Accountant & Consulting for Health Professionals in Toronto
At Stratos Accounting & Consulting, we work closely with Toronto's healthcare professionals to provide smart, reliable, and tailored financial solutions. Whether you're a family physician, dentist, chiropractor, or run a private clinic, we understand the unique challenges you face when it comes to managing your practice finances. From navigating complex tax rules to setting up payroll and deciding whether incorporation is right for you, we're here to make things simpler.
Our team brings in-depth expertise in health professional accounting, offering a full range of services including tax planning, bookkeeping, CRA audit support, and incorporation strategies. We focus on helping you stay compliant, organized, and on track with your goals so that you can focus on what matters most: your patients.
What Defines a Health Professionals in Ontario?
In Ontario, the term "health professional" includes individuals who are licensed or regulated to deliver healthcare services. This covers a wide range of professionals such as doctors, dentists, chiropractors, physiotherapists, and other allied health providers like massage therapists and mental health practitioners.
Understanding how your profession is classified is crucial for determining your eligibility for health professional tax deductions, determining whether you need to charge GST/HST, and ensuring regulatory compliance. These designations directly affect how you structure your business, manage your tax obligations, and report your income.
How Stratos Helps Health Professionals in Toronto
We offer practical, tailored services that help you manage your practice's finances efficiently. Whether you need help keeping your books in order or are looking for a strategy to lower your tax bill, our team has your back.
Bookkeeping Aligned with Medical & Dental Practices
Accurate and up-to-date books are essential for running a successful practice. Our medical practice bookkeeping services include:
- Monthly reconciliations and revenue tracking from OHIP and third-party payers
- Organizing operating and professional expenses in a way that makes tax time easier
- Real-time financial reporting with tools like QuickBooks and other platforms suited for medical and dental clinics
Our goal is to give you the visibility and control you need to make confident business decisions.
Tax Planning: Personal, Corporate, GST/HST
We help you make the most of your income by offering smart, proactive tax planning for doctors, dentists, and allied health professionals. This includes:
- Optimizing RRSPs and setting up income splitting where appropriate
- Identifying allowable health professional tax deductions
- Clarifying whether you should charge GST/HST, and what exemptions apply to your services
- Advising on when to move from sole proprietor to corporate status and how that affects your personal vs corporate tax strategy
Our advice is built around reducing your tax burden without risking compliance.
CRA Compliance & Audit Defence for Clinics
Concerned about a CRA audit or review? We offer trusted CRA audit support so you can move forward with peace of mind. Our team:
- Prepares accurate filings and helps you meet your recordkeeping requirements
- Reviews your income and expense claims to make sure they line up with CRA standards
- Represents you in case of a review, so you are not navigating the process alone
We know the audit landscape and will help protect your practice.
Payroll for Multidisciplinary Teams
When you are managing a team that includes salaried staff, contractors, and associates, payroll can quickly become complex. We make staff payroll management easier by handling:
- Regular payroll runs and remittances
- T4 and T4A filing for employees and independent professionals
- Source deductions, benefits, and vacation tracking
- WSIB filings and compliance
Whether you have a small team or a large clinic, we will keep everything running smoothly.
Strategic Advisory for Practice Growth
Looking to grow or restructure your practice? Our financial advisors offer support with:
- Budgeting and cash flow forecasting for clinics
- Timing your incorporation to take advantage of tax-efficient compensation
- Planning for capital purchases and expansions
- Reviewing expenses to ensure your practice is running efficiently
We act as a sounding board for your business decisions and help turn financial insights into practical strategies.
Tailored Accounting for Every Health Professional
Every type of healthcare professional operates a little differently, which is why our services are customized by profession. Here's how we support your unique needs.
Financial Services for Doctors
For physicians, our services are focused on:
- Managing OHIP billing compliance
- Reviewing whether physician incorporation makes sense based on your income level
- Organizing business expenses and income for audit readiness
- Planning ahead for tax payments and deductions
We help make sense of the numbers so your practice stays financially healthy.
Accounting for Dentists
We understand the operational and financial complexity of running a dental practice. That is why our dental accounting services focus on:
- Tracking and depreciating high-value medical equipment
- Managing hygiene staff and front desk payroll for multidisciplinary teams
- Reviewing dental insurance claims and write-offs
- Preparing accurate financials for practice sales or expansions
Dentists rely on us to keep their books clean and their strategy sharp.
Services for Physiotherapists & Chiropractors
If you are running a fee-for-service model, compliance can get tricky. We help physiotherapists and chiropractors with:
- Navigating GST/HST for healthcare providers
- Reporting income on a per-session basis
- Managing expense tracking and reconciliation
- Structuring practices to remain tax-efficient and compliant
We provide clarity on what is taxable, deductible, and how to stay organized year-round.
Bookkeeping for Mental Health & Wellness Practitioners
For sole practitioners like therapists, psychologists, and RMTs, our services are designed to be flexible and easy to manage. We assist with:
- Simple, organized bookkeeping for therapists
- Tracking receipts and digital payment methods
- Preparing your sole proprietor tax return
- Planning for quarterly instalments and retirement contributions
We make sure your books are in order so your business stays stress-free.
Why Toronto's Health Professionals Trust Stratos for Financial Clarity
Stratos is proud to be a trusted partner for many health professionals across Toronto. Clients choose us for our:
- Specialization in health professional accounting
- Reliable CRA audit support and representation
- Custom tax planning for doctors and regulated healthcare professionals
- Personalized service and one-on-one advisory sessions
- Clear, upfront pricing with no hidden fees
We do more than manage your numbers. We help you build financial confidence in your practice.
Book Your Free Financial Strategy Session for Health Professionals
If you are wondering whether it is time to incorporate, feeling uncertain about GST/HST obligations, or just want a second opinion on your current books, we are here to help.
Book your free financial strategy session with Stratos and get practical, actionable advice tailored to your profession. We will review your books, answer your tax and payroll questions, and offer recommendations you can start using right away.