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PricingService areasAll services →Accounting and Tax for Ontario Physicians and Dentists
Professional corporations, salary and dividends, passive income, associates and practice purchases, handled by a CPA-led accounting firm so your corporation works as hard as you do.
24/7 receptionist, a real person answers.
- Every return is reviewed by a CPA
- No surprise bills
- Reply within one business day
- 24/7 receptionist: a real person answers
- QuickBooks Online, Xero and Dext
- Rated 5.0 stars from 29 Google reviews (read our reviews)
T-Ledgers is a CPA-led accounting firm working with Ontario family physicians, specialists, residents moving into practice, locums, general dentists, specialists and associate dentists. Wajahat Ajmal, CPA, FCCA, has been practising since 2020. We handle practice bookkeeping, payroll, HST and professional corporation and personal tax, and every return is reviewed by a CPA.
Physician and dentist tax issues we handle
Rules, rates and thresholds change. We confirm the current figure for your situation on the call before relying on it.
Medicine and dentistry professional corporations
Ontario physicians and dentists can practise through a professional corporation registered with their college. Ontario rules allow certain family members (a spouse or children, directly or through a trust for minor children) to hold non-voting shares in physician and dentist corporations. Parents can’t be shareholders. We help you set up and run it properly.
TOSI and paying family members
Dividends to family shareholders can be caught by the tax on split income (TOSI) rules and taxed at the top rate unless an exclusion applies. Reasonable salaries for real work are treated differently.
Salary vs dividends, RRSPs and IPPs
Your pay mix affects RRSP room, CPP and long-term retirement planning. Some physicians and dentists also consider individual pension plans, which have their own rules and costs. We plan the mix each year.
Law: Income Tax Act s.146 (RRSPs); Income Tax Act s.147.1 (registered pension plans, including IPPs); Income Tax Act s.125(1) (small business deduction).
Passive income and the small business limit
Investment income above $50,000 in your corporation reduces the next year’s small business limit, which is eliminated at $150,000. We plan how you invest retained earnings.
HST-exempt services, and the exceptions
Most physician and dental services are exempt from HST, so you don’t charge HST and generally can’t claim input tax credits. Cosmetic procedures that aren’t medically necessary are generally taxable, and so are some non-insured services such as certain forms and reports. Once taxable supplies pass $30,000, you may have to register.
Law: Excise Tax Act Schedule V, Part II (exempt health care services); Excise Tax Act s.148(1) (small supplier, $30,000); Excise Tax Act s.240(1) (registration).
OHIP billing, associates and locums
OHIP remittance advices and dental billing reports need to match your deposits and your books. Associate dentists and locum physicians are often independent contractors; the contract terms affect whether the CRA sees them as self-employed, and who reports what.
Shareholder loans and personal spending
Paying personal costs from the corporation can create a taxable benefit, or a shareholder loan that’s added to your income if it isn’t repaid in time. We set up a clean way to pay yourself.
Buying or selling a practice
Goodwill on a practice purchase is generally Class 14.1 (5%). Selling shares of a qualifying corporation may allow the lifetime capital gains exemption (see CRA’s current LCGE limit), but professional corporation rules can complicate this. Dental equipment and clinic fit-outs go through CCA.
Law: Income Tax Regulations s.1100(1) and Schedule II (CCA classes); Income Tax Act s.110.6(2.1) (capital gains exemption on qualified small business corporation shares); Income Tax Act s.20(1)(a) (capital cost allowance).
Who we work with
- Family physicians and specialists
- Residents and new-to-practice physicians
- Locum physicians
- General and specialist dentists
- Associate dentists
- Practice owners buying or selling a practice
Services for dentists and physicians
- Professional corporation work, quoted separately. Medicine and dentistry professional corporation T2 returns, financial statements and salary and dividend planning are quoted separately after a free call, because they depend on your corporation's structure and shareholders.
- Personal tax (T1), from $110 (see personal tax).
- Practice bookkeeping, from $350/month (quarterly); monthly from $500/month. Bookkeeping Reviews of complex books start from $450 (see bookkeeping).
- Bookkeeping Review, $195/month or $295/quarter. For physicians who keep simple records themselves.
- GST/HST returns, $150 per return. For practices with taxable cosmetic or non-insured services.
- Payroll for staff. Quoted after a free call (see payroll services).
- Catch-up bookkeeping, from $1,800 per year. For new-to-practice or behind files (see catch-up bookkeeping).
- Virtual CFO, from $2,500/month. Practice purchase analysis, multi-chair or multi-clinic reporting (see Virtual CFO).
Prices are + HST/GST. Anything without a listed price is quoted after a free call, and you get the price in writing before any work starts.
How we work with physicians and dentists
- Free call. We ask about your practice, corporation, shareholders, staff and plans.
- Written price. Professional corporation work is quoted separately, in writing, before any work starts.
- Setup. OHIP or dental billing mapped into QuickBooks Online or Xero, with Dext for receipts.
- During the year. Payroll, HST and instalments on schedule, with a mid-year pay review.
- Year-end. Financial statements, T2 and T1, all reviewed by a CPA, with next year’s pay plan.
Why dentists and physicians choose T-Ledgers
- Professional corporations, planned properly. We plan salary, dividends, TOSI and passive income every year, not just at filing time.
- CPA-led, start to finish. T-Ledgers was founded by Wajahat Ajmal, CPA, FCCA. Every return is reviewed by a CPA before it's filed.
- No surprise bills. You get the scope and the price in writing before we start. If the work changes, we agree the new price with you first.
- Price matching, agreed up front. Have a comparable written quote? Bring it to us before you sign your proposal. We can only match a price when it's agreed before the proposal is signed.
- Fast, human answers. We reply within one business day, and our 24/7 receptionist means a real person answers when you call 866-254-5368.
- In person or online. Meet us in person, by appointment only, at our Etobicoke office (102-89 Skyway Ave, Etobicoke, ON M9W 6R4) or our Mississauga office (100 Matheson Blvd E #204, Mississauga, ON L4Z 3P8), or work with us entirely online.
- Your software, set up properly. We work in QuickBooks Online and Xero, and use Dext so receipts go in with a photo.
Meet your CPA
Wajahat Ajmal, CPA, FCCA, Founder, T-Ledgers Accounting. Verify my CPA Ontario membership.
I started my career as an audit associate at KPMG. Since then I’ve worked as an independent contractor for a tax filing company, preparing returns and handling client questions. I hold a BSc in Applied Accounting from Oxford Brookes University and an MSc in Professional Accountancy from University College London. I’m a Chartered Professional Accountant in Ontario and a Fellow of the ACCA. I started taking on my own clients in 2020 and founded T-Ledgers in 2023.
Every return the firm files is reviewed by a CPA. You can read more about the firm on our About page.
What our clients say
Read more on our client reviews page.
DIY vs a generalist firm vs T-Ledgers
← Swipe to compare →
| DIY | Generalist firm | T-Ledgers BEST VALUE | |
|---|---|---|---|
| Professional corporation planning | Guesswork | Often filing only | ✓Salary, dividends, TOSI and passive income planned each year |
| HST on exempt and cosmetic services | Easy to miss | Varies | ✓Services mapped and registration checked |
| Associates and locums | Contracts rarely reviewed | Varies | ✓Agreements reviewed for tax |
| Who checks the return before it's filed | You do | Depends on the firm and who's assigned | ✓Every return is reviewed by a CPA |
| How you're billed | Software fees plus your own time | Often hourly; the final bill can vary | ✓Scope and price in writing up front. No surprise bills |
| Getting an answer | Search online or wait on CRA phone lines | Varies by firm | ✓Reply within one business day; 24/7 receptionist, a real person answers |
| Software | Whatever you set up yourself | May ask you to switch to their system | ✓QuickBooks Online, Xero and Dext |
| Meeting face to face | Not applicable | Varies | ✓In person by appointment in Etobicoke or Mississauga, or fully online |
| Price matching | Not applicable | Rare | ✓Available if agreed before you sign your proposal |
Frequently asked questions: Dentists & Physicians
Often once you earn more than you need to live on. A professional corporation may pay the small business rate on active income, letting you invest the rest. We model it first.
In Ontario, physicians and dentists can have a spouse or children (directly or through a trust for minor children) hold non-voting shares. Parents can’t.
You can, but TOSI may tax them at the top rate unless an exclusion applies. We check before you declare.
It’s quoted separately after a free call, based on your structure and shareholders.
Usually a mix. Salary creates RRSP room and CPP; dividends cost less in payroll. We plan it each year.
Sometimes, for older incorporated professionals with steady salaries. We compare it with RRSPs before you commit.
As much as you like, but passive income over $50,000 a year reduces the small business limit.
Shareholder loans not repaid in time are added to your income. We set up a clean pay structure instead.
Most medical and dental services are exempt. Cosmetic procedures and some forms and reports are taxable.
Once taxable supplies pass $30,000.
Yes. We match remittance advices to deposits and your books each month.
Yes. We track each income stream so nothing is missed or double-counted.
It depends on the working relationship and contract. We review it with you.
Goodwill generally goes in Class 14.1 (5%), and equipment in its own CCA class.
Possibly, on qualifying shares. Professional corporation rules can complicate it, so plan years ahead.
Six years from the end of the tax year they relate to.
Professional corporation work is quoted separately after a free call. Personal T1 returns start from $110, practice bookkeeping from $350/month (quarterly; monthly from $500), the Bookkeeping Review is $195/month or $295/quarter (from $450 per review for complex books), GST/HST returns are $150 per return and catch-up work starts from $1,800 per year. Prices are + HST/GST. You get the price in writing before any work starts.
Before you start billing, so your structure, records and instalments are set up from day one.
Yes. We map your billing reports into QuickBooks Online or Xero.
Yes, by appointment at our Etobicoke or Mississauga office, or we can work entirely online.
Make your professional corporation work harder
Book a free call about your corporation, pay mix or practice purchase. We reply within one business day; call 866-254-5368 and a real person answers 24/7.
Reviewed by Wajahat Ajmal, CPA, FCCA. Updated October 15, 2026.
Related services: Bookkeeping · Catch-up bookkeeping · Corporate taxes · Personal tax · Payroll · Virtual CFO · Contact us
Rates and thresholds change, so we link to the official sources for current figures.