Accounting Services for Healthcare Providers in Ottawa
Advising healthcare professionals—physicians, dentists and specialists—on the very specific financial aspects of running your practice in the Ottawa region.
We can help your:
You’ve made it through all those years of school. Now that you are practicing, GGFL can help you effectively manage your professional and private finances so you start off on the right path. Professional and financial decisions we can advise you on include:
- Repayment plans for student loans
- Claiming expenses on your tax returns
- When to incorporate
GGFL Essential Reading
Should you incorporate your professional practice?
Depending on your profession, you may be eligible to have a professional incorporation in Ontario. This article details the status…
Learn more >There’s so much more to running your medical practice than they covered in medical school. GGFL’s experienced healthcare team lets you focus on your patients, practice and research, while we support your business through our tax, accounting and practice management expertise.
We advise medical professionals on:
- Maximizing the use of your corporation in practice to monitor your retained earnings and determine your compensation plan
- Transitioning from practice to retirement and using your corporation to meet your retirement goals
- Coordinating the transfer of medical corporations to or from Ontario
GGFL Essential Reading
Maximizing Tax-Efficient Retirement Savings for Healthcare Professionals
For physicians and dentists who own and operate professional corporations, retirement planning presents unique opportunities to build wealth while minimizing…
Learn more >There is so much more to dentistry than exceptional care for your patients. Your practice is a business with many complicated and moving parts including staff, facilities, equipment, professional development, and financial management.
Our experienced healthcare team advises dentists on all aspect of their business and helps ensure you reap the rewards for your years of dedication and hard work. Areas we advise dental practitioners on include:
- Working with Associates to file their taxes and minimize taxes
- Structuring the purchase of a dental practice
- Monitoring the pulse of the financial management of your practice
- Assessment on buy or lease options for equipment and premises
- Planning the sale of your practice to maximize the value
GGFL Essential Reading
Effective Use and Tax Planning of Your Professional Corporation – Video
In this webinar recording, the head of GGFL’s Health Professional Practice, Donna Ho-Faloon, discusses how medical and dental professionals can…
Learn more >Accounting Support for Healthcare Professionals
Healthcare professionals operate in a unique environment where they must balance patient care with adhering to regulatory requirements and long-term financial planning.
We work closely with our clients to establish and maintain sound financial structures for their practices. Our team provides informed, practical insights on key areas such as billing models, leasehold improvements, capital assets and expense tracking to align with your personal and professional financial goals.
As your practice evolves, so too do your financial needs. We help you have the right systems and structures for today and tomorrow so you can focus on your patients.
Why Healthcare Providers Work With GGFL
Healthcare professionals partner with GGFL for our long-standing experience within the healthcare industry and our expert financial guidance. We understand your healthcare practice is your livelihood and a significant long-term investment—one that requires careful financial oversight and planning.Our decades of experience have taught us the value of focusing on building long-term relationships grounded in trust and accountability. Our role is to help you navigate financial and regulatory complexity with confidence, while identifying opportunities that support your professional and personal financial objectives.
Accounting and Advisory Services for Healthcare Practices
Your practice demands go far beyond basic accounting and should include financial reporting, proactive tax planning, and strategic advisory support to guide decisions as your practice grows.
Our services extend to areas such as cash flow management, compensation planning, and structuring long-term investments. This ensures your financial strategy is both tax-efficient and aligned with current regulatory requirements.
We at GGFL help you maintain a clear financial posture while positioning your practice for sustainable growth.
Support for New and Established Healthcare Practices
Your financial priorities are likely to evolve with your healthcare practice, whether you’re opening a brand new clinic or managing an existing one. Our support reflects where you are today, and where your business is heading.
For New Healthcare Professionals
We assist with the early stages of establishing a solid foundation for your practice. This includes:
- Advising on appropriate business structures
- Planning for tax efficiency from the outset
- Organizing your financial systems and processes
For Established Practices
Our focus shifts to planning for your practice’s future, supporting and optimizing your finances for long-term growth. This can include:
- Improving operational and financial efficiency
- Managing growth and expansion
- Preparing for transition or succession
Across all stages, GGFL acts as a consistent advisory partner, ensuring your financial strategy continues to support your professional and personal goals.
Financial Decisions Unique to Healthcare Providers
Healthcare professionals often face financial decisions that differ significantly from those of other business owners. At times, these decisions require careful coordination between tax planning, personal finance, and regulatory considerations.
- Incorporation: Offers potential tax deferral while introducing additional planning requirements. We help assess whether incorporation aligns with your goals and how to structure it effectively.
- Student loan repayment: Early-career healthcare professionals often need to balance debt repayment with savings and investment strategies. We help coordinate these priorities.
- Eligible expense claims: We help identify and track appropriate deductions while maintaining compliance with tax requirements.
- Compensation planning: Structuring income through salary, dividends, or a combination to support tax efficiency and personal cash flow.
- Retirement planning: We work collaboratively with you and your investment advisor to ensure that retirement compensation addresses the mix of corporate, investment, pension and other income in a balanced and tax-efficient manner.
We can help balance your professional obligations and personal financial priorities by addressing these decisions early on.
Our Approach
Our approach is collaborative, proactive, and grounded in real financial insight.
- Discovery: We begin by understanding your practice, goals, and the challenges you face today.
- Ongoing support: We provide year-long guidance to help you plan ahead and respond to changes as they arise.
- Implementation: We remain by your side to ensure strategies are applied effectively and aligned with your evolving needs.
- Adaptation: We adjust our approach to continue delivering relevant, practical advice as your circumstances change
This hands-on partnership lets you focus on your patients while we support your practice’s financial health.
Let’s Build a Strong Financial Foundation for Your Practice
Your practice deserves financial support that reflects its complexity and potential. Whether you are starting out, growing your practice, or planning ahead, we work alongside healthcare providers in Ottawa to deliver clear, practical accounting and advisory services that evolve with your needs.
Frequently Asked Questions
Healthcare providers often require a combination of financial reporting, tax compliance, tax planning, and advisory services to support both their practice and personal finances.
Yes. We work with a broad range of healthcare professionals, including physicians, dentists, and specialists across various stages of their careers.
Incorporation is generally considered when income levels and cash flow create opportunities for tax deferral and income planning. We assess each situation individually within the context of Ontario’s regulatory requirements.
We assist with initial setup, structure decisions, tax planning, and financial organization to help establish a strong foundation from the outset.
Yes. We incorporate student loan repayment into broader financial planning to ensure it aligns with your cash flow and long-term goals.
Healthcare professionals operate in regulated environments that often present unique tax, incorporation, and compensation considerations, requiring specialized guidance.
