info@mapleconsults.com Working with physicians across Canada
Maple ConsultsSERVICES INC.

Accounting and tax for Canadian doctors

Your practice is complicated enough. Your accounting should not be.

Maple Consults Services Inc. works with physicians across Canada: bookkeeping for your professional corporation, corporate and personal returns that agree with each other, and a plan for how money leaves the corporation.

We work with doctors, not with everybody. That means the questions you ask have already been answered several times this month.

Physicians onlyThe client base is medical, so the advice is specific
Big 4 trainedCorporate experience, small firm attention

What we do for doctors

Three things, done properly, for physicians at any stage of practice. Everything is quoted as a flat fee after a short conversation, so a question never arrives as a line on an invoice.

Incorporation and structure

For doctors going incorporated

Whether to incorporate, when, and how the corporation should be built. A medicine professional corporation has rules that a normal company does not, and the decisions made in month one follow you for years.

  • Incorporate now or wait analysis
  • CPSO certificate of authorization
  • Share structure and family shareholders
  • Choosing your fiscal year end
  • CRA program accounts and payroll setup
  • Opening books and chart of accounts

Bookkeeping and corporate tax

For incorporated physicians

Your books kept monthly rather than rebuilt in a panic at year end, financial statements prepared for filing, and a T2 corporate return that reflects how you actually get paid.

  • Monthly bookkeeping and reconciliation
  • Financial statements for your year end
  • T2 corporate return and schedules
  • T4 and T5 slips for you and your family
  • Payroll and source deductions
  • Ontario annual information return

Personal tax and planning

For every stage

Personal returns for you and your family, filed alongside the corporation so the two tell the same story. Plus the decisions in between: how much salary, how much dividend, what stays in the corporation.

  • T1 returns for you and your spouse
  • Salary and dividend mix each year
  • Instalment planning for locums
  • Practice expense and deduction review
  • RRSP, TFSA and corporate savings coordination
  • CRA reviews and correspondence

See all services in detail

Why physicians need a different accountant

A general practice accountant sees one or two doctors a year. The specifics get missed, and the specifics are where the money is.

  • Most physician billings are exempt from HST, which changes what you can claim and whether you should register at all
  • Some income is not exempt, and third party reports and cosmetic work are the usual culprits
  • A medicine professional corporation has share ownership rules set by the CPSO, not just by you
  • Income splitting with family works very differently since the tax on split income rules arrived
  • Corporate investments build up quickly and can quietly erode your small business deduction

Deadlines coming up

Counted from today. Your corporate dates depend on your fiscal year end.

Send us your year end date and we will map your full filing year, corporate and personal, on one page.

How working together starts

Four steps from first call to filed return. Most physicians are fully onboarded within two weeks.

Free consultation

Twenty minutes on your practice, your structure, and what is worrying you. No sales script.

Written scope and fee

A flat fee and a clear scope by email within one business day. Nothing begins until you accept.

Setup and cleanup

We take over the books, clear anything outstanding, and put the filing calendar in place.

Year round rhythm

Monthly bookkeeping, filings on time, and a compensation review before year end rather than after.

Free download

The Incorporated Physician's First Year Checklist

Twenty three things to put in place in the first twelve months of a medicine professional corporation, in the order they need to happen. Written for Ontario doctors and their spouses.

  • What to do in the first thirty days after your certificate of authorization
  • How your fiscal year end choice affects your first tax bill
  • The salary and dividend questions to settle before December
  • Expenses that belong in the corporation and expenses that do not
  • A one page filing calendar you can hand to your bookkeeper

Send me the checklist

One email, no follow up sequence unless you ask for one.

We do not share your details. Unsubscribe any time.

Start with a free consultation

Twenty minutes, no obligation, and you will leave knowing what your next step is even if it is not with us.

Book a consultation

Maple Consults Services Inc. provides bookkeeping, tax preparation and tax planning services. We are not a licensed public accounting firm in Ontario and we do not provide audit or review engagements. Nothing on this website is legal advice or a tax opinion for your specific situation. Tax rules change and every practice is different, so please speak with us before acting on anything you read here.