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 […]
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 […]
