By: Donna Ho-Faloon Dentists and doctors are not professionals typically associated with economic vulnerability but the COVID-19 pandemic is proving to be a blight on the entire small business community of which dentists and doctors are very much a part. We understand enough about how the virus is spread to understand how precarious working life […]
Updated April 16, 2020 Additional COVID-19 Resources Managing Your Cash Flow During COVID-19 New Tax Filing and Tax Payment Deadlines COVID-19 – Helping Your Employees The Canada Emergency Wage Subsidy Aid for Students and the Canadian Emergency Student Benefit GGFL Service Changes Secure Document Drop-Off Signing Your Tax Return Electronically From Bricks And Mortar To […]
Is Your Business Prepared for a Slowdown? The COVID-19 virus is having a dramatic impact on business owners as they work to ensure the health and safety of client and staff and adapt their business operations. The impact of the virus will be felt for many months and will have a significant impact on financial […]
GGFL is very pleased to announced that we have won the 2020 Best of Accounting Award for providing superior service to our clients. We heard from close to 500 clients and we were pleased to learn that 75% of clients rated us a 9 or 10 out of 10! “Our clients have told us that […]
It is a common scenario. An entrepreneur has put their heart and soul into developing a successful business and now has some crucial decisions to make about who will run the business and how the accumulated wealth will be shared after he or she retires or dies. Succession planning is a detailed, often emotional and […]
By Natalie Evans, Partner, Head of Assurance Overhead costs are a fact of business life and unless they are properly monitored and controlled, they can also quietly eat away at the bottom line. Focusing on profit margins is a given in business. ‘Profits’ may look healthy, but how much of that hard-earned profit is servicing […]
By Wendy Wong, , CPA, CA Senior Manager, Tax & Advisory Services Vehicle expenses. It is one simple line on a tax return, but it can cause all sorts of problems if CRA decides to take a closer look. Recently, we have noticed CRA specifically targeting their reviews on car expenses claimed by a business […]
By Kody Wilson, CPA, CA, CBV, Partner No matter how you slice it, paying for college or university tuition is costly. A 2018 survey of 23,000 students by MacLeans Magazine put the average annual cost of college or university at close to $20,000. For families with young children, the cost will only get higher. A […]
Young physicians at the beginning of their careers are well-versed in the workings of the human body, but usually have lots of basic questions when it comes to the fundamentals of running a business.
Claudia Rosianu, GGFL’s assurance and advisory services principal, specializes in physician finances and has the answers to these questions.
Becoming a doctor is no easy feat. We can tell you a few things about the business side of your practice and help get you on the road to financial security.
We can help you navigate the tax issues that distinguish the salaried resident from the self-employed physician. You should know about paying income tax installments, allowable business deductions, and filing returns. And, should you incorporate?