Psychotherapists & Psychiatrists – Financial & Tax Solutions for Mental Health Professionals
At Lepore & Company, we specialize in tax planning, bookkeeping, and financial management for psychotherapists, psychiatrists, and mental health professionals. Whether you run a private practice, operate a clinic, or work as an independent contractor, we help you optimize tax savings, streamline accounting, and ensure compliance with CRA regulations.
Financial Challenges in Mental Health Practices
Mental health professionals face unique financial and tax complexities, including:
- Managing fluctuating income from patient consultations, insurance claims, and direct payments
- Optimizing tax deductions for office rent, professional development, and medical equipment
- Structuring your practice as a sole proprietor, corporation, or partnership
- Complying with CRA regulations on HST/GST exemptions for mental health services
- Handling payroll and tax compliance for clinic staff and associates
With expert financial planning, mental health practitioners can reduce tax burdens, improve cash flow, and focus on patient care.
Our Financial Services for Psychotherapists & Psychiatrists
1. Tax Planning & Compliance
- Develop tax-efficient strategies to minimize liabilities.
- Optimize deductions for office rent, continuing education, and business expenses.
- Ensure proper GST/HST compliance for psychotherapy and psychiatric services.
2. Business Structuring & Incorporation
- Determine the best structure – sole proprietorship, corporation, or partnership.
- Optimize income splitting and tax deferrals for incorporated professionals.
- Set up payroll accounts and CRA tax registrations for compliance.
3. Bookkeeping & Financial Reporting
- Track income from consultations, insurance payments, and speaking engagements.
- Monitor clinic expenses and professional dues for accurate reporting.
- Generate financial reports to assess practice profitability.
4. Payroll & Employee Tax Compliance
- Process payroll for staff, assistants, and clinic employees.
- Calculate and remit payroll taxes to avoid penalties.
- Advise on independent contractor vs. employee classifications.
5. Retirement & Wealth Planning
- Plan for retirement with RRSPs, TFSAs, and professional investment strategies.
- Develop a financial exit strategy for practice succession.
- Optimize tax-efficient wealth management strategies.
Why Choose Lepore & Company for Your Mental Health Practice?
- Industry-Specific Expertise
- Comprehensive Tax & Accounting Support
- CRA Compliance & Audit Support
- Long-Term Financial Growth Strategies
Streamline Your Practice’s Finances – Contact Us Today!
Lepore & Company provides customized financial solutions for mental health professionals. From tax planning and bookkeeping to payroll and retirement strategies, we help you focus on what matters most – your patients and your practice.
Schedule a consultation today and take control of your practice’s financial future!