How we think about medical practices
A medical practice is a small business with very particular rules. Most of our medical clients run an incorporated practice through a medical professional corporation (MPC), draw a mix of salary and dividends, and bill through a combination of MSP, insurers, and patient pay. The books need to reflect that mix accurately so the year-end tax planning your CPA does on top of them actually holds up.
What makes the books different
- Medical professional corporation rules around eligible shareholders and dividend planning
- MSP, ICBC, WCB, and private-insurer billing reconciliations against deposits
- Locum, associate, and contractor splits cleanly recorded for income attribution
- Continuing education, college dues, and licensing fees correctly classified for CRA
What a monthly close looks like for you
Each month we reconcile the operating and corporate accounts, match insurer remittances to billed services, post associate or locum splits according to your agreement, and reconcile payroll for clinic staff. You receive a monthly package by the 10th of the following month, with a note on anything that materially affects the income mix you and your accountant are planning around.
Tools we commonly use for medical clients
QuickBooks Online or Xero as the ledger. Dext for receipts, Plooto for vendor payments, and Wagepoint or Payworks for clinic-staff payroll. We coordinate with your practice management system (Jane, ClinicAid, or whatever your clinic runs) for the billing data feed.
Partners we work with
We work alongside Vancouver CPAs who specialise in medical professional tax — MPC structures, income splitting where eligible, retirement compensation arrangements, and the interaction with CMPA — and our year-end preparation hands them a closed file built for that planning.
A good fit if
- You run an incorporated practice through a medical professional corporation
- You bill through a mix of MSP, insurers, and direct patient pay
- You want a monthly package that is ready for your accountant's year-end planning