Medical practices operate differently. Your accounting should reflect that.
We support Canadian physicians, specialists, and medical practice owners with tax planning, billing reconciliation, and corporate structuring tailored to their practice.
Most physicians outgrow their accountant before they realize it.
The provincial remittances arrive. The T2 gets filed. The practice keeps growing. And then an associate arrangement needs to be structured, a second location is being considered, or the question of what the practice is worth surfaces and there is no clear answer.
Most physicians are not running on bad finances. They are running on financial systems set up at incorporation that were never updated as the practice grew.
Wefinx works with Canadian physicians and medical practices to close that gap so the financial side of the practice supports growth instead of creating pressure behind it.
How We Support Canadian Physicians and Medical Practices
These are the areas where physicians need accounting built around how medical practices actually operate.
What changes:
Structure is reviewed against the rules in your province. Planning happens throughout the year, not at filing time.
What changes:
Remittances are reconciled monthly. Exempt and taxable revenue are separated so financials are accurate and HST/GST stays clean.
What changes:
HST/GST is applied correctly across every service type and input tax credits are fully recovered.
What changes:
Financial infrastructure supports the practice now and scales with it. Reporting gives visibility across every location and provider.
What changes:
Arrangements are structured correctly from the start and CRA classification risk is managed proactively.
What changes:
A rolling forecast accounts for billing cycles, insurance timelines, and upcoming capital requirements so growth decisions are not constrained by foreseeable gaps.
What changes:
Capital decisions are made with clear tax and cash flow implications. CCA optimization is built into the annual plan.
What changes:
You have a clear picture of what the practice is worth and a plan in place before the conversation becomes urgent.
Built for Canadian Physicians and Medical Practices at Every Stage
Professional corporation structuring, billing reconciliation, HST/GST support, and associate agreement guidance for solo and group family practices. Built around the operational and tax realities of modern family medicine practices.
Specialists with mixed provincial and private pay billing, including cosmetic, uninsured, and third-party assessment revenue. We handle the HST/GST reporting of mixed billing environments and the tax planning that specialist income levels require.
Physicians setting up their first professional corporation or restructuring after moving from locum to permanent practice. Corporate structure, T1 and T2 coordination, and a compensation strategy built around what you are actually earning and keeping.
Consolidated reporting, provider compensation planning, and multi-entity tax support for multi-physician practices and clinics. Built for healthcare organizations that require CFO-level financial oversight beyond traditional accounting.
What Our Clients Are Saying
Real feedback from real business owners. We let the work speak.
Bookkeeping, Tax, Accounting, and Advisory. All Under One Roof
Accounting, Tax, and Advisory Built for Medical Practices
Helping healthcare practices improve visibility, profitability, and long-term financial control.
Accurate monthly financials that track clinic performance, payroll, physician distributions, and operating costs with clarity.
Timely reporting that gives practice owners visibility into profitability, cash flow, overhead, and operational performance.
Corporate and personal tax planning for incorporated physicians, healthcare professionals, and medical practice owners.
Strategic financial guidance for practice growth, expansion planning, compensation structuring, and cash flow management.
We help medical practices strengthen the operational and financial drivers that improve long-term enterprise value and transferability.
Whether transitioning ownership, bringing in partners, or preparing for a future sale, exit planning starts long before the transaction itself.
Your patients get specialized care. Your finances should too.
Whether the priority is structuring your professional corporation correctly, reconciling provincial billings accurately, managing your tax position year-round, or preparing for a transition, we handle the detail so you can focus on your patients.
Questions We Hear from Physicians
For most Canadian physicians whose net professional income consistently exceeds $100,000, incorporation offers meaningful advantages. The small business deduction reduces the corporate tax rate on the first $500,000 of active professional income to approximately 9 percent combined federal and provincial, compared to personal marginal rates of 47 to 54 percent at higher income levels. Provincial college regulations require all shareholders to be licensed physicians, which limits certain income splitting strategies. TOSI rules restrict dividend splitting with family members not actively involved in the practice. The right structure depends on your income level, province, family situation, and career stage.
Salary-dividend mix reviewed annually rather than set at incorporation, retained earnings planning rather than defaulting to full distribution, HoldCo structures to manage passive investment income, health spending accounts to fund personal medical expenses through the corporation tax-efficiently, and CCA optimization before major equipment decisions. For physicians accumulating retained earnings, passive income monitoring matters because the SBD grind starts at $50,000 annually. For those approaching a transition, LCGE preparation requires structural work that needs to begin years in advance.
Services billed through provincial health plans are exempt supplies under the Excise Tax Act. Outside that exemption: cosmetic procedures, uninsured services, third-party medical assessments, insurance medical exams, and most specialist consultations outside the provincial plan. Practices with both exempt and taxable services must track expenses by activity to recover input tax credits correctly. This is one of the most consistent sources of CRA audit risk in Canadian medical practices and one of the most avoidable with the right bookkeeping structure.
Common signals: no clear picture of profitability beyond aggregate billings, cash flow harder to manage than billing volumes suggest, a second location being considered without a financial model, an associate buy-in conversation without a valuation framework, or a lender requesting reviewed financials the practice cannot produce quickly. For Canadian medical practices billing $3 million or more annually, a Virtual CFO engagement is typically the most cost-effective way to build the financial oversight the practice needs.
An associate operating through their own professional corporation invoices the practice directly. An independent contractor without a corporation receives a T4A. An employed associate requires payroll and source deductions. CRA has increasingly scrutinized contractor versus employee classifications in healthcare where the relationship resembles employment. A reclassification creates retroactive payroll liability, interest, and penalties. Locum arrangements raise additional questions around provincial billing registration and fee assignment under the relevant provincial plan.