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As chiropractor accounting services providers in Canada and a tax filing firm in Toronto, we offer a wide range of accounting, tax, and consulting services to suit your needs no matter what stage you are at in your chiropractic career. Our team of Chartered Accountants has extensive experience in all aspects of chiropractic accounting service in Canada, tax, and advisory services for chiropractors and chiropractic professionals/ practices. We understand that as a chiropractor or chiropractic practice owner, you want more from your CPA than just a simple series of financial statements or tax return preparation. As a client of WebTax Online, you get the benefit of regular access to our experienced chartered accountants and tax professionals. Our team can provide you with general business and tax advice, as well as help with buying, opening, or selling a chiropractic practice. Our expert tax consultant can help you with your chiropractors’ taxes. We offer the following accounting, tax, and consulting services to chiropractors:
Accounting Services for Chiropractors
- Establishment and structuring of professional companies
- Accounting and acquisition consulting practice
- Accounting and sales consulting practice
- Practical chiropractic advice
- Process improvement and profit maximization
- Compilation of financial statements
Tax services for chiropractors
- Preparation of tax returns of professional chiropractic companies (T2).
- Self-employed Chiropractor Tax return preparation (T1).
- Tax Planning for Chiropractors
- Structuring a holding company
- Salary vs. consideration of dividends
- Minimization of income and capital tax
Accounting and Tax Specialist for Chiropractors in Toronto
We at WebTax Online are the accountants for chiropractors in Toronto and tax specialists for chiropractors in Toronto. At webtaxonline, we help chiropractors save taxes and pay lower taxes and increase profits.
As chiropractor accountants in Toronto, we can handle all accounting issues that chiropractors may encounter. Some of these include reporting the reader’s financial statements or providing audited or verified financial services. Also, as an accountant for chiropractors in Toronto, Webtaxonline is also equipped to work with all office management software to ensure proper bookkeeping for you to run your business. Our Toronto Chiropractic Accountants are dedicated accountants who are familiar with most practice management software to ensure that the accounting is done correctly and accurately.
As tax specialists for chiropractors in Canada, we strive to assist chiropractors with all of their tax needs. Whether you are a sole proprietor and want to file a T1 return on an annual basis, in partnership, or have a company, we can help you with all your tax needs. As tax specialists for chiropractors in Toronto, we also work with chiropractors to help you negotiate and resolve issues with the Canadian Revenue Agency. We know the correct tax rules that apply to health care in Canada and can make sure you pay the correct amount of tax. As Toronto tax specialists,
we work with many of our clients to develop appropriate compensation plans to ensure they pay as little tax as possible. We also offer tax advisory services such as estate planning, revenue sharing scenarios, and the best way to buy or sell a studio for the lowest tax. As Toronto chiropractic tax specialists, we are the tax experts for the chiropractic industry in Ontario and will do everything we can to ensure our clients pay the lowest possible tax.
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Chiropractor Services offered by WebTax Online
Financial Advisor
Working with one of our qualified professionals to create a solid financial model can simplify all your business decisions.
Accounting
We will create a workflow for you to ensure that every transaction you make is accurately classified and easily tracked.
Tax
Take the stress out of tax planning with a simple and cost-effective plan that minimizes costs and maximizes returns. Let us help you with chiropractors’ taxes.
Bookkeeping
Let us manage all your accounting services so you can focus on where they should be: building and running your business.
Payment/ payroll
We simplify the payroll process by automating government transfers, paying employees by direct deposit, and providing online pay stubs.
Financial analysis
Our in-depth analysis will clearly show you whether your business is stable, solvent, liquid, or profitable.
Incorporation services
Our Incorporation services are ideal for chiropractors who want to protect their assets and reduce their liability.
As chiropractic accountants in Toronto, we also offer a wide range of consulting services.
Thinking of buying or selling your studio? We can provide a full-service valuation to ensure you are buying or selling your studio at the right price. We have years of experience as chiropractor accountants in Toronto and have worked with hundreds of chiropractors in Ontario to ensure they receive the right tax and accounting advice. Along with the assessment, we can help chiropractors save taxes, prepare an appropriate budget for their clinic on a monthly or annual basis, and help negotiate on their behalf with various stakeholders to ensure they are better represented in areas where they may feel uncomfortable.
Members of the Ontario Chiropractic Association are eligible for discounted rates for Toronto Chiropractic Accountants and Toronto Chiropractic Tax Specialists. Be sure to include your OCA membership number to receive these benefits.
WebTax Online provides safe, reliable, easy, and convenient tax filing and administration services in Canada. If you are looking for a chiropractic accountant or chiropractic tax specialist, look no further and contact WebTax Online to assist you with all your tax and accounting needs.
If you are a chiropractor, there are both tax and non-tax reasons to consider a corporate form of business organization.
Chartered Accountants at WebTax Online are available remotely to assist you so you can access us from anywhere and everywhere. We can meet virtually any time during our business hours. If you are looking for chiropractor accounting services in Canada, chiropractor bookkeeping services, or chiropractic tax specialists in Toronto, look no further and contact Chartered Accountants at WebTax Online to help you with all your tax and accounting needs.
As a chiropractic practitioner, you provide professional services and are regulated by the government professional body known as the College of Chiropractors of Ontario. This means that if you decide to set up, you need to register as a professional company. A chiropractor must apply for and receive a certificate of authorization from the College of Chiropractors of Ontario before they can incorporate a professional company. The authorization certificate must be renewed annually.
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The very best relationships are when both parties benefit. WebTax Online have served both business and individuals in Vancouver for many years now. We take the time to know you — and understand your goals. We’re committed to providing services to keep you as a happy customer and we always put you first.
Accounting services for chiropractors
We help chiropractors save taxes, and put more money back into their pockets by reducing their tax burden. As chiropractic tax specialists, we can help you navigate the tax rules to maximize your take-home pay as you grow your practice. We know how difficult it can be to run your own chiropractic clinic. There is a long list of things to worry about that were not taught in chiropractic school. Our job is to ensure that there is no accounting and tax between them.
Unlike other accounting firms, we don’t turn up once a year to file your tax return and deliver you an invoice. We take care of the entire financial side of your chiropractic clinic. We make sure your books are closed, your employees get paid on time, and your cash flow is where it should be every month.
We will also help you plan your personal financial goals. Whether it’s saving for retirement, building a college fund for the kids, or buying your next home, we look at the whole picture to make sure both your business and personal finances are taken into account.
Tax deferral of the chiropractor
The net income of a chiropractor in a sole proprietorship or partnership is taxed directly into the owner’s hands with progressive individual tax rates determined based on the taxpayer’s personal income. However, a professional chiropractic company is a separate taxpayer and entity with its own rates of income tax.
A chiropractors corporation incorporated in Canada and controlled by individuals governed by the College of Chiropractors of Ontario who are also Canadian residents normally qualifies as a “private corporation controlled by Canada”. This status allows you to apply for the Small Business Deduction, which is a reduction in the normal corporate tax rate on the first CAD 500,000 of the company’s annual taxable income earned from doing business in Canada.
A tax advantage enjoyed by shareholders of a chiropractic firm with active business income is the ability to defer payment of certain income taxes. A chiropractic firm 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. Full taxation is deferred until the company’s after-tax income and undistributed profits are paid to shareholders as dividends, as the additional tax will have to be paid after the shareholder has received the dividend from the company. 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.
Chiropractors can take advantage of this tax deferral upon incorporation by choosing to issue dividends at a later date.
The deferral can be significant and can even translate into absolute tax savings, especially for a taxpayer in the higher marginal bracket. A professional chiropractors corporation in Canada can withhold after-tax income as retained earnings (taxed at a lower corporate rate after the small business deduction) and then pay dividends to shareholders when shareholders are in a lower tax bracket and pay a rate lower tax, so the shareholder can pay less tax overall.
We have been in business for over two decades working with a variety of chiropractors in BC and focusing on ensuring that each chiropractor receives sound tax and accounting advice. Along with assessments, we help chiropractors prepare reasonable budgets for their clinic on a monthly or annual basis and help negotiate with stakeholders to ensure they are best represented in areas where they may have less experience.
WebTax Online can work with you remotely or meet you at our central office in Vancouver. If you are looking for a chiropractic accountant or chiropractic tax specialist, contact an accountant to help you with all your tax and accounting needs.
Chiropractic Tax and Accounting Specialists
The WebTax Online team consists of Vancouver Chiropractic Accountants and Vancouver Chiropractic Tax Specialists. We help chiropractors pay lower taxes, increase profits and create a smooth flow of operations. Our accounting team at WebTax Online has been serving Vancouver for over 26 years. We are experts in all accounting issues chiropractors may encounter. Such as preparing, reviewing, and auditing financial statements. We are equipped with the latest industry-standard management software such as QuickBooks to ensure proper accounting for your smooth operation.
As tax specialists, we are dedicated to helping chiropractors with all their tax needs so you can keep more money to invest in your chiropractic business. Whether you are an individual who needs to file a T1 tax return each year, a company, or a company, we can help you with all your tax needs.
Our tax specialists also work with chiropractors to resolve issues with the Canadian Revenue Agency and prevent any future problems that may arise due to poor accounting. We follow the correct tax rules that apply to health care in Canada and can make sure we pay the correct amount of tax.
We work with our clients to create compensation plans to ensure they are paying the right amount of tax. Additional tax services are available, such as estate planning, income distribution, acquisition of other assets, or creation/improvement of a business plan.
As an accountant for chiropractors in Vancouver, we also offer a wide range of consulting services. Thinking of buying or selling your studio? We help evaluate your options to make sure you save more, both when you buy and when you sell.
WebTaxOnline for Chiropractors
Our accountants focus on putting more money back in their pockets. Help chiropractors reduce their tax burden and reinvest in themselves or their businesses. We are not like other accounting firms that show up once a year to file their tax return and leave a fat bill. We help you throughout the year, taking care of your clinic’s finances, making sure your books are closed, your employees are paid on time, and your cash flow is where it should be on a monthly basis.
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Chiropractor Personal Services Business
A Personal Services Business (PSB) is basically a company that provides services to an employer such as an employee. As a PS, the company cannot claim the regular deductions that a regular company gets. If the company has at least six or more full-time employees, it is not a PS. For example, if you work as an in-house chiropractor for a hospital, register, and then enter into a contract with the hospital stating that you are a professional company and must be paid as such, then you are probably a PSB. The easiest way to think about it is without the company, you would reasonably be considered an employee of the hospital.
From the CRA’s point of view, if you run personal services, you are not entitled to any of the tax benefits associated with incorporation above, such as the small business deduction, and you cannot deduct business expenses like a normal chiropractors corporation in Canada. Talk to your accountant for more details.
There is likely to be no tax benefit involved if you consider that the PSB is not entitled to a business expense tax deduction (for example, if you work in a hospital as an in-house chiropractor). If you contract for multiple hospitals at the same time as an independent contractor, chances are that if you incorporate, you probably won’t be seen as a PSB. If you believe you are operating as a personal services company, it is important to speak with a WebTax tax attorney before registering so that we can help you and you don’t waste money on registration if there is no benefit.
Exemption of capital gains
Another major tax benefit of incorporating a chiropractic practice is the ability to claim the CAD 800,000 capital gains exemption on the sale of chiropractic stock. The complex rules actually state that to claim the exemption, the shares must be in a Canadian-controlled private company whose assets are used at least 90% in an active business carried on in Canada, or a holding company that owns such shares. In addition, there are other rules that state that the owner/shareholder must hold the shares for two years before selling.
If the shares qualify, the owner/shareholder can sell them and the first CAD 800,000 of capital gains are tax-free. The exemption applies to the individual owner/shareholder, not the company. Once an owner/shareholder claims the CAD 800,000 capital gains exemption, the exemption is no longer available for sales of other qualifying shares. When the capital gains exemption is calculated, it is reduced by the balance of the taxpayer’s net investment loss (“CNIL”). The CNIL balance is the amount by which the sum of all investment expenses exceeds the sum of all investment income for all fiscal years after 1987. The CNIL can be calculated by completing CRA Form T936 for each subsequent year through 1987.
Director’s Liability
While shareholders have limited liability, company directors have various responsibilities. These include liabilities for unamortized deductions at source, unremitted PST and GST/HST, and certain environmental liabilities.
In addition, passive directors who do not have to participate in the management of the business may still be subject to some of these obligations. Passive directors should be aware of what the company is doing and should take out directors’ liability insurance to protect them.
As a chiropractor, you will no doubt have staff working with you. This could be your receptionist, chiropractor’s assistant, or anyone else employed in your office. It is up to you to make sure you take care of the above, otherwise, you may be assessed personally by the Canada Revenue Agency.
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Canadian Tax Legal Assistance
If you are looking for the benefits of setting up your own professional company or looking for the best way to compensate your employees or shareholders, call our tax attorneys on WebTax Online. Effective income tax planning is necessary to ensure that you and your professional medical company retain all the profits you are entitled to.
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Chartered accountants at Webtax Online are here to help you with your accounting and tax needs. Contact us to set up a meeting so we can further discuss how we can assist you.
Accounting for Chiropractors – Specialized Expertise
You’ve been training for years to make sure you can perform spine adjustments to perfection, but accounting is one aspect of your business that requires a different skill set. Chiropractic accounting on the surface is simply tracking your practice’s income and expenses. It’s actually more than just recording a few expenses here and there, which complicates things a bit.
Reconciliation of monthly accounts
Reconciling your accounts monthly means you need to compare your records to make sure everything is in order. Your chiropractic practice accounting responsibilities have a number of different elements that need to be reconciled each month, including (but not limited to):
- Bank account
- Accounts receivable insurance billing
- Accounts Payable Expenses
- Cash flow
- Credit card transaction
Reconciling your accounts monthly can be a tedious task, so you should schedule some time to sit down with coffee, a computer, and financial records, or you can hire an accountant and tax expert for chiropractors.
Medical accounting and expense tracking
Your chiropractic practice will have expected as well as unexpected expenses. The costs of doing business can be surprising to many professionals, but they are manageable with regular monitoring. Keeping track of your expenses on a regular basis will not only help you anticipate costs but also help you eliminate unnecessary expenses that you may have to incur. While you can’t bypass common expenses like wages, supplies, and equipment rentals, you may have expenses that can be cut.
Cloud accounting for chiropractors
Proper setup on cloud accounting software allows you to avoid tedious manual data entry, and since it is backed up to the cloud, you won’t lose your data. Software like QuickBooks Online gives you the ability to sync everything in real-time. We are certified QuickBooks Online consultants.
Consistency and accuracy
There are a number of considerations when it comes to ongoing accounting for your chiropractic practice. The key to managing everything is data consistency and accuracy. While some of the guesswork can be eliminated, if you’re using a cloud-based accounting solution, you need to make sure things are as simple as possible. For example, you should consider separating your personal finances from your business finances if you have not yet incorporated your chiropractic practice.
Professional chiropractic accounting practices are an essential part of managing a chiropractic practice. When you’re focused on building your business, it’s often difficult to find the time to keep accurate and consistent bookkeeping. And of course, you don’t know what you don’t know. We are chiropractor bookkeeping specialists and can help you focus your time and energy on building your practice instead of boring medical accounting tasks. You can contact us at XXXXXXXXX or by using our confidential contact form.
Other Services
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- Personal
- Income Tax
- Small Business Income Tax
- Bookkeeping Services
- Business Plan Services
- Financial
- Statements
- Estate & Trust Planning
Advantages for Our Customers
Customer Service Guarantee
When you hire a chartered accountant, you expect to be able to rely on them not only for their experience, but also to receive timely responses to your calls, emails, and questions. We expect even more from ourselves and ensure that each of our chiropractic clients is satisfied with our level of customer service.
Expensive Experiences
We have over three decades of accounting and tax experience for chiropractors at our company. We apply our experience and tailor our approach to your needs and deliver the results you expect. As our client, you have the opportunity to use all our knowledge and experience.
Always On Time
We understand that as a chiropractor or chiropractic practice owner, you have important deadlines to meet, such as corporate and personal tax filing deadlines. We make sure that we always provide our accounting and tax services on time without sacrificing the quality of our work.
Why hire webtax online for tax services or chiropractors bookkeeping?
Our professional chiropractic accounting services team is experienced in preparing financial statements and tax planning for chiropractors. We understand your business model and work with many chiropractors who rely on revenue from subcontracting other medical services such as massage and physical therapy. We are experts in these areas and can help you set up and pay suppliers, as well as develop systems to simplify the calculation of amounts owed to suppliers.
While bookkeeping is important, we understand that quality healthcare accounting and tax services aren’t just about crunching the numbers. We study and interpret your financial data to find out what it tells us about your practice and how we can help you improve your bottom line.
We look for ways to eliminate unnecessary costs, use technology to track expenses, streamline chiropractic accounting services procedures, chiropractors bookkeeping, and strengthen internal controls. More importantly, because we keep track of your finances, you’ll be able to spend more time on patient care, new services, and other core activities.
Whether you are starting a new practice or looking to create a succession or exit strategy, our team understands the challenges facing the medical profession today. Our aim is to ensure that we maximize your income tax savings whilst improving your financial position and cash flow.
Fiscal and Accounting Services Chiropractors
- Chiropractic Practice Management Consulting
- Accounting and accounting services
- Cash flow management
- Accounting and bookkeeping in outsourcing
- Financial Statements
- Strategic tax planning
- Corporate tax preparation
At webtaxonline Toronto Chiropractic Services, our Toronto accountant is designed for chiropractic practices like yours. We want your practice to run smoothly so you can enjoy what you do without worrying about the financial side of your business being in line with your goals. By letting us manage these details, you can focus on growing your practice and caring for your patients.
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.