Dental accountant in Abbotsford

For a one-owner Abbotsford dental practice, monthly bookkeeping, payroll and the year-end T2 with statements usually cost from $500 to $700 a month all-in. The year-end covers the T2 with Schedule 1 and Schedule 50, the CCA schedule, the small business deduction, T4 or T5 slips for the owner’s pay, and the instalments for the year ahead.

The For incorporated professionals sets out what is different about a professional corporation and indexes every related guide and calculator.

The GST exempt-supply wrinkle

Most dental services for health reasons are exempt from GST/HST; cosmetic procedures can be taxable. You generally cannot claim input tax credits on exempt services, and credits on shared purchases must be apportioned, as the CRA explains in its guidance on input tax credits related to dental practices. Getting the split right, without over-claiming, is central.

Incorporation and equipment

Established practices often benefit from incorporating — retaining income at lower corporate rates and deferring personal tax, depending on your earnings and draw. Practices are also equipment-intensive: chairs, imaging and operatory equipment are capital assets depreciated through capital cost allowance. The guide to dental practice incorporation covers the professional corporation rules, associate status and CCA classes.

Staff, payroll and the practice as a business

A dental practice has staff, so payroll and source deductions and benefits must run cleanly. One CPA aligning payroll, GST, equipment and corporate tax keeps the business side out of your way.

Associating, buying in, or running your own practice

A dentist’s accounting depends on career stage. An associate is often self-employed, invoicing the practice, deducting their own costs and setting aside their own tax; under-remitting and missed deductions are common. A dentist buying into or purchasing a practice must structure financing, goodwill and equipment, with lasting tax consequences.

Running an Abbotsford practice as its owner

A practice owner runs a full business: staff, equipment, the GST exempt-taxable split and usually a corporation. The transitions — associate to owner, sole practice to incorporated — are where advice pays off most. We fit the accounting to your stage.

What EverStone handles for you

One CPA, one fixed fee quoted up front, everything below covered:

• T2 corporate tax return and year-end financial statements
• GST exempt-versus-taxable split and input-tax-credit apportionment
• Incorporation assessment and setup
• Equipment (chairs, imaging, operatory) CCA schedules
• Payroll and source deductions for practice staff
• CRA correspondence handled for you

Fixed fees, fully online

EverStone is a CPA firm, and every engagement runs online — video calls, e-signature and secure document exchange, so you never lose a day to an office visit. You are not billed by the hour or the phone call: your fee is a fixed amount agreed before any work starts, so you can ask a question in June without watching a meter. The same CPA handles your file all year, which means the person who prepares your return is the person who answers your emails. See what it costs or send an enquiry and get a clear written quote by email.