Accountant for healthcare professionals

Find the ideal accountant for your industry, one who understands the realities of healthcare professionals in Quebec: doctors, dentists, pharmacists, optometrists, physical therapists, psychologists, and other clinicians. Between billing the RAMQ, private practice fees, on-call work, teaching, and expert consultations, your income comes from multiple sources, while your schedule is already filled with patients. An accountant who specializes in professional corporations, salary-dividend optimization, and retirement planning can truly make a difference.

We’ll connect you with the right accountant for this sector, for free, for as long as you need, and we’ll be there for you every step of the way. They’re familiar with your professional association’s rules regarding operating as a corporation, GST/QST exemptions for healthcare services, and the pitfalls specific to clinics: practice expenses passed on as a percentage of fees, staff payroll, and taxable non-insured services. No obligation: you choose, and we’ll support you every step of the way.

• Deciding when to form a professional corporation: tax deferral becomes advantageous, especially if you leave surplus earnings in the corporation instead of withdrawing everything.
• In Quebec, the small business deduction requires more than 5,500 paid hours per year: many professional firms without employees lose the reduced provincial tax rate, so this is something to consider before incorporating.
• Weighing the pros and cons of salary versus dividends each year: a salary generates RRSP contributions (18% of earned income) and QPP contributions, while dividends reduce payroll contributions.
• Monitor the company’s passive investment income: if it exceeds $50,000 per year, it eats into the $500,000 federal small business deduction limit.
• Track mixed income (RAMQ, private practice, temporary work, teaching, consulting) and practice expenses, which are often billed as a percentage of fees.
• Planning for retirement without an employer-sponsored pension plan: RRSPs, TFSA, individual retirement plans (IRPs), and company payouts require planning years in advance.
• Distinguish between transactions exempt from GST/QST and taxable transactions: cosmetic treatments, expert reports, and products sold at the clinic.

• Preparation of the T2 (federal) and CO-17 (Quebec) tax returns for the professional corporation, along with financial statements, within six months of the end of the fiscal year.
• Annual forms based on the chosen form of compensation: T4 and RL-1 for salary, T5 and Relevé 3 for dividends; summaries are issued no later than the last day of February.
• Federal and provincial payroll deductions (income tax, QPP, QPIP, HSF, CNESST) for clinic staff: assistants, hygienists, and technicians.
• Register for GST/QST if your taxable supplies exceed $30,000 over four calendar quarters (non-insured services, expert opinions, cosmetic treatments); most healthcare services remain exempt.
• File a declaration of practice as a corporation with your professional association and comply with each association’s specific shareholding rules.
• Individuals must make tax instalments as soon as their net tax liability exceeds $1,800, to both Revenu Québec and the CRA (threshold applicable to Quebec residents).
• Retain records and supporting documents (minutes, agreements, invoices) for six years following the applicable tax year.

Is a professional corporation a good option for me? It depends on your income and your cash flow needs. Incorporation pays off especially when you leave surplus funds in the company instead of withdrawing everything. In Quebec, also check the 5,500-hour paid work requirement for the reduced provincial tax rate. An accountant specializing in this sector will work through the calculations with you, using actual figures, before you incur any costs.

Salary or Dividends? The optimal choice varies each year depending on tax rates and your personal situation. A salary generates RRSP contributions and QPP premiums; dividends avoid some payroll contributions but do not build up these benefits. The right answer is often a mix of both, adjusted annually. This is a decision where a specialized accountant can really help you save money.

How much does an accountant cost in this sector? According to the Bankeo Fee Barometer, based on 1,248 real-world cases (2024-2026), the median cost for this sector is around $1,125 per year. The cost varies depending on whether you’re a corporation or a self-employed individual, as well as the volume and complexity of your work. Bankeo’s matching service is free: you pay your accountant directly.

How can you switch accountants in the healthcare sector without any stress? It’s simpler than you think: your new accountant will directly retrieve your files from your previous accountant (T2 and CO-17 returns, financial statements, professional corporation records), without you having to handle the transfer. The best time to make the switch is after the end of the fiscal year or tax season. We’ll introduce you, for free, to accountants who understand the realities of your clinic; you choose one, and we’ll stay by your side throughout the transition.

Local or Remote Accountant for a Healthcare Professional? Both options work very well: the key is that the accountant has a solid grasp of professional corporations, the rules of your professional association, and the tax laws governing clinics. With a schedule packed with patients, remote collaboration via a secure portal often saves valuable time; in-person meetings are still ideal if you prefer them. Let us know your preference: we’ll match you accordingly, for free.

Are my RAMQ fees subject to the GST/QST? No: Insured health services and most medical treatments are exempt from GST/QST. Be careful, however, with non-insured services that may be taxable, such as cosmetic procedures, expert reports, or products sold in clinics: if these taxable supplies exceed $30,000 over four calendar quarters, registration becomes mandatory. An accountant specializing in this sector will help you determine the line and avoid unpleasant surprises.