Industries›Psychotherapists

Accounting for psychotherapists and mental health professionals.

Incorporation, tax planning, bookkeeping, and tax filing, whether you run your own practice, work under a group practice, or both.

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Sound Familiar?

Common challenges we see with psychotherapy professionals

You're incorporated but not sure if the way you're paying yourself is the most tax-efficient

You're earning income from your own practice and a group practice and not sure how to report it all

You're not incorporated yet and don't know if it would benefit you

You're tracking your income and expenses manually or not at all

You don't have a clear picture of your finances throughout the year

What We Do for Psychotherapists

Incorporation

Setting up your professional corporation, including articles, bylaws, resolutions, and minute book.

Tax Planning, Salary vs. Dividends

Determining the optimal way to pay yourself from your corporation based on your income and personal situation.

Corporate Tax Filing

T2 returns for your professional corporation.

Personal Tax Filing

T1 returns covering practice income, group practice earnings, and all applicable deductions.

Bookkeeping

Ongoing bookkeeping so your records are organized and your financial position is clear throughout the year.

Expense Deductions

Identifying what you can deduct, office space, professional development, insurance, supervision fees, and more.

How It Works

Getting started

Book a consultation

Tell us about your practice and how we can support you.

We review and quote

We assess your situation and provide a clear scope and price.

We handle the work

We execute and deliver.

FAQs

Common questions from psychotherapists

It depends on your income level and personal situation. Incorporation offers tax deferral at higher income levels, but the cost of maintaining a corporation needs to justify the savings. We review your numbers and advise on whether it makes sense for you.

The right mix of salary and dividends depends on your personal tax situation, RRSP contribution room, CPP considerations, and overall income. We model different scenarios and recommend the approach that minimizes your total tax.

If you're earning from multiple sources, each may be reported differently depending on how you're paid, through your corporation, as an independent contractor, or as an employee. We make sure each income stream is reported properly and your overall tax position is optimized.

Common deductions include office rent or home office expenses, professional liability insurance, supervision fees, continuing education, professional association memberships, and supplies. What you can claim depends on whether you're incorporated or self-employed.

Psychotherapy services provided by a registered psychotherapist are generally exempt from HST. However, if you provide services that fall outside the exemption, you may need to register. We assess your situation and advise accordingly.

Other Industries

We take care of the accounting so you can focus on what you do best.

Book a consultation to discuss your situation and how we can support you.