Physicians
Tailored solutions throughout each stage of business so you can focus on delivering exceptional care to your patients.
As a physician, you skillfully run your practice and manage patient care. However, the daily demands can become overwhelming between navigating intricate tax laws, growing your practice, and planning for retirement. It's not just about the daily grind; it's about staying on track and securing your financial future while maintaining the high standards your patients rely on.
At MNP, we understand the unique pressures you face and are here to help your practice and financial health thrive. Our seasoned advisors provide tailored solutions that address both your immediate challenges and long-term goals, ensuring that you can focus on what matters most: your patients.
What's your challenge?
Navigating tax complexities
The labyrinth of tax regulations can feel like a never-ending puzzle. Managing these complexities while caring for your patients can be stressful, leaving you concerned about compliance and missed opportunities.
Planning for retirement and succession
You’ve built a successful career and now it’s time for what’s next. Ensuring a smooth transition requires meticulous planning to preserve your legacy and financial future.
Managing finances and cash flow
Keeping your practice’s finances in check is vital for its success. Juggling expenses, investments, and unexpected costs while ensuring a healthy cash flow can be a constant challenge.
Adopting new technology
The constant evolution of technology in health care presents a challenge, requiring a keen understanding to navigate this changing landscape and keep your practice relevant with the latest innovations.
How we help
Tax solutions and advisory
Our tax team simplifies the complexities of tax regulations and helps you manage tax liabilities. We work with you to ensure your tax strategy aligns with your practice’s needs and goals so you can focus on patient care without tax worries.
Family office services
Through our comprehensive family office services, you can confidently plan for the future of your practice and family. We help you create a robust plan and financial roadmap that addresses your goals and ensures a smooth transition into retirement.
Cloud accounting and bookkeeping
With ease, MNP’s cloud-based accounting solution, you gain real-time financial management, improving accuracy and efficiency. This allows you to spend less time on paperwork and more on what you do best — caring for your patients.
Digital advisory
Stay ahead with our digital advisory services, which include integrating new technologies into your practice and cyber security and IT services. We provide support for adopting innovative solutions, ensuring that technology enhances your operations and patient care.
Frequently asked questions
Common deductions include expenses for medical and office supplies, billing services, continuing medical education, CMPA, dues and memberships, medical subscriptions, professional fees, and employee salaries. If used for work, your home office, certain travel expenses related to conferences or patient care, cell phone, and vehicle costs may also be deductible. Connect with an advisor for a review of your tax situation.
Key financial reports include the income statement, balance sheet, bank and investment statements. These reports provide insights into your practice’s profitability and financial health.
Consider the cost of new equipment, additional staff salaries, increased operational expenses, and potential revenue from the expansion. It's essential to create a detailed financial projection and ensure you have adequate funding through savings, loans, or investors.
Start by setting retirement goals and estimating the annual amount needed to live comfortably in retirement. Contribute regularly to retirement accounts, invest wisely, and periodically review your retirement plan with your advisor. Also consider preparing a will and updating it when circumstances change.
Insights
-
Confidence
February 11, 2025
What the capital gains inclusion rate change means for professionals
Discover how the 2024 federal budget's capital gains inclusion rate increase will affect professionals.
-
Progress
February 11, 2025
Thinking of selling your business or practice? Here are the advantages and disadvantages of each option
Get a clearer understanding of the four most common options for selling your business or professional practice — and which might be best suited to your goals.
-
Performance
How will the CRA’s significant GST/HST update impact your dental and orthodontic practice?
How will the recent GST/HST update impact your dental practice? Understand the new requirements for claiming ITCs and opportunities for GST/HST refund claims.
