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Specialist Accountants for Physicians Across Ontario

Spectrum CPAs is a CPA for physicians serving medical professionals across Vaughan, North York, Etobicoke Toronto, and the broader GTA, providing tax planning, Medical Professional Corporation setup, CPSO compliance support, assurance, and advisory services built entirely around the financial life of a physician.
Whether you are a resident preparing to incorporate for the first time, a family physician managing a blended billing model, or a specialist running a multi-clinic operation, Spectrum CPAs brings the depth of expertise and the continuity of partnership your practice deserves.

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Why Choose Us

The CPA for Physicians Your Practice Has Been Looking For

We bring CPA-level expertise and a deep understanding of medical practice finances together, so you get advice that is technically sound, fully current with CRA requirements, and practically relevant to how physicians in Ontario actually earn, structure, and grow their financial lives.

Physician-Specific Tax Knowledge

Physician income in Ontario is rarely simple. A single physician may simultaneously receive OHIP fee-for-service billings through a Medical Professional Corporation, sessional hospital stipends paid personally as T4 employment income, locum fees that may be corporate or personal depending on arrangement.

As experienced accountants for physicians, we understand all of these income streams and how to coordinate them into a unified, tax-efficient strategy.

Proactive Planning, Not Reactive Filing

As your CPA for physicians, we do not wait until year-end to add value. We monitor your corporate and personal tax position throughout the year, recalculate your salary-versus-dividend mix as your income evolves, flag planning opportunities as they arise, and ensure your financial structure evolves alongside your practice.

Physicians who receive relativity-adjusted OHIP fee increases, changes to alternative funding model payments, or shifts in their billing model mid-year need a CPA who is tracking those changes in real time, not just at tax season.

Long-Term Partnership Over Transactional Service

We treat every physician client as a long-term financial relationship, not an annual file. That means understanding your career stage, your personal financial goals, your practice structure, your family situation, and your retirement horizon deeply enough to give you advice that looks ten years ahead, not just at the current tax year.

From your first Medical Professional Corporation through to your eventual practice transition, Spectrum CPAs is the financial partner that grows with you.

Our Service Offerings

Core Services for Physician Financial Confidence

We provide the full scope of tax, assurance, and advisory services tailored to how physicians earn, structure, and grow their financial lives.

Tax Services

Physician tax planning is never straightforward. Ontario physicians earn income through a combination of OHIP fee-for-service billings, capitation payments under models like the Family Health Organization or Family Health Network, locum arrangements, private and uninsured fees, and medical-legal income, with each stream potentially subject to different tax and HST treatment depending on its structure.
Our accountants for physicians handle every dimension of this complexity: Medical Professional Corporation T2 returns, personal T1 filings, payroll remittances for clinic staff, annual salary-versus-dividend analysis, RRSP and Individual Pension Plan strategy, HST registration and reporting for uninsured and private services, and year-round planning that minimizes your overall tax liability.

Assurance Services

When your Medical Professional Corporation requires reviewed or audited financial statements, our assurance team delivers reports that meet the required standard. As a CPA for physicians, we prepare investor-grade financial statements with full documentation and professional independence, and we understand the medical practice context those statements need to reflect.
Lenders financing physician practice acquisitions and associates negotiating buy-ins both want to see financials prepared by accountants who understand physician corporate structures, not generic compilations.

Advisory Services

From incorporating your first Medical Professional Corporation to structuring the acquisition of a second clinic location, our advisory services give you the CFO-level financial guidance to make sound decisions at every inflection point of your career.
We provide practice valuation, buy-sell structuring, intercompany planning for multi-entity structures, holding company design, cash flow forecasting, and financial modeling built specifically around the economics of medical practice in Ontario. For physicians navigating the transition from sole proprietor to a fully structured corporate group, we serve as the financial architect.

Why Is Accounting for Physicians So Complex?

01

Professional Corporation Setup & CPSO Compliance

Medical Professional Corporations in Ontario must comply with strict requirements set by the College of Physicians and Surgeons of Ontario under the Medicine Act, 1991 and the Ontario Business Corporations Act. These include specific naming conventions.
Our accountants for physicians manage the entire incorporation process, from articles of incorporation through to CRA tax account registration and CPSO Certificate of Authorization coordination, ensuring your structure is correct, compliant, and optimized from day one.

02

Salary vs. Dividends & Corporate Retention

One of the most consequential ongoing decisions for an incorporated physician is how to draw income from the Medical Professional Corporation. The decision is not one-size-fits-all, and it changes every year.
The optimal blend shifts year to year based on your income level, personal expenses, RRSP room available, whether you are building an Individual Pension Plan, how much you want to retain inside the corporation, and your family income-splitting situation under TOSI.
As a CPA for physicians, we recalculate this analysis annually, before year-end, not after, and adjust your compensation strategy accordingly so you are never leaving money on the table.

03

Multi-Income Stream Management

Many Ontario physicians earn income from more than one source simultaneously. A family physician might receive OHIP fee-for-service billings through their Medical Professional Corporation, on-call stipends paid directly as T4 employment income from a hospital, locum coverage fees from a colleague's practice, and occasional income from insurance reports or WSIB assessments.
Each income stream may flow through a different legal structure and carry different tax and HST treatment. Managing all of these streams correctly, without missing deductions, misclassifying income, or creating unintended CRA exposure, requires accountants for physicians who have seen these structures before and know how to coordinate them cleanly.

04

Succession, Retirement & Practice Transitions

For many physicians, the Medical Professional Corporation they build over the course of their career becomes their most significant financial asset and yet most physicians never begin planning for its eventual transition until they are already close to retiring. That is far too late to optimize the outcome.
Our CPA for physicians brings succession and retirement planning into the conversation early so you have options and flexibility when the time comes, rather than being forced into a suboptimal exit.

Work With a CPA for Physicians Who Knows the Medical Landscape

Stop working with a generalist who treats your Medical Professional Corporation like any other small business. Talk to Spectrum CPAs and get accounting built for how physicians actually practice with the income complexity, CPSO compliance obligations, and long-range planning that your career demands.

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Our Accounting Services for Physicians

01

Professional Corporation Setup

Full Medical Professional Corporation incorporation support from articles of incorporation under the Ontario Business Corporations Act and CPSO Certificate of Authorization coordination, through to CRA business number registration, HST account setup, payroll account registration, and initial corporate accounting system configuration. We ensure your structure is compliant with CPSO requirements and positioned for maximum tax efficiency from the moment you begin billing through the corporation.

02

Corporate & Personal Tax Returns

Complete T2 corporate income tax returns and T1 personal filings for physicians, optimized for medical income structures across all billing models — OHIP fee-for-service, capitation, alternative funding models, hospital stipends, and private billings. We coordinate your corporate and personal returns as an integrated filing strategy, not two separate engagements, ensuring the interaction between salary, dividends, RRSP contributions, and retained earnings is planned and optimized before the returns are filed.

03

Salary vs. Dividend Planning

Annual compensation analysis to determine the most tax-efficient balance of salary, dividends, and retained earnings based on your specific income, personal cash flow needs, RRSP room, CPP strategy, family participation structure, and retirement horizon. As accountants for physicians, we run this analysis before year-end so adjustments can still be made. The optimal mix changes each year, and physicians who rely on last year's approach without re-running the numbers regularly leave thousands of dollars in unnecessary tax on the table.

04

Assurance & Financial Reporting

Compiled, reviewed, or audited financial statements for physicians requiring formal financial reporting for bank lending on clinic acquisitions, partner or associate buy-in agreements, regulatory compliance, or internal practice management. Our assurance reports reflect the specific economics of physician professional corporations, including OHIP income recognition, associate compensation structures, and medical practice overhead.

05

Practice Acquisition & Sale Support

Financial due diligence, normalized earnings analysis, and tax-efficient deal structuring for physicians buying into or selling a medical practice. Whether you are purchasing your first clinic, entering into an associate buy-in arrangement, taking on a partner, or planning the eventual sale of your practice, we support the transaction from initial financial analysis through to closing.

06

Retirement & Succession Planning

We provide long-range retirement planning for physicians, covering everything from IPP setup and RCA design to coordinating RRSPs and TFSAs with corporate earnings. For physicians with retained earnings in a Medical Professional Corporation, the decisions made 5-10 years before retirement significantly impact how efficiently that wealth becomes personal income. We help you build a plan before those decisions become urgent.

Other Sectors We Serve

Construction, Car dealerships, Dentists, Doctors, Ecommerce, Manufacturing, Lawyers, Startups, Real estate.

Frequently Asked Questions

Incorporation becomes financially advantageous once your net professional billings consistently exceed your personal living expenses, meaning you can leave meaningful amounts inside the corporation to compound at the lower corporate rate.

In Ontario, the small business rate of 12.2% on active income up to $500,000 compares favourably to personal marginal rates that exceed 53% above $220,000. For most Ontario physicians, the economics of incorporating become compelling in the range of $250,000 to $300,000 in gross billings, though the precise threshold depends on your income level, family situation, debt obligations, and whether you are in a billing model that permits corporate billing.

We model both scenarios for every physician client before making a recommendation, and we flag when the timing is right to move.

Physician finances involve layers of complexity that most general CPAs encounter rarely if at all: Medical Professional Corporation regulations under the CPSO and the Medicine Act, 1991; the tax treatment of OHIP-exempt income versus privately billed taxable services; the correct routing and classification of multiple income streams across corporate and personal structures; TOSI restrictions on income splitting with family members; the interaction between IPPs, RCAs, RRSPs, and corporate retained earnings in retirement planning; and the structuring required to preserve Lifetime Capital Gains Exemption eligibility for the eventual practice sale.

Dedicated accountants for physicians bring that specific knowledge to every engagement and the difference shows up in your tax bill, your corporate structure, and the proactiveness of your long-range planning.

We handle your corporate and personal filings, manage your bookkeeping and year-end financial statements, run your annual salary-versus-dividend analysis, coordinate HST reporting across your billing income streams, and proactively flag planning opportunities throughout the year.

You work directly with a senior CPA who understands medical practice finances, not a junior staff member working from a template. And you can reach us at any point in the year, not just at filing time, because the most valuable planning often happens well before deadlines.

Yes. We advise physicians on practice acquisitions, associate buy-in arrangements, medical group structuring, intercompany planning for multi-clinic operators, and management company structures where applicable.

Whether you are purchasing your first clinic, taking on a partner, entering a group arrangement, or expanding to multiple locations, we provide the financial analysis and structural guidance to support the decision, including modelling the tax impact of different deal structures, assessing the target practice's financials, and ensuring your corporate structure supports the growth you are planning.

Most physician services billed through OHIP are exempt supplies under the Excise Tax Act, meaning HST is not charged to patients and input tax credits on practice expenses cannot be claimed. However, this treatment does not apply universally. Medical reports, insurance assessments, WSIB forms, OHIP-delisted services, and cosmetic or elective procedures performed without a medical purpose are generally taxable supplies.

Physicians providing a mix of exempt and taxable services must register for HST once taxable billings exceed $30,000 annually and must apportion their input tax credits between taxable and exempt activities. Misclassifying taxable services as exempt or failing to register for HST when required is a recognized CRA audit trigger for physician practices. Our accountants for physicians ensure your HST position is correctly assessed, reported, and defended.

Yes. We work with medical residents and new graduates just beginning to think about incorporation including assessing whether to incorporate immediately or wait until billings stabilize as well as established physicians managing complex multi-entity structures with holding companies, investment portfolios inside the corporation, and IPP funding.

Our services scale to your career stage, and we build the relationship early so that the financial decisions made in your first years of practice set you up for optimal outcomes throughout your career.

The 2025 federal budget increased the corporate capital gains inclusion rate from 50% to 66.7%, meaning physician Medical Professional Corporations now pay tax on a larger share of capital gains realized on investments, corporate real estate, or practice share sales. This makes it more important than ever to review corporate investment portfolios, consider how retained earnings are invested inside the corporation, and ensure your practice structure is pre-positioned for LCGE eligibility when shares are eventually sold.

Ready to Work With Accountants for Physicians Who Think Long-Term?

Whether you are incorporating for the first time, optimizing a Medical Professional Corporation that has outgrown its original structure, coordinating income across multiple billing streams, or planning your eventual practice transition, Spectrum CPAs has the medical accounting expertise to make your professional corporation work harder for you.

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Let’s Talk Shop with Numbers

Whether you're exploring a partnership or have a specific question, our team is ready to help. Reach out and we’ll get back within 24 hours.

Industry-specific Accounting Solutions