Keeping accounting simple for dentists & MDs
The GTA's premier accounting firm for doctors, dentists, and other MDs
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Trusted By Canadian Individuals and Businesses
What Our Happy Client's Are Saying!
Don't take it from us. Take it from them!
Md. Shahinur Rahman Sahin
This accounting firm has exceeded my expectations in every way. Their forward-thinking approach to financial management has enabled me to make informed decisions and drive growth. Outstanding!
Russel
I've witnessed significant improvements in my financial management capabilities thanks to this firm's expert guidance. Their commitment to delivering personalized solutions has made a tangible impact on my business. Highly recommended!
Kylen Marcellus
This accounting firm has been a trusted partner in my business journey. Their forward-thinking approach to financial management has enabled me to make informed decisions and drive growth. Highly recommended!
Focus on medicine, we'll make sure the accounting is in order!
Accountants Who Pick Up The Phone
Guaranteed email or phone calls returned within 24 business hours
No "full inbox" messages
Qualified & Professional Accountants
Experienced accountants
Experience working with doctors, dentists and other medical profesisonals
Maximize Deductions & Credits
Maximize your tax deductions & credits
Tax planning that integrates your corporate and personal returns
Our Complete Accounting Suite
We handle all your accounting, so you can focus 100% on your business!
Bookkeeping
Whether you are a start-up, a growing business, or a fully established business, we offer full-service bookkeeping solutions tailored to your needs.
Payroll
We offer comprehensive payroll services, including payroll processing, tax filing, and compliance management. Let us handle the details so you can focus on growing.
Estate Planning & Trusts
Estate planning allows you to protect the interest of your family and loved ones, while minimizing probate fees, estate taxes and inheritance taxes.
Reviews and Compilations
Our team provides reliable and accurate assurance services for small businesses. We will help ensure your financial statements are accurate and compliant.
Personal Tax
Expert personal tax planning and preparation is essential to ensuring you never overpay the CRA and get the most back on your personal tax return.
Corporate Tax
Having an accountant help you plan, prepare, and file your corporate tax ensures that your filings are accurate while minimizing your tax liability.
Enjoy A Stress Free Tax Season
Accountants You’ll Actually Like!
AnalytIQ was once just a simple accounting firm, but as we worked with more and more clients, we saw the opportunity to do more. We realized that simply doing their taxes wasn't enough to make a real impact in their success. So we evolved.
We believed that small businesses deserved the same level of data analysis and strategy as larger companies, and we knew we had the tools and knowledge they needed to compete.
Now, as a business consulting firm, AnalytIQ is dedicated to being an ally for small businesses like yours. We want to empower you to reach your full potential, and that's why we focus on improving your financial, operational, and digital strategy, while you can keep doing what you love: running your business.
Our services are tailored to meet your specific needs, and we will work closely with you to develop customized solutions that'll drive growth and success.
We're based in Toronto, but we work with clients from all over the world. We’re always looking to help businesses grow and achieve their goals.
The Analytiq Accounting Process
Keeping Your Business Financials Sound
Strategy
Every great business does not wait until the last minute to figure out their taxes. We help you plan a year-round strategy that will ensure you pay the minimum amount of tax, get the most back on your corporate return, and have no trouble with the CRA.
Execution
Even with the best strategy, it is easy for us to get sidetracked as the fiscal year goes on. We ensure that you have year-round support, which helps you stay on track to achieving your tax goals!
Filing
With a great strategy and proper execution, we ensure that all your filings are prepared accurately and submitted in a timely manner without causing any headaches. Our team of tax experts makes your tax season feel like a breeze!
A Glimpse Into Our Business
2 Year Client Retention
Client Satisfaction
We believe filing taxes should feel almost effortless for our clients.
That's why we strive to provide all our clients with:
A stress free tax season
No late fees from the CRA
Clear documentation requests
No late nights worrying about your taxes
2 Year Client Retention
Client Satisfaction
Industries We Serve
Including but not limited to...
Dentists
pharmacies
Doctors
Chiropractors
Family doctors
Multi-disciplinary clinics
You ARen't the first to ask these
Frequently Asked Questions
Why should I hire AnalytIQ Accounting?
There are hundreds of great accountants in Canada. What sets us apart from them is that we put customer service first. That's why we guarantee a call back or email response within 24 business hours. No full inboxes, no waiting 2 weeks to get a hold of your accountant.
How should I prepare for tax season?
Realistically, tax preparation should be taking place year-round so that you can enjoy a stress-free tax season. Tax preparation starts with a good filing system. Create one for your business records that works for you. Keep clear records of anything your business may be eligible for as a deduction and any expenses that are important to note. Knowing what you’ll need a year in advance can be a little difficult, so we recommend speaking with an accountant.
Why do I need an accountant to file taxes?
Corporate tax season can seem like a nightmare for some businesses, but it doesn’t have to. With proper tax preparation throughout the year, knowing when and what your business needs to file, and with a little help from an accountant, filing your taxes can be simple.
Can I file my own corporate taxes in Canada?
All resident corporations must file a T2 return for every tax year, even if no tax is payable. This includes non-profit organizations, tax-exempt corporations, and inactive corporations. We can take the headache out of filing your corporate income tax return by either letting us act as your corporate tax accountant or by providing corporate tax services to ensure you file a corporate income tax return that triggers the least amount of corporate tax payable.
Are medical services subject to GST/HST?
Most services provided by physicians and doctors are exempt from Goods and Services Tax (GST) or Harmonized Sales Tax (HST). Medical services are usually HST-exempt when they are consultative, diagnostic, or treatment-related.
What expenses can medical professionals deduct on their corporate tax returns?
Deductible expenses for medical professionals may include office rent, medical supplies, professional licensing fees, insurance premiums, and salaries for administrative staff. It's essential to maintain detailed records to substantiate these deductions.
What are the implications of passive investment income within a medical corporation?
Passive investment income, such as earnings from investments held within the corporation, can affect the availability of the small business deduction. If passive investment income exceeds certain thresholds, it may reduce the amount of active business income eligible for the lower small business tax rate.
What services do you offer your corporate clients?
Corporate tax accountants provide services such as tax preparation and filing, tax planning and strategy, compliance with federal and provincial tax regulations, representation during audits, and advice on tax-efficient business structuring.
What is the deadline for corporate tax filing in Canada?
Corporations must file their T2 Corporation Income Tax Return within six months after the end of their fiscal year. For example, if your fiscal year ends on December 31, the return is due by June 30 of the following year.
What documents are required for corporate tax filing?
Necessary documents include financial statements (income statement, balance sheet), records of all income and expenses, details of assets and liabilities, previous tax returns, and information on any dividends paid.
Can a corporate tax accountant help reduce my tax liability?
Yes, through strategic tax planning, accountants can identify deductions and credits applicable to your business, thereby reducing overall tax liability.
What are the penalties for late corporate tax filing?
Late filing can result in a penalty of 5% of the unpaid tax, plus 1% for each full month the return is late, up to a maximum of 12 months. Repeated failures may lead to higher penalties.
Do I need to file a corporate tax return if my company had no income?
Yes, all resident corporations, including inactive ones, must file a T2 return for each tax year, even if there is no income or tax payable.
What is the process for filing corporate taxes in Canada?
The process involves gathering all financial records, preparing financial statements, completing the T2 Corporation Income Tax Return along with necessary schedules, and submitting the return to the Canada Revenue Agency (CRA), typically through electronic filing.
What are the common deductions available for corporations?
Common deductions include business operating expenses, salaries and wages, rent, utilities, office supplies, depreciation (Capital Cost Allowance), and certain fees and licenses.
How can I ensure compliance with CRA regulations?
CRA compliance does not have to be difficult. If you work with a registered accounting firm and a great bookkeeper, your business will remain compliant. Small businesses typically run into compliance issues when they try to do all their accounting by themselves.
What are the tax implications of dividends and shareholder loans?
Dividends are taxable to shareholders and are not deductible by the corporation. Shareholder loans can have tax implications if not repaid within a specific period, potentially being treated as income to the shareholder.