With the kids back in school and new routines taking shape, September often feels like a fresh start. September is an ideal time to refocus on your practice. As the pace picks up after the summer slowdown, it’s the perfect opportunity to look at your financial systems. Taking time to get organized now can help ensure a smoother and less stressful end to the year.
Numbers in the News
Prescribed Interest Rates for Q4 of 2025
The Canada Revenue Agency (CRA) has released the prescribed interest rates for the fourth quarter of 2025, which will be in effect from October 1 to December 31. The rates will remain unchanged at 7% for overdue taxes, Canada Pension Plan contributions, and employment insurance premiums. While this is not an increase, it serves as an important reminder that carrying a balance with the CRA can be costly. This rate is also used to calculate taxable benefits from low-interest loans to employees and shareholders.
To learn more about how these rates may affect you, visit our latest blog post.
Financial Wellness Rx
Untangling Your Expenses: A Clear Guide
Managing practice expenses can feel complicated, but it doesn’t have to be. Let’s clear up a common point of confusion.
Myth: Having a separate bank account for my practice is all I need to do to manage my business expenses.
Fact: While a separate bank account is an essential first step, it’s only part of the solution. The key is to track every transaction carefully. Simply moving money between personal and business accounts without proper documentation can create major headaches at tax time. It’s important to use accounting software to categorize each expense in real time. This creates a clear record for the CRA and gives you a real-time view of your practice’s financial health, helping you make smarter business decisions.
Smart Tools Spotlight
Jane App
For many mental health practitioners, administrative tasks can take valuable time away from clients. A great practice management tool can significantly improve efficiency. Jane App is a popular choice, designed specifically for health and wellness professionals. It helps you manage online booking, charting, and billing all in one place. Its user-friendly system simplifies your daily workflow, and it can integrate with accounting software like Xero to make your financial record-keeping seamless and accurate.
Get a Financial Health Check
Gain a better understanding of your practice’s financial health. Our Financial Wellness Blueprint is designed to help you identify areas of strength and opportunities for growth.
