It’s hard to believe it’s already been a month since the tax deadline, yet here we are, still knee-deep in tax work. This has definitely been one of our busiest seasons yet!
How’s your practice holding up? We hope your tax season wasn’t too stressful. While we all catch our breath, let’s dive into some important tax news and updates to keep you in the loop.
Numbers in the News:
Canada Announces Personal Tax Rate Cut
The Canadian government announced a plan to reduce the lowest personal income tax rate from 15% to 14%, starting July 1, 2025. It applies to the first $57,375 of taxable income (for 2025), no matter how much you earn.
This means that for the first portion of the money people earn each year, they will pay less tax than they did before. The personal tax rate cut is currently in the process of being enacted and has not yet been fully ratified into law as of May 2025.
What could this mean for you? Find out here.
Financial Wellness Rx:
Maximize the tax cut!
- Take a moment to ensure your payroll deductions reflect the new 14% tax rate starting July 1, 2025
- Remember to note down those office rent payments, supplies, professional development costs, and software fees
- Consider using your slightly increased take-home pay to build a cozy emergency fund, invest in your practice, or save for retirement
Smart Tools Spotlight:
SimplePractice
Many of you might be familiar with Jane for practice management, but if you’re on the hunt for an alternative, SimplePractice is a strong contender. It offers a comprehensive suite of tools, including:
- Scheduling & Calendar Management
- Billing & Payments
- Telehealth
- Electronic Documentation
- Client Portal
- Reporting and analysis
SimplePractice users have noted saving around $20,000 annually on administrative tasks. Additionally, TechRadar recognized SimplePractice as the Electronic Health Records (EHR) Software of the Year for 2023.
Unlock Your Financial Wellness Blueprint
Take our 5-minute assessment to receive your personalized Practice Financial Wellness Blueprint, which contains detailed, actionable insights into your practice’s financial health. It’s completely free!
