CPA For Medical Professionals
At MW Mirza Chartered Professional Accountant, we offer practical strategies to Physicians, Dentists, Medical Practices, Clinics and Healthcare Industry professionals in Brampton and Greater Toronto to help them organize their financial affairs, maximize tax savings and tax planning to lower tax burden.
As quailed medical CPA, we understand that each Physician, Dentist, Medical Practice, Clinic or Healthcare professional has different needs under the CRA tax guidelines. We’re very experienced and knowledgeable with all the current tax laws in Ontario and how they can impact healthcare businesses and professionals. We provide highly effective tax planning strategies to ensure that, you are legally take advantage of beneficial tax-law provisions available to increase your tax deductions so you never overpay your taxes.
At MW Mirza Chartered Professional Accountant, we understand the daily and unique challenges medical professionals such as general practitioners, doctors, specialists, dentists, chiropractors, psychologists, physician’s, clinics and other professionals face.
Use our accounting expertise and knowledge to save you time and resources in Brampton and Greater Toronto Area so you can focus on caring for your patients.
ACCOUNTING SERVICES FOR Medical ProfessionalS
At MW Mirza Chartered Professional Accountant, we offer practical accounting strategies to Physicians, Dentists, Medical Practices,
Clinics and Healthcare Industry professionals in Brampton and Greater Toronto to help them maximize tax savings, save time and resources.
- Medical Professional Practice Incorporation
- Corporate & Personal Tax Returns
- Strategies for Tax Minimization / Deferrals
- A review of your current and future tax position
- Loan / Debt Repayment Strategies
- Cash flow management and budgeting advice
- Salary packaging strategies
- Estate and Retirement Planning
- Financial Projections and Forecasts
- Performance Measurement / Improvement
- Loan financing, Lease vs. buy analysis
- Corporate Restructuring
- Ensuring your tax and investment strategies are aligned
- Advice you on your tax obligations
- Flows, in accordance with applicable professional standards
Our CPA Office Help Medical Professionals with
Accounting and Bookkeeping FOR MEDICAL PROFESSIONALS
Bookkeeping and Accounting: The foundation of a successful medical practice is heavily dependent on organized financial records which helps a practice’s operation run smoothly and efficiently. Without proper record keeping cash flow in inconsistencies takes place which result in wasted time, money and missed opportunities. With our staff’s help in your day-to-day bookkeeping associated tasks, you can relax and be well-prepared for your reporting needs. Here are some of the areas where we can ease the burden of your bookkeeping:
- Profits/losses, trial balances, and general ledgers
- Balance sheets and custom reports
- Bookkeeping cleanup
- Payroll reconciliation
- Bank reconciliation
Payroll Services: To help with your increased payroll administration for more employees due to your practice growth we assist you in implementing the controls necessary to ensure a reliable, efficient and effective payroll system. We recognize that your practice is time-consuming and requires your attention, so we can develop a payroll system and prepare all necessary payroll information return in a timely manner. This is achieved by preparing T4s at the end of the year and relieving your staff from these tedious tasks.
Tax Planning and preparation FOR MEDICAL PROFESSIONALS
Professional Corporation Tax Return (T2): In order to minimize your tax liabilities, we review your bookkeeping to reduce the chances of any query from CRA, we prepare and then file your professional corporation tax return to meet your corporate tax return reporting needs.
Sole-Practitioner Tax Return (T1): We assist our sole practitioner medical professionals to prepare and file their professional tax return (T2125). We ensure that their paperwork is filed correctly to avoid any unpleasant surprises from CRA.
During tax planning session with you, we work to understand your vision and what goals you want to achieve. We use our knowledge and experience to create custom business or personal tax plan to lower your tax burden. We review and monitor your custom tax plan to ensure that it stays update to date and always in the best tax position as your business and family needs change in Brampton and GTA.
Assurance Services FOR MEDICAL PROFESSIONALS
Audit: We have seasoned professionals in our team to fulfill your financial statements audit needs to add credibility to your financial position, performance, presentation and disclosure to your creditors or other stakeholders. We employ practical strategies to minimize your reporting costs without compromising the quality of such reporting.
Review Engagement: A review engagement provides a lower level of assurance than an audit and is usually required by stakeholders in a corporation (banks, shareholders, regulatory authorities, etc.). We have experienced auditors in our team to help meet our medical professionals all their review engagement needs effectively and efficiently.
Notice to Reader: We provide notice to reader financial statements to our medical professional clients to meet their internal reporting needs as well as reporting to financial institutions for smaller loans and other regulatory authorities. These statements however do not provide any level of assurance.
BUSINESS CONSULTING FOR MEDICAL PROFESSIONALS
Consulting Services: Whether you have a well-established medical practice, or just finished your residency and starting out your own medical practice, you make decisions about your practice on a day to day basis. Leading a medical practice can be challenging, especially when it comes to optimizing your performance. That’s why M W Mirza Chartered Accountant offers advisory services to guide medical professionals at every stage of their development. Some of these consulting services include, but are not limited to the following areas:
- Structure of Medical Practice
- Re-organization of Medical Practice
- Assistance for Medical Practice Setup / Expansion Loans
- Compliance with Tax Authorities
- Implementation of Internal Controls
Financial Forecasts and Projections: Understanding how well your practice is performing and its potential to grow is vital to any medical professional. We compile and analyze both your past and present data in order to accurately predict and project future trends. Using this data, we can advise you on the proper course of action for maximum growth, and make necessary changes to your financial model to minimize tax implications.
WHY CHOOSE US?
- Wide Range of small business accounting issues covered
- Chartered Accountant with highly experienced and friendly team
- Since 2009, proudly serving businesses in Brampton and GTA
- Professional client care guaranteed
- We provide CRA tax audits, assurance and consulting