Dentists
Optimizing your net income
Specialized Accounting and Tax Services for Dentists in Toronto.
For all professional dentists in Toronto or Mississauga seeking an experienced accountant or tax specialist, BD Chartered Professional Accountants is the ideal choice. Our team comprises skilled accountants dedicated to serving dentists in the Greater Toronto Area. Regardless of where you stand in your dentistry career, we are here to meet your accounting requirements. If you are starting your own practice, we can assist with incorporation, and if you already have a practice, we ensure seamless accounting operations. Our primary goal is to handle the accounting and taxation aspects for dentists, offering a wide range of services, including:
- Comprehensive accounting and bookkeeping solutions.
- We offer accounting and bookkeeping assistance.
- Expert payroll management services.
- Seeking relief from income and capital taxes
- Comparing salary and dividend options
- Tailored tax planning to address your specific needs
- Preparing Sole proprietor dentist tax returns (T1)
- Submitting Corporate tax returns (T2)
- Crafting financial statements
- Optimizing profitability
As specialized accountants catering to the unique accounting and taxation requirements of healthcare professionals, including dentists, we play a crucial role in helping dentists make sound financial decisions for a successful practice. Our expertise ensures that they retain the maximum allowable portion of their taxable income while adhering to all legal regulations. At BD Chartered Professional Accountants, we are proficient in working with cutting-edge accounting software, enabling us to provide timely and accurate bookkeeping services.
With a proactive approach, we leverage our expertise to tailor our services precisely to your unique needs, exceeding your expectations as Chartered Accountants. This empowers our clients to concentrate on delivering healthcare services and attending to their patients, while we seamlessly handle their financial and accounting requirements. Our specialized bookkeepers possess extensive experience in working with dentists and are well-versed in practice management software, ensuring accurate and efficient bookkeeping is maintained at all times.
Highly skilled Tax Specialists
At our firm, we prioritize delivering top-notch taxation services to our clients. Whether you are a sole owner seeking assistance with personal tax returns, a partner in a partnership, or own a Professional corporation, we are equipped to fulfill your taxation needs. With years of experience in serving healthcare professionals, we offer various ways to optimize tax liabilities, ensuring clients pay no more taxes than necessary and can benefit from available government relief and subsidies.
Our team of Chartered Professional Accountants is adept at developing tax-efficient compensation plans for clients and their families. We also assist in-house professionals with business incorporation. Additionally, BD Chartered Professional Accountants provide valuable tax advisory services, including estate planning, year-end tax planning, and guidance on asset transactions to minimize tax implications.
Specialized accounting services for dentists.
We are dedicated to assisting dentists in optimizing their profits and net income by minimizing their tax burdens. With specialized expertise in taxation for dentists and dental practices, we work towards maximizing your take-home income while fostering practice growth. Our aim is to empower you to take complete control of your finances and long-term objectives.
We understand that running a dental practice comes with various challenges that aren't covered in dental schools. Thus, we take the responsibility of ensuring accounting and taxation becomes the least of your worries. Throughout the year, we maintain your books, process staff payrolls punctually, and monitor your cash flow to ensure it remains satisfactory.
Our support extends beyond day-to-day financial matters. We assist you in achieving your financial goals, whether it's planning for retirement, saving for your children's education, or realizing your dream home. Making crucial financial decisions, such as salaries, incentives, payroll taxes, pension plans, equipment purchases, and lease versus buy considerations, are areas where we provide valuable guidance to aid your decision-making process.
Specialized Accounting Services for Dentists in Toronto
If you are considering buying or selling a dental practice, we can guide you through the process seamlessly. Our team of experienced Chartered Business Valuators specializes in providing accurate valuation services, ensuring you receive fair compensation.
Here is a list of services we offer to other dentists and practice owners:
We handle the preparation of year-end documents for all companies, which includes:
- Financial Statements - Notice to Reader
- T2 Corporate Tax Return
- GST / HST Monthly Returns
- T4/T5 Slip and Information Returns
- Canada Revenue Agency Correspondence and Audit Assistance
Accounting Infrastructure Review and Process Implementation
- Introduce team and conduct a comprehensive assessment of current processes.
- Review and document detailed processes within accounting infrastructure, covering bookkeeping, accounts payable, accounts receivable, and tax compliance.
- Evaluate and finalize software and app stack to enhance accounting process efficiencies, introducing automation and strengthening controls where applicable.
- Deliver logins and provide training to internal team members.
Continuous monthly managed back-office services.
- Monthly data entry and transaction review
- Monthly bank account reconciliation
- Monthly credit card expense identification
- QuickBooks Online (QBO) review
- General bookkeeping support
- Management reports including key financial data
- Accounts payable support and payables management
- Plooto payments setup and integration
- Monthly payment to vendors and contractors
- General accounting and bookkeeping advice
- HST and Corporate Tax filing and payment
Bi-weekly payroll processing and recording
- Ongoing maintenance of Payroll Software
- Adding new employees to the system
- Efficiently managing bi-weekly payroll cycles
- Maintaining accurate records of employments
Services in Senior Financial Management.
- Monthly financial reporting
- Monthly performance against budget reports
- Cash flow management assistance
- Participation in the budgeting and forecasting process
- Collaboration with the management team for ad hoc reports and advisory concerning external fundraising requests
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As tax season approaches, if you find yourself uncertain about where to begin, BD is ready to assist you in maximizing your claims and retaining more money in your pocket. Reach out to us today to arrange a consultation, where we can guide you with the most suitable course of action.