Pharmacist Blog
Stay up to date with the latest accounting and tax planning ideas for Pharmacists
Year End Tax Planning Tips for 2018
It's that time of year again, the holiday season! Now is the time where most people reflect on the year they've had, what they could have done better, and set goals for an even more successful 2019. How about saving money on taxes? Many list "saving more money" as a...
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How to Save $372-$1,117+ Every Year on Medical Expenses
Routine medical expenses happen every single year: Cleanings at the dentist Vision (contacts or new glasses) Prescription drugs Massages Chiropractic sessions Physiotherapy The list goes on... On average, our clients spend about $1,000-$3,000 per year on medical...
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What happens if you die without a personal Will?
Are you one of approximately 74% of Canadians who don't have a valid or up-to-date personal Will? Have you not prepared your Wills because... ...you think your personal situation is simple? ...you think your financial situation doesn't warrant having one? ...you think...
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How Do I Fund My New Pharmacy? Let Us Show You How!
Growth of the Independent Pharmacist: We have been speaking to more and more pharmacist that are tiered of being a staff or relief pharmacist and wanting to start their own pharmacy. Many of our staff and relief pharmacist’s clients have learned how to manage and...
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Avoid This Mistake With Your Pharmacy Corporation and Save $221,000 in Tax
As a pharmacy owner, how you setup your corporation will determine how much tax you will pay in the future when you sell your pharmacy.Do you want to pay more in tax than you should?That's right: no one does!Unfortunately, many pharmacy owners take shortcuts when...
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Are You Drowning In Accounting & Professional Advisory Fees?
Are you paying too much in Accounting & Professional Advisor Fees? Do you feel that you are paying too much for accounting and professional fees? Is your accountant proactive? What does that even mean? Does your financial advisor or lawyer communicate with each...
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Relief and Locum Pharmacists: When (if ever) Should I Incorporate?
Many locums and reliefs start out as a sole proprietor and later become incorporated. But at what point (if ever) should you incorporate?There are many benefits of incorporation that you have probably heard about from your peers.But there are also additional legal,...
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First The Feds, Now the Ontario Liberals to Decrease Small Business Tax Rate
Ontario Finance Minister, Charles Sousa, announced Tuesday afternoon that the provincial portion of the small business tax rate will decrease, effective January 1, 2018. With an eye on next spring's election, this announcement is very convenient, don't you think? The...
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Your Advisor Vs. The New Robo Advisor – What’s Better? Is it for you?
What's The New Buzz Out There? There has been a lot of buzz these days about Robo advisors out there and they are the new cost-efficient way to invest. There are a few main companies in Canada now that offer Robo advice so they call it. The most dominant companies...
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Should I Invest Inside My Pharmacy Corporation?
Should you invest inside your pharmacy corporation? On October 18, 2017, Federal Finance Minister Bill Morneau announced tax changes to passive investments held inside private corporations. Many business owners use surplus cash to create investment portfolios within...
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