroll processing and posting once every two weeks
- Payroll software maintenance
- Adding new employees
- Administration of biweekly payroll cycles
- Occupation record
4. Senior financial management services
- Provide monthly financial statements
- Provide monthly performance against budget reports
- Help manage cash flow
- Participate in the budgeting and forecasting process
- Coordinate with the ad hoc relationship management team and consultancy on external fundraising requests
Tax deferral for the dentist
The net income of a sole proprietorship or a dental company is taxed directly into the hands of the owner. However, a dental professional firm is a separate taxpayer with its own rates of income tax.
A dental company registered in Canada and operated by individuals governed by the Royal College of Dental Surgeons who are also residents in Canada normally qualifies as a “private Canadian controlled company”. This status allows you to apply for the Small Business Deduction, a reduction in the normal corporate tax rate on the first CAD 500,000 of the company’s annual taxable income from a business in Canada. A tax advantage that shareholders of such active corporate income dental companies will have is the ability to defer payment of certain income taxes. A dental company that qualifies for the small business deduction pays approximately 11-16% tax on its first CAD 500,000 of taxable income. The percentage of tax varies according to the province in which the company is resident. The remaining tax paid by the shareholders after receiving the dividends from the company is deferred until the dividend is paid. When dividends are paid, the rest of the tax is imposed on the shareholders. The tax rate depends on whether the dividend is an eligible or an unsuitable dividend, with a range between 19% and 40% depending on the province.
The deferral is significant, particularly for a taxpayer in the higher marginal tax bracket, and means that about twice as many funds are available for investment because the tax money is actually held in the company and invested. Dentists are eligible for this tax deferral upon incorporation. Please note the discussion below on who can be a shareholder in a professional company. Talk to dentist tax accountants near me.
The list of times that may be required for T2 is too long to be posted on this site. However, we will provide you with a small list of some of the most important times.
Private pension plan
Another benefit of setting up a professional company is the possibility of setting up an individual pension plan for entrepreneurs/ shareholders who are also employees of the professional company. It is important to start planning for retirement early in your career by contributing to a private retirement plan. A private pension plan can be registered or canceled with the Revenue Agency. The employer’s contribution to a registered retirement plan is not a taxable benefit to the employee, while a taxable benefit is if the employer contributes to the employee’s unregistered retirement plan.
An individual retirement plan has many advantages over an RRSP and can be set up for high-income professionals who are incorporated for more immediate tax deductibility benefits than an RRSP. An individual retirement plan is a defined and registered benefit retirement plan. Private pension plans must be established by a corporate employer with the primary purpose of “providing regular payments to people after retirement until death in connection with their service as employees.” Contributions to an individual pension plan are tax deductible for the employer, and if the corporate employer has borrowed money to sponsor contributions to the individual pension plan, the interest is also deductible. As this is a defined contribution plan, it will generally allow you to increase your contribution rate as you get older.
Contributions to an individual retirement plan are limited because the actual calculation of the allowable contribution to an individual retirement plan is based on the individual’s age, earned income, and a formula prescribed by the Canada Revenue Agency (CRA). Because of these factors, higher individual social security contributions are likely to be required as the individual ages because the expected retirement time is shorter. Tax-deductible past service contributions may also be made. In addition, if the pension plan portfolio is underperforming (i.e. if the return is below 7.5% per annum), the employer must
Contribute more to the pension plan. Proceeds from supplementary pensions are not taxed as long as they are still in the supplementary pension scheme. However, the individual pension fund assets are blocked until retirement; that is, they cannot be withdrawn before retirement.
If the employee no longer works for the sponsoring company of the employee’s individual retirement plan, or if the plan is terminated before the employee retires or reaches the age of 71, the plan must be transferred to a blocked retirement account or on a blocked RRSP account. If the plan is transferred to a blocked retirement account or a blocked RRSP account, contributions can no longer be paid into the plan and cash cannot be withdrawn from the plan. Any earnings that accumulate in the blocked retirement account and the blocked RRSP account will continue to be deferred. At retirement age, or when the employee reaches the age of 71, the funds in the blocked retirement account or the blocked RRSP account must be transferred to a Life Income Fund (LIF), Locked-in Retirement Funds (LRIF) or Registered Pension Fund (RRIF) or used to purchase annuities.
Contact Us for a Free Consultation
Are you looking for a free tax assessment? We provide free dental consultations so you can get to know yourself, your personal goals and needs, and what services interest you. Also, you can contact us when it is most convenient for you. We know how busy you are, so we want to accommodate you. You can also contact us by email and one of our accountants will get back to you shortly. We want to help you save thousands of dollars every year. How come? Because you deserve it.
Tax preparation services to help dentists in Canada
Worried about the tax season? Let dental tax prepare your taxes for you.
Are you worried about your tax return or don’t know what steps to take? Let Dental Tax Accounts take care of this for you. Our dental tax preparation will simplify your tax return while maximizing your return. This means that you keep more of what you earn, which means the money in your pocket. As a dentist, you have enough on your plate without even having to worry about a missed tax credit or claim. We have it. Our accounting team has years of experience preparing taxes specifically for dental practices. If there is a tax break you could take advantage of, we will find it. If there is a better income tax strategy, we will tell you. We take our work seriously because we truly care about our customer’s well-being.
Do you know what t2, t3, t5, rc1, or section 85 are? We do!
We speak the language of taxes, so it is not necessary. Just like your dental practice, we are confident in what we do. What sets us apart from other accountants is that we have dedicated our careers to dentists. We decided to specialize in the dental sector because we come from a family of dentists. We understand dental offices: highs, lows, and intermediate. We also understand that the more money you save on income tax preparation, the more money you can reinvest in your dental practice.
Dental accounting services
We help dentists maintain higher profit and net income by reducing their tax burden. We specialize in the taxation of dentists and dental practices and can help them maximize their income as they grow their practice. We help our clients take full control of their finances and needs and create an understanding of their long-term goals. There are many things that come up in running a practice that isn’t taught in dental school. Our job is to make accounting and taxes the least of your worries. We make sure your books are complete at the end of the year, your employees are paid on time, and your cash flow is satisfactory on a monthly basis. We help you reach your financial goals, whether it’s planning and saving for retirement, saving for your child’s college, or buying your dream home, we’re here to help you make your dreams come true. We can help you with financial decisions such as wages, incentives, payroll taxes, retirement plans, equipment purchases, purchase vs. leasing, and other financial matters.
Want to avail of dentist tax services? Talk to us.
Accounting and tax specialists for dentists
Professional Accountants at WebTax Online provide comprehensive support to many individuals and businesses in Calgary, Vancouver, and surrounding areas. One of the specialized services we offer is the accounting of dentists. Dental professionals in Calgary and Vancouver can count on our team to provide exceptional service and individual attention to ensure that all of your tax and accounting needs are met. As a dentist, your practice will thrive if you spend most, if not all, of your time on your patients and increasing your patient base instead of your finances. Let our team make it possible for you.
Our goal is to help you minimize your tax burden, maximize tax deferral, plan for the future, and increase the efficiency and profitability of your practice. Contact our office in Calgary or Vancouver to find out how we can help you and your firm. Talk to dentist tax accountants near me.
Complete accounting for dentists in Calgary and Vancouver
Professional Accountants at WebTax Online are ready to provide you with a wide range of services, including dental practice setting up advice, corporate and personal tax planning, performance measurement, budget preparation, business analysis consultancy, and much more.
Our goal is to help dentists minimize their tax burden, maximize tax deferral, plan for the future, and increase their practice’s efficiency and profitability.
We understand that although dental practices face similar financial challenges and can benefit from the same tax incentives, each dental practice is unique and should be treated as such. To this end, our professional accountants provide innovative and tailored financial solutions to all dentists we serve in Alberta and British Columbia. Our team offers a wide range of support for the tax preparation and accounting needs of your current dental practice. Dentists can rely on us to provide quarterly or ongoing accounting services for the day-to-day management of your books, including your expenses and income.
We can help you prepare comprehensive documents and reports that will clarify your financial health and where you can see improvements. This will allow you to continue serving your customers to the best of your ability while helping you ensure the financial security of your business.
In addition to these services, Professional Accountants at WebTax Online also provides extensive support services. For example, our tax preparation for dentists in Vancouver and Calgary can also help ensure you never pay tax again every year. Our dental office accounting service can also help you plan how to avoid unnecessary taxes in the future.
Need dentist tax services? Talk to us.
Our dental accounting and taxation services include:
- Establishment of a professional dental practice
- Tax minimization / deferral strategies
- Preparation of the budget
- Tax declarations of legal persons and individuals
- Student Loan / Debt Repayment Strategy
- Consultancy services for the opening, purchase, or sale of a doctor’s office
- Wealth and pension planning
- Financial projections and forecasts
- Performance measurement/improvement
Schedule free consultancy for dentist tax services. Talk to us.
Let’s get in touch
If you need to file your personal tax return look no further. The accountants at WebTaxOnline can get your work done for you at very competitive rates. Call us or send an email today. Just get in touch with is and we’ll be sure to get back to you within 24 hours with the relevant information regarding your personal tax return.