- Whether you are an existing pharmacist with years of experience or if you are just getting started.
- Whether you are a Staff Pharmacist, Relief Pharmacist or a Pharmacy Owner.
- Whether you own one Pharmacy, or you own multiple pharmacies
As Professional Accountants in Toronto Downtown, we specialize in Pharmacy Accounting and Tax Planning.
We work with all types of pharmacists, Staff Pharmacists, Relief Pharmacists, New and Existing Pharmacy owners.
We provide Free Initial Consultations.
We all know the changes and challenges the industry is facing today
- 25% – 40% decrease in generic prices
- Costco confusion regarding rebates which are causing more reductions
- New Proposed reductions on claim processing fees and MedsChecks Payments
- Over Supply of Pharmacists in Toronto, Mississauga, Oakville and most of the GTA
- All resulting in lower wages, staff cuts and reducing profits
Staff Pharmacist:
If you are a Staff Pharmacist working in 2-3 different pharmacies and you are earing your income as a T4 employee. You are probably ending to pay taxes at the end of the year. At the same time, you are driving a lot of KM every day to work your shifts.
If you are in this situation, we strongly recommend that, it would be better for you to charge as a relief pharmacist and take advantage of writing off business expense such as: Car, Cell Phone, Travel …..etc. ) and save a lot of taxes every year.
As Professional Accountants in Toronto Downtown we specialize in Pharmacy Accounting and Tax Planning, we provide Free Initial Consultations.
If you have any questions, feel free to contact us at 416.454.8812 or at mina.hanna@accountingontrack.com
We would be more than happy to answer your questions.
Relief Pharmacist:
If you are a Relief Pharmacist, so you are already invoicing and collecting HST
Depending in your level of income and your personal lifestyle we can help you decide on which would be better for your situation; Charge as a sole Proprietorship or a Corporation.
It is very common to be told or you may have heard from someone that for tax purposes you should incorporate your business. This is simply may not be true for each and every situation, in fact, in some cases, the opposite can be true.
The main advantage to incorporating your business is that the business pays a very low corporate tax rate compared to a much higher personal tax rates. Call us today to further discuss tax advantages of Incorporating your business, we are Professional Accountants in Toronto Downtown specializing in Pharmacy Accounting and Tax Planning.
Pharmacy Owner:
Whether you own one or more Pharmacies, sole or multiple operators, Identifying the proper legal entity structure helps to save thousands of dollars every year.
A very common mistake, we usually come across so often, where 2 operators owns one pharmacy or more, and of course each one of them has different income needs and lifestyle; but still take the same amount of salary or dividends. This of course is not be the most advantageous to your unique tax situation.
Listing spouses as shareholder’s allows proper income splitting and dividends sprinkling. Needless to emphasis on making sure of taking advantage of claiming allowable business expenses
Planning your taxes is simply taking a proactive approach rather than a reactive one. Tax-planning with one of our accountants in Toronto Downtown, Oakville, Mississauga is very dynamic. As tax accountants in Toronto Downtown, we ensure your tax-plan is concurrent with your financial situation and your personal lifestyle
As Professional Accountants in Toronto Downtown, we specialize in Pharmacy Accounting and Tax Planning.
We work with all types of pharmacists, Staff Pharmacists, Relief Pharmacists, New and Existing Pharmacy owners. We provide Free Initial Consultations.
If you have any questions, feel free to contact us at 416.454.8812 or at mina.hanna@accountingontrack.com
We would be more than happy to answer your questions .