How Canada’s Personal Tax Rate Cut Could Positively Impact Your Practice
Understand the impact of the upcoming personal tax rate cut on your practice As a mental health practitioner in Canada, staying informed about financial changes is crucial for the success of your practice. Recently, the Canadian government announced a significant change: a proposed reduction in the lowest personal income tax rate. This article will help […]
Online Resources to Bookmark for Therapists Starting a Private Practice
Our Curated List of Resources for Mental Health Professionals In our work with mental health professionals across Canada, we’ve identified a variety of free or low-cost financial management tools offered by reputable organizations. We’ve compiled a list of the most underrated, yet highly practical and informative tools. If you know of other exceptional tools or […]
Top 6 Mistakes to Avoid When Starting a Private Practice
Common Mistakes to Avoid When Starting a Private Therapy Practice Starting a private therapy practice in Canada is both exciting and challenging. While it allows you to shape your own business, it also presents unique challenges, especially for solo practitioners. Here are some common mistakes to avoid, along with tips for building a successful private […]
How Long Should You Keep Your Financial Records
The CRA Rule for Financial Record-Keeping The Canada Revenue Agency (CRA) says most individuals and businesses, including therapists should save business and tax records for six years after the last tax year they relate to. For example, if you filed your taxes in 2023, keep those records until December 31, 2029. Keeping records for less […]
Guide To Organizing Expenses for Therapists
Organizing Expenses for Therapists in Canada Why Expense Tracking Matters for Therapists Expense tracking is not just about saving receipts. It is a system that helps you know where your money goes. Good record-keeping helps reduce stress during tax season and gives you a clearer picture of your business finances. When you understand where your […]
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 […]
Top Tax Deductions for Canadian Therapists in Private Practice
Tax Deductions for Therapists and Psychologists in Canada Navigating taxes can be a daunting task for psychologists in Canada. This guide will simplify the process, offering insights into potential tax deductions. By understanding these deductions, you can save money and optimize your tax planning strategies. What are tax deductions? Tax deductions reduce your taxable income. […]
