Specialized Accountants for Doctors in Newfoundland: Building a Healthy Financial Future
As a medical professional in Newfoundland, your focus is on your patients’ well-being. At KevinCPAs, our focus is on yours. We provide specialized accounting, tax, and financial advisory services tailored to the unique needs of physicians, surgeons, and specialists across NL. From navigating the complexities of incorporation and managing clinic overhead to planning for a secure retirement, we are your trusted financial partners
Unique Financial Considerations for Medical Professionals
Doctors face distinct financial scenarios that require expert guidance.
Incorporation
The decision to incorporate as a professional corporation (PC) and the significant tax and retirement planning advantages it offers.
Mixed Income Streams
Managing finances from fee-for-service, salaried hospital positions, and teaching roles.
High-Earning, High-Tax Bracket
Implementing advanced strategies for income splitting and tax deferral.
Our Accounting Services for Medical Professionals
Physician Incorporation & Tax Planning
We guide you through the process of setting up a Professional Corporation, explaining the tax savings, liability protection, and enhanced retirement planning options (like Individual Pension Plans). We then provide ongoing tax planning to maximize these benefits.
Financial Management for Medical Practices
Whether you're a solo practitioner or part of a clinic, we handle the financial side: managing accounts receivable, tracking clinic overhead, payroll for support staff, and providing clear financial statements so you understand your practice's performance.
Retirement & Succession Planning
We help you build a long-term wealth accumulation strategy, leveraging your corporation and registered accounts. We also assist with practice valuation and financial planning for a smooth transition when you're ready to retire or sell your practice.
Personal & Corporate Tax Preparation
We prepare and file your complex personal and Corporate tax returns , ensuring all eligible deductions are claimed and that your overall tax structure is optimized.
FAQs for Newfoundland Doctors
For most physicians earning beyond a certain threshold, incorporation is highly beneficial. It allows for tax deferral, income splitting with family members through dividends, and enhanced retirement savings through a corporation. We can analyze your specific income and goals to provide a clear recommendation.
You can deduct a wide range of expenses, including medical licenses and dues, professional insurance (CMPA), clinic rent, staff salaries, medical equipment, conference and education costs, professional literature, and a portion of your vehicle and home office expenses
An IPP is a defined benefit pension plan established by a corporation, often for business owners like incorporated doctors. It can allow for larger, tax-deductible contributions than an RRSP. We can assess if an IPP is a suitable tool for your retirement strategy.
We set up bookkeeping systems to track all clinic income and expenses, manage payroll for nurses and administrative staff, and provide monthly or quarterly financial reports. This gives you the data needed to make informed decisions about practice growth and efficiency.