Accountant for Doctors in Mississauga and Toronto
Looking for an accountant for doctors who understands how physicians in Ontario earn and pay tax? Farrukh Ahmed, CPA, has provided accounting and tax preparation services to doctors and other medical professionals in Mississauga, Toronto and the rest of the GTA for more than 30 years. We take care of your bookkeeping, your personal and corporate tax returns and your tax planning, so your time stays with your patients. Start with a discovery call. If we’re a good fit, we’ll look at how your practice is set up today in a complimentary strategy session at our office or on Zoom.
Ready if the CRA Asks Questions
Self-employed and incorporated doctors report more of their own income and expenses, so there is more on the return for the CRA to ask about. Farrukh previously worked with the CRA on tax matters for individuals and corporations. We keep your records in order throughout the year, so if a letter arrives, the answer is already on file. If the CRA opens a review, our CRA Assessment Support service handles the correspondence and represents you.
Former Sheridan College Instructor
Farrukh has taught accounting at Sheridan College, where his course covered cloud accounting software for bookkeepers and accountants. Your practice gets the same setup: OHIP deposits, clinic costs and receipts are kept online, and you can look at the books between appointments.
30+ Years With GTA Professionals
Our CPA firm has provided accounting services in Mississauga, Toronto and the rest of the Greater Toronto Area for over 30 years. We work from our office in Mississauga and can also serve you remotely. Over the years we have filed tax returns for family doctors, specialists and medical corporations, and that history helps when your file is anything but standard.
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Accounting and Tax Services for Doctors in Mississauga
We do more than file the tax returns doctors need. Each client works one-on-one with our team on a tax plan built around how they earn: OHIP billings, clinic or hospital income, or a medical professional corporation. The goal is to get last year’s return right and to plan the next year before it starts. How you pay yourself, through salary or dividends, affects your personal taxes for years to come.
Should you incorporate your medical practice?
Many doctors in Ontario practise through a medical professional corporation. Income you take out of it as salary or dividends goes on your personal tax return.
Incorporation also adds filing work: a corporate tax return (T2), financial statements and, if you pay yourself a salary, payroll. Whether incorporating makes sense depends on your income, your spending and your plans, so we work through the numbers with you first.
GST/HST on your services
We review how GST/HST applies to each of your services and keep your filings in order.
What we handle for physicians
We’ve worked with many physicians and other health professionals. Our accounting services for doctors include:
- Self-employed physician tax returns (sole proprietors): T1 return, budgeting, eligible deductions, ongoing support and reminders.
- Incorporated physician tax returns: T1, T2, T4 and T5 slips, financial statements, tax deferral planning, ongoing support and reminders.
- Medical residents: personal T1 return, eligible deductions and credits, budgeting, ongoing support and reminders.
Financial services include:
- OHIP billing reconciliation
- Payroll administration and processing
- Bookkeeping for your medical practice
- Personal and corporate tax preparation and filing
- Advisory & Consulting Services for your medical practice
- Retirement planning from a tax point of view, including RRSP and salary vs. dividend decisions
- Tax deferral through incorporation and corporate tax planning
- Operating expense analysis
- Tax minimization planning within CRA rules
- Email and phone reminders of monthly or quarterly tax instalments
- Filing for tax refunds
- CRA Assessment Support if the CRA reviews your return
He always understands our queries and then provides with accurate and useful information.
His experience is reflected in the way he handles both our business and personal portfolios efficiently and in a timely manner.
I highly recommend Mr. Farrukh Ahmed as an accountant to any professional especially Doctors.
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.
Physicians we serve
Physicians We Serve
Take control of the taxes you pay and plan ahead, so your income supports both your lifestyle and your long-term wealth. We act as the accountant for doctors and other health professionals in many specialties, including:
- Family doctors
- Cardiologists
- Podiatrists
- Dentists and orthodontists
- Nurse practitioners
- Emergency physicians and surgeons
- Urologists
- Anesthesiologists
- Dermatologists
- Ophthalmologists and other specialists