Medical & Healthcare Professionals and Practices
Accounting, Tax and Advisory Services for Medical & Healthcare Professionals and Practices in GTA
Wefinx provides tailored accounting, tax and advisory services for healthcare and medical professionals from startup through growth, expansion, and long-term wealth planning. We understand the unique business, tax, and compliance challenges health and medical professionals face. Whether you are a resident, a self-employed practitioner, or operating through an incorporated structure, your financial needs are different from most businesses. Between HST exemptions, mixed taxable services, incorporation decisions, payroll, structuring, and CRA requirements, professional guidance is essential to stay compliant and build long-term financial strength.
Support for Every Stage of Your Career
We work with healthcare and medical professionals in every stage including residents, fellows, self-employed physicians, incorporated practices, and multi-practitioner clinics. Our focus is simple: clarity, compliance, and long-term planning that strengthens profitability and supports growth.
As you work toward your professional goals, we provide structured tax planning and guidance built around your employment income. We begin with a consultation to understand your situation, then develop a plan to help you maximize eligible employment-related deductions and make informed decisions around income, expenses, and long-term planning.
Self-Employed Practitioners and Physicians
For self-employed professionals, income and tax planning require a more detailed strategy. We review your setup, clarify your goals, and build a personalized plan that supports tax efficiency, compliance, and cash flow. This ensures your practice income is structured properly, your deductions are optimized, and your financial decisions remain aligned with long-term growth.
Incorporated Practices and Medical Professional Corporations
For incorporated professionals, Wefinx provides a complete solution covering both corporate and personal tax needs. This includes annual financial statements, corporate and personal tax filing, proactive planning, and year-round guidance on tax deferral strategies, income planning, and maximizing corporate deductions. For physicians, we also support Medical Professional Corporation setup and registration with the CPSO, along with annual CPSO corporate renewal requirements.
Why Healthcare Accounting is Different
Health and wellness practices often operate under complex HST rules. Some services are exempt, others are taxable, and many practices provide a mix of both. This is one of the most common areas where professionals face CRA exposure. We take care of all of that for you starting by assessing whether your services are taxable or exempt, confirming whether registration is required, filing accurate HST returns, maximizing Input Tax Credits where allowed, and avoiding costly over-remittances or under-remittances.
Incorporation decisions also carry significant impact.
Many professionals incorporate too early, too late, or for the wrong reasons. We help you evaluate when remaining a sole proprietor makes sense, when incorporation creates real tax benefits, and how to pay yourself effectively through salary, dividends, or a combination. The goal is to build the right structure at the right time, without unnecessary complexity.
From Startup to Scale, With the Right Structure
Most professionals start as sole proprietors, and that is often the right starting point. As income increases and the practice becomes more complex, your accounting and tax needs change. Wefinx supports you through every stage, including transitioning into a corporation when it adds value, introducing management or holding structures when appropriate, and adjusting your structure as risk, income, and family goals evolve.
Long-Term Wealth and Asset Protection Planning
As practices grow, structure becomes critical for protection and long-term planning. We help design and manage operating, management, and holding corporations to support efficiency, tax deferral, asset protection, and investing. Every recommendation is based on your full financial situation. As wealth accumulates, we also advise and coordinate on estate and succession planning, corporate-owned investments, and tax-efficient wealth preservation to ensure what you build is protected and transferable.
Financing and Expansion
As practices grow, access to capital becomes increasingly important. We help professionals prepare for bank financing, loans, and lines of credit by presenting financials in a way lenders understand and trust. We also build realistic projections tied to actual performance and ensure your structure supports expansion. Whether you are opening a clinic, adding practitioners, renovating, or acquiring another practice, we ensure your financial foundation supports those goals.
Bookkeeping & Financial Reporting That Supports Better Decisions
We provide accurate monthly bookkeeping, clear separation of personal and business activity, cloud-based systems with real-time visibility, and monthly or quarterly reporting. We provide insightful reporting and ongoing support so you always understand how your practice is performing and where it is heading. Depending on your stage, reporting may be provided monthly or quarterly and may include clear profit and loss statements, performance and trend analysis, cash flow visibility, and decision-support insights.
Tax Preparation and Proactive Tax Planning
We prepare personal T1 and corporate T2 tax returns, provide year-round tax planning, optimize industry-specific deductions, and maintain CRA audit-ready documentation. Our goal is to reduce tax exposure while keeping you fully compliant.
HST Advisory and Compliance
We provide HST registration review, ongoing filings, mixed-supply analysis, and CRA correspondence or audit support. This ensures your HST is handled correctly based on your specific services and practice model.
Payroll Services
We support payroll processing and remittances, employee versus contractor classification, and year-end filings including T4s, T4As, and WSIB requirements where applicable.
Year-End Financial Statements
We prepare professional, lender-ready year-end financial statements aligned with tax filings and planning objectives, supporting financing conversations and long-term practice decisions.
Serving Healthcare Professionals across the GTA
Burlington • Oakville • Milton • Toronto • Mississauga • Brampton • Vaughan • Markham • Richmond Hill • York • Hamilton
Why Healthcare Professionals Choose Wefinx
Wefinx is trusted by health and medical professionals because we bring deep industry experience, strong CRA compliance focus, advanced structuring and planning expertise, and a long-term partnership mindset. We build financial systems that stay strong as your practice grows.
Learn More
Book a consultation to review your structure, HST exposure, and long-term strategy.
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