Getting Bank Approval When You Have Variable Income
How to Secure a Mortgage When Your Income Isn’t the Same Every Month For many Canadian mental health practitioners running a solo private practice, income doesn’t arrive in consistent amounts from month to month. It rises and falls with client volume, cancellations, and clinic closures. While that’s normal for private practice, it can still cause […]
Sole Proprietor or Corporation? A Quick Decision Checklist for Therapists
Should You Incorporate Your Therapy Practice? As a solo therapist in private practice, you may wonder whether it’s time to take your business structure to the next level. Should you stay a sole proprietor, or is it worth incorporating? Your decision can have a long-term impact on how much tax you pay, how much liability […]
Emergency Funds for Solo Clinics: How Much is Enough?
How to Establish and Maintain an Emergency Fund for Your Solo Therapy Practice Running a solo mental health practice in Canada means managing everything from client care to administration and finances. One area that often gets overlooked is building emergency reserves, or a dedicated cash cushion that can mean the difference between staying open or […]
Exit Strategies for Therapists in Private Practice
Exit Strategies to Ease the Transition for Mental Health Professionals Considering your exit strategy might seem premature when you’re focused on growing your practice. However, for Canadian mental health professionals, early planning can mean the difference between a smooth transition and a stressful scramble that costs you thousands in unnecessary taxes. The Case for Early […]
Being Your Own Boss: Financial Pros and Cons of a Private Practice
Pros and Cons of Financial Management for Private Practice Opening a private practice is a major decision for mental health practitioners in Canada. Managing your own finances offers freedom and control but it also comes with responsibilities and risks. This article explains the potential earnings and financial challenges of running your own practice. Financial Perks […]
