Summer schedules can feel frantic, but we hope you are finding small moments to recharge. While patients remain the priority, July often offers breathing room to tidy up practice finances, revisit fees, and plan for the fall rush. Today’s newsletter brings timely tax news, practical tips, and resources to help you stay organized without added stress.
Numbers in the News
New CRA Late-Filing Penalties for GST/HST Returns
On June 16, the CRA refreshed its GST/HST penalty page. File late and you now face a base charge of 1 percent of the balance owing plus 25 percent of that amount for each full month overdue, up to 12 months. Ignore a formal demand to file and an extra $250 penalty applies, even if no tax is due. Electronic filing is also mandatory for many registrants; missing that requirement can add a separate fee of $100–$250. Staying on top of return dates helps protect your hard-earned income.
Learn how to set up calendar reminders and automate filings in our full blog post.
Financial Wellness Rx
Myth vs Fact: Paying Yourself from a Professional Corporation
- Myth: Dividends are always cheaper than salary.
Fact: Once personal and corporate taxes are combined, dividends and salary often land close. Salary, however, builds RRSP contribution room and CPP benefits. - Myth: Mixing salary and dividends is risky.
Fact: A balanced blend can smooth cash flow and keep personal tax brackets efficient, especially during parental leave or reduced-hours periods. - Myth: Salaries mean higher bookkeeping costs.
Fact: With Xero or similar software, payroll runs take minutes and create a clear audit trail, which makes year-end reporting easier.
A quick chat with your advisor can reveal the best mix for your practice stage.
Resource Roundup
Free Guide Spotlight: 5 Tech-Driven Solutions Every Mental Health Practice Should Be Using
From secure video sessions to automated invoicing, smart tools can cut admin time and improve client care. This concise guide explains five apps that integrate smoothly with Xero and other platforms most clinics already use. Download it from our Resource Hub and apply these tips before the September rush.
Next Step
Map Your Money with the Financial Wellness Blueprint
Take five minutes to check your practice’s financial health and receive an instant, tailored action plan. Start the Blueprint today and carry your summer momentum through the year.
