There is something special about the work you do. Many here have personally felt the difference skilled mental health care makes, and that gratitude shapes how client support is delivered. Between school drop-offs, bedtime stories, and tinkering with new tech, there’s been time to reflect on simplifying finances for practitioners. This edition shares timely CRA updates, practical tax tips, and answers to a common bookkeeping question to keep your practice steady and stress‑light.
Numbers in the News
CRA Modernizes Representative Authorization Process
The Canada Revenue Agency (CRA) is updating how you authorize professionals, like your accountant, to access your tax information. The paper-based Form T1013 is being replaced by a new, fully digital process called “Confirm my representative.” This change is designed to provide a faster and more secure method for managing who can access your accounts. According to the CRA, this new system allows you to see and approve authorization requests directly within your CRA My Account, giving you more control and security over your sensitive financial data.
For a guide on what this means for you and how to use the new system, read our latest article.
Financial Wellness Rx
Fixing Your Personal Finances is the Key to Financial Freedom
Mixing business and personal money is “a trust-breaker. It messes with your books, your brain, and the IRS. One of the fastest ways to lose track of what’s working in your business is to let personal spending creep into it.” | Mike Michalowicz – Keynote speaker, business author of 9 business books including Profit First
Question of the Week
“Should a sole‑practitioner therapist pay themselves a salary or take dividends?”
A: Both are valid, but they are not the same. If you operate as a corporation, salary creates RRSP room and regular CPP contributions, while dividends can be flexible for cash flow and may reduce payroll admin. If you are a sole proprietor, you do not pay yourself a salary; draws are simply taking profit out and do not change taxable income. The right mix depends on income stability, retirement planning and verifiable income requirements.
Next Step
Build a calmer money routine for your practice. Get a quick, tailored snapshot of your financial health and next steps. Try the Financial Wellness Blueprint in 5 minutes.
