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Revenue & Billing Reconciliation Financial Management & Reporting Tax Planning & Practice Structuring

Specialized accounting
for health care practices.

At Vault CPA, we provide specialized health care accounting and advisory services for medical clinics, dental clinics, and pharmacies to strengthen financial performance, ensure compliance, and support long term growth.

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Health Care Accounting
Health Care
Health Care Accounting

Revenue & Billing Reconciliation, every dollar accounted for.

We reconcile billings and bank deposits to ensure all funds are accurately received and recorded, manage government and private insurer claims to prevent revenue leakage, monitor patient billing and receivables to strengthen cash flow control, and deliver provider level revenue reporting to support informed financial decisions.

Health Care Accounting

Financial Management & Reporting, precision behind every practice.

We deliver monthly bookkeeping and bank reconciliations to maintain financial accuracy, allocate associate income, manage payroll, and ensure GST and PST compliance, oversee facility operations and expense management to control overhead, and prepare year end financial statements and tax filings in compliance with the CRA.

Health Care Accounting

Tax Planning & Practice Structuring, built for long term success.

We structure professional corporations to optimize tax efficiency and long term growth, design owner compensation strategies balancing salary and dividend planning, implement holding company structures to enhance tax deferral and asset protection, and plan succession and practice transitions to preserve value and continuity.

From First Meeting to Filed Return
STEP 01

Understanding your practice.

We start by reviewing your clinic or pharmacy structure, billing arrangements, associate agreements, and revenue sources. We identify compliance gaps and planning opportunities before any work begins.

From First Meeting to Filed Return
STEP 02

Reconciling your billings.

We reconcile MSP, insurance, and PharmaCare billings against bank deposits, identify revenue gaps, and ensure your billing records are accurate and complete before reporting begins.

From First Meeting to Filed Return
STEP 03

Filing your returns and reports.

We prepare your corporate T2 return, personal T1, GST and PST filings, and associate income allocations — fully compliant with CRA requirements and tailored to your practice structure.

From First Meeting to Filed Return
STEP 04

Supporting you as your practice grows.

We remain available year-round for tax planning, associate structuring, CRA correspondence, and succession planning. Your financial clarity does not stop at the filing deadline.

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Accounting built for health care practices.

Whether you run a medical clinic, dental practice, or pharmacy, we bring the specialized expertise your practice needs to stay compliant, financially sound, and positioned for growth.

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Question 01
Do medical professionals need to incorporate in BC?

Incorporation is available to licensed professionals including physicians, dentists, and pharmacists in BC. A professional corporation can significantly reduce your personal tax rate by accessing the small business deduction, allow you to retain earnings inside the corporation, and provide opportunities for income splitting and long-term wealth planning.

Question 02
What is associate income and how is it taxed?

Associate income is earned by a health care professional working at a clinic under a fee-sharing or associate agreement. It is typically reported as self-employment or professional income on your T1 personal return or T2 corporate return. Proper allocation between the associate and the clinic is essential to avoid CRA reassessments.

Question 03
Do health care practices need to charge GST?

Most health care services in Canada are GST-exempt, including physician, dental, and pharmacy services. However, certain supplies such as cosmetic procedures, some dental products, and administrative fees may be taxable. Understanding which services are exempt and which are taxable is essential to avoid errors in GST filings.

Question 04
How does MSP and insurance billing reconciliation work?

MSP and private insurer payments are often received weeks after the service date and can differ from the amount billed due to adjustments or rejected claims. We reconcile your billing records against actual deposits, identify shortfalls, and ensure every payment is correctly recorded — preventing revenue leakage and supporting accurate financial reporting.

Question 05
What is a professional corporation and how does it help?

A professional corporation is a special corporation available to licensed health care professionals in BC. It allows you to earn income through the corporation rather than personally, which means you pay corporate tax rates rather than the top personal rate. Earnings retained inside the corporation can be invested and grow at the lower corporate rate, building long-term wealth more efficiently.

Question 06
How should associate agreements be structured for tax purposes?

Associate agreements should clearly define whether the associate is an independent contractor or employee, how fees are split, who owns the billings, and how overhead costs are allocated. Poorly structured agreements can lead to CRA reassessments, GST issues, and disputes between clinic owners and associates. We review and advise on agreement structures to ensure they are tax-efficient and defensible.

Questions