Call Us: 647-557-6658 Email: info@spectrumcpas.ca

An Accountant for Doctors That Understands Everything

As a physician, your financial reality is unlike any other professional's. OHIP billings, private service income, associate payments, overhead cost structures, and CPSO compliance requirements all interact in ways that demand a CPA for doctors.

Spectrum CPAs specializes in accounting services built entirely around the financial lifecycle of Ontario physicians. From your first professional corporation to retirement and practice succession, we provide the tax planning, bookkeeping, assurance, and advisory services that physicians rely on to build real, lasting wealth.

As a dedicated accountant for doctors in Vaughan, Etobicoke, North York, and across Ontario, we offer the extensive knowledge of a large firm with the personalized attention of a boutique practice.

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Our Service Offerings

Why Doctors Choose Spectrum CPAs as Their CPA for Doctors

Physician income is complex. Billing through the OMA, income from hospital privileges, locum arrangements, private-pay services, and clinic ownership all create a layered tax picture that most accounting firms are simply not equipped to handle.

As a dedicated accountant for doctors in Ontario, we translate that complexity into clear strategy and measurable savings.

Tax Planning Built for How Physicians Earn

Medical income rarely arrives in a single stream. When you bill through the OMA, receive hospital privilege payments, or earn locum income across multiple facilities, each source interacts differently with your corporate and personal tax position. As your accountant for doctors, we build a strategy around your actual income pattern, and not a generic template.

Our physician tax planning covers:

  • Optimal salary vs. dividends analysis, updated annually
  • Income smoothing across fiscal years to avoid tax spikes
  • Holding company structures for long-term investment growth
  • TOSI-compliant income splitting strategies
  • RRSP, TFSA, and Individual Pension Plan (IPP) integration
  • Health Spending Account (HSA) setup through the professional corporation
  • Capital cost allowance (CCA) optimization on medical equipment
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Cash Flow Flexibility Through Your Medical Corporation

Incorporated physicians are not required to withdraw all practice income personally each year. Retaining earnings inside your Medical Professional Corporation (MPC) exposes them to the significantly lower corporate tax rate, currently 12.2% in Ontario for active business income eligible for the small business deduction — preserving capital for reinvestment or future tax-efficient distribution.

As your CPA for doctors, we show you how retained earnings can be used strategically:

  • Building a corporate investment portfolio
  • Funding clinic renovations or equipment upgrades without personal tax impact
  • Creating a financial buffer for lower-billing periods or sabbaticals
  • Accumulating capital toward a tax-efficient retirement drawdown
  • Funding an HSA for tax-free coverage of personal medical expenses
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Long-Term Financial Planning & Practice Succession

A professional corporation is not just a tax vehicle, it is the financial structure supporting your entire career as a physician, including the day you transition out of practice. Our accounting services for doctors extend well beyond annual filings to address the decisions that shape your long-term financial outcome.

We assist physicians with:

  • Succession and estate planning for practice assets and shares
  • Practice sale and buy-in structuring, including Section 85 rollovers
  • Shareholder agreements between partner physicians
  • Corporate investment planning and portfolio structuring
  • Estate freeze strategies to lock in current valuations
  • CFO-level advisory for major financial decisions
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Regulatory Compliance You Never Have to Second-Guess

Professional corporations for physicians in Ontario must comply with strict requirements set by the College of Physicians and Surgeons of Ontario (CPSO). These requirements govern everything from naming conventions and permitted share ownership to annual Certificate of Authorization filings. Non-compliance can jeopardize your corporation's standing with both the CPSO and the CRA. Our compliance support includes:

  • CPSO-compliant naming conventions and share class structuring
  • Certificate of Authorization applications and annual renewals
  • Annual corporate return filings with Ontario
  • HST/GST analysis for insured vs. uninsured services
  • OHIP billing reconciliation and revenue recognition
  • Ongoing CRA regulatory monitoring and audit support
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Why Choose Us

How Spectrum CPAs Supports Doctors Across Ontario

Every physician's financial situation is different. Whether you operate a solo family practice, manage a multi-physician specialty clinic, or work as an independent locum across several facilities, we tailor our approach to your specific income structure, corporate setup, and career stage. Below are the core services doctors rely on Spectrum CPAs to deliver.

Corporate Accounting Built for Medical Practices

Clean, accurate books are the foundation of every tax strategy. We provide physicians with comprehensive bookkeeping, financial reporting, and corporate accounting that gives you a clear picture of your practice finances, without requiring you to manage the details yourself. Our team delivers:

  • Monthly and annual financial statements prepared to corporate standards
  • Payroll processing for clinic staff and associate physician payments
  • Dividend and salary processing from the professional corporation
  • Corporate budgeting and cash flow tracking
  • Expense categorization, reconciliation, and allowable deduction guidance
  • OHIP billing revenue tracking and accounts receivable management
  • Year-end financial reporting for corporate compliance and lender requirements

Our systems run in the background so you remain focused on patient care, not financial administration.

Tax Planning Designed for Medical Professionals

Physicians face tax complexities that most accountants encounter only rarely. TOSI rules, OHIP income classification, the interaction between corporate and personal tax, and the impact of investment income inside a medical corporation all require specialized knowledge. Our approach as a CPA for doctors is hands-on, forward-looking, and built around your complete financial picture.

We support doctors with:

  • Corporate and personal tax integration and planning
  • Strategies to reduce high personal tax exposure in peak earning years
  • RRSP, TFSA, IPP, and Individual Pension Plan contribution guidance
  • Tax review and recovery to identify and correct overpayments
  • WSIB, private insurance, and uninsured service income classification
  • Year-round proactive tax planning — not just annual filing

Assurance & Advisory to Strengthen Your Practice

When your professional corporation requires reviewed or audited financial statements for financing, hospital privileges, partnership agreements, or practice acquisitions, our assurance team delivers reports that meet lender and regulatory standards. Our accounting services for doctors extend into advisory as well, providing CFO-level guidance at critical decision points in your career.

We also advise physicians on:

  • Clinic acquisitions, expansions, and partnership buy-ins
  • Buying into or selling a medical practice at fair market value
  • Financial forecasting and cash flow modeling for new service lines
  • Lease vs. buy analysis for clinic space and major medical equipment
  • CFO-level guidance for multi-location and multi-physician structures

This advisory depth gives physicians clarity and confidence before committing to significant financial decisions.

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Speak with an accountant for doctors who understands the tax pressures Ontario physicians face and build a strategy that works for your entire career.

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Common Mistakes Doctors Make When Incorporating

Incorporating without physician-specific guidance leads to structural errors that compound over time. These are the most common pitfalls we help doctors avoid when setting up and managing their Medical Professional Corporation.

01

Choosing the wrong share structure

Incorrect share classes or missed opportunities for income splitting can cost tens of thousands over a physician's career. CPSO rules on permitted shareholders add another layer that general accountants often overlook.

02

Mixing personal and corporate spending

Running personal expenses through the corporation without proper documentation creates CRA audit exposure and tax complications. We establish clear processes from the outset to prevent these issues.

03

Ignoring TOSI rules on family dividends

Since 2018, Tax on Split Income rules restrict dividend splitting with family members unless the recipient meets specific CRA exclusion criteria. Every family dividend from a medical PC should be reviewed annually.

04

Waiting too long to incorporate

Many doctors delay out of uncertainty. For most Ontario physicians, the tax savings from incorporation begin to materialize meaningfully at around $250,000–$300,000 in annual billings. We calculate the exact impact so you can decide with full information.

Other Sectors We Support: Churches, Contractors, Daycares, Car dealerships, Healthcare, Small businesses, Manufacturing, Startups, Non-profits, Lawyers, Real estate.

Frequently Asked Questions

A specialist accountant for doctor clients understands CPSO requirements for professional corporations, OHIP billing income classification, the interaction between corporate and personal tax for physicians, TOSI rules, etc. A general accountant may handle the filing but will routinely miss optimization opportunities specific to how physicians earn and spend money.

Most physicians benefit meaningfully once net billings consistently exceed personal living expenses, typically around $250,000–$300,000 annually in Ontario. Below that threshold, additional accounting and CPSO permit costs can reduce the net benefit. Above $400,000, the tax savings from retaining income at the corporate rate rather than withdrawing it personally compound rapidly year over year.

The optimal mix changes every year based on practice income, personal expenses, RRSP contribution room, CPP goals, and planned investments. As your CPA for doctors, we review and adjust your compensation structure annually so your overall tax position is always current, not set once and left unchanged as your career evolves.

Yes. Incorporating does not eliminate access to registered accounts, but it does change how you approach them. Paying a salary from the corporation creates RRSP contribution room; dividend-only compensation does not. We help physicians integrate corporate and personal planning so RRSP contributions, TFSA deposits, and any Individual Pension Plan contributions work together as a coordinated retirement strategy.

A Health Spending Account allows your professional corporation to reimburse personal medical expenses as a tax-deductible business expense. Rather than covering these costs from after-tax personal income, the corporation pays at the corporate tax rate, a saving of up to $10,000 or more annually on a $25,000 HSA depending on your personal marginal rate. Spectrum CPAs sets up and documents HSAs in full compliance with CRA requirements.

With proper planning and organized documentation, most physicians complete the incorporation process within a few weeks. We manage the accounting components, guide you through the CPSO Certificate of Authorization application, register the corporation with the CRA, and set up your corporate financial systems so you are operational as quickly as possible.

Ready to Work with Accounting Services for Doctors Built Around Your Career?

Your Medical Professional Corporation is one of the most significant financial decisions of your career. Getting the structure right from the beginning is what separates physicians who build lasting wealth from those who leave meaningful tax savings behind.

Spectrum CPAs provides the expertise, attentiveness, and medical-specific knowledge to set up, manage, and optimize your professional corporation at every stage of your career. We are the accountant for doctors who expect more than a once-a-year check-in.

Contact Spectrum CPAs to schedule a consultation and take the first step toward a tax-efficient, compliance-ready, and professionally structured medical practice.

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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.

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