Accountant for Dentists and Dental Practices in Mississauga
As accountants for dentists, we know that a dental practice runs on its own set of numbers: costly equipment, dental supplies and lab fees, associates and hygienists on payroll, and often a professional corporation on top. Farrukh Ahmed, CPA, provides accounting services to dental practices of all sizes in Mississauga, Toronto and across Ontario. Dental accounting takes more than basic bookkeeping skills. It calls for a working knowledge of tax law, corporate tax and the way a dental practice earns and spends.
Three Decades in the GTA
Our accounting firm has provided tax services to dentists and other professionals in the Greater Toronto Area for over 30 years. The main office is in Mississauga, Ontario, and we have worked with businesses in Brampton, Toronto, Oakville and Hamilton. That history with dental professionals helps when your practice grows, changes hands or adds a second location.
Ready if the CRA Reviews Your Practice
If you own your practice, you are responsible for the tax filings of the business and for your own personal tax return. Farrukh previously worked with the CRA on tax matters for individuals and corporations. We keep your financial records clean throughout the year. Should the CRA review your return, our CRA Assessment Support service handles the correspondence and represents you.
Cloud Bookkeeping, Taught at Sheridan
Farrukh has taught a cloud accounting course at Sheridan College. In a dental office, that means lab fees, supplies, hygienist payroll and equipment leases are recorded online as they happen, not sorted from a box of receipts in April.
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Chartered Professional Accountant.
Dental Accountant for Your Practice Finances
Your dental practice works with one CPA and his team of accountants for all of its books and returns. Whether you are an associate dentist or a practice owner, we start from how you are paid. We work with many healthcare professionals and use cloud accounting software connected to your business bank account. Your bookkeeping stays up to date, and month-end numbers are ready whenever you or your bank need them.
Professional corporations and how you pay yourself
Many dentists in Ontario practise through a professional corporation. Part of the income can stay in the corporation, and what you take out as salary or dividends goes on your personal tax return.
Choosing that mix, and the timing, is the core of tax planning for dentists. The right answer depends on your personal tax situation, your cash flow needs and your long-term plans.
Equipment and HST
Dental equipment is a major capital expense. We record chairs, imaging equipment and leasehold improvements as you buy them and plan the timing of each purchase with you.
We also review how HST applies to your services and purchases before you buy major equipment or arrange financing.
Are your associates employees or contractors?
Payroll for associates and hygienists needs careful setup. An associate may be an employee or a self-employed contractor, and the answer changes your payroll, your expenses and your tax compliance. We help you set it up correctly and keep it consistent.
Buying or selling a dental practice
Buying or selling a dental practice raises its own questions, such as how the price is split between equipment, goodwill and other assets, and whether shares or assets change hands. We prepare the financial statements and the tax analysis your lawyer and your bank will ask for, and we look at what the deal means for your corporate tax and personal tax.
Farrukh is a fantastic accountant and financial advisor. I have been a client for 7 years now and can only say great things of his services, trust and reliability. I highly recommend anyone seeking a CPA to Farrukh.
Farrukh has been my business accountant for many years now. He helped me incorporate, taught me Quickbooks, and he files my corporate year end taxes, as well as quarterly HST filings. He also provides overall financial advice and does my personal taxes. He is very quick to answer any questions or concerns, and very professional.
Farrukh has helped my family and I with our taxes for a long time now. His service is very professional and he always takes the time to explain! I highly recommend!
Tax services we provide
Accounting Services for Dentists
Our dental accounting services cover what most dental practices need. Each case is unique, though, so a discovery call is the simplest way to see how we can help. We offer advice and support to dentists in Mississauga, Toronto and across the GTA. Here are the services our accounting firm provides for dentists:
- Preparing and filing personal tax returns (T1) and corporate tax returns (T2)
- Incorporating your practice as a professional corporation
- Buying or selling a dental practice
- Tax planning for future earnings, retirement and your financial goals
- GST/HST registration and filings if your practice makes taxable sales
- Cloud accounting software setup, linked to your business bank account, to track expenses and day-to-day operations
- CRA Assessment Support, including correspondence and representation
- Bookkeeping for dentists
- Cash flow management and future projections
- Payroll for associates, hygienists and staff
- Capital cost allowance (CCA) planning for practice assets
- Tax advisory and planning for practice owners
- Advisory & Consulting Services for your practice, with an open line of communication for any questions about your tax affairs
- Financial statements
- Forming holding companies