Services for Professionals
Raj understands the operational and managerial challenges as well as opportunities faced by professionals practicing in Canada. Raj is always up to date on the needs and demands of these professionals, which he meets by providing them with a personalized tax planning, accounting, and tax services that are tailored to their unique requirements. This assists them to focus their time and attention on providing the finest possible service to their clients.
Whether a professional is just graduating or completing residency, starting a new practice, or planning for retirement, Raj assists professionals in determining and addressing any key concerns to ensure that they fully understand their options and pick the best ones for their unique situation and objectives to make well-informed decisions.
Raj works with the professionals every step of the way, from beginning to end, in order to help them grow their practice.
Raj helps the professionals through all phases of their practice, including:
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- Deciding on when to incorporate
- Customizing a tax planning to make your taxes as efficient as possible
- How to structure investments for tax purposes
- When to introduce a Holding Company
Raj Pandher can assist the professionals with following services but not limited to:
Canadian Tax Planning, Compliance and Consulting Services
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- Professional practice incorporation
- Holding company structuring
- Business advisory services on opening, purchasing or selling professional practice
- Financial statements preparation
- Assistance in accounting and bookkeeping
- Corporate & personal income tax returns preparation
- Year-end corporate and personal income tax planning
- Salary vs dividend consideration
- Succession and estate planning
- Retirement planning and consultations for new-to-practice physicians
- Student loan / debt repayment strategies
- Strategies for tax minimization / deferral
- Expense reduction
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Engineers
Engineers in Canada are frequently working on projects for longer periods of time, which can lead to a variety of financial difficulties that are unique from those seen in other associated jobs and trades. Budgeting and invoicing are two particular concerns in this sector. Engineers must also deal with a number of parties who have their own internal responsibilities and aims, each with its own mandate.
Engineering practices are frequently marketable, and tax planning methods to take advantage of capital gains exemptions on sale are essential considerations.
Engineers may establish partnerships or include numerous shareholders, each with varied growth objectives. The Association of Professional Engineers and Geotechnologists (APEG) permits the creation of family trusts in some tax situations, which provide flexibility and asset protection.
Raj assists them in exploring their alternatives and maintaining their accounting and tax records, as well as working with them to develop a plan that meets their objectives while reducing taxes.
Lawyers
The responsibilities of a lawyer or legal professional extends beyond the courtroom, and on a daily basis, they must deal with wide range of issues. There isn’t much time left over for the lawyers after preparing for their next case to research new legal advancements and market their legal practice, so they can ensure it’s functioning at peak efficiency.
Raj’s goal is to assist the lawyers in making their practice as sharp as possible, both in and out of the courtroom. Raj is dedicated to comprehending the industry trends that are influencing all legal practices, as well as distinct influences and trends that may impact the lawyers personally.
Realtors
Realtors and real estate brokers are always under pressure to improve their earnings while riding the ups and downs of a volatile market climate. They are, therefore, frequently found performing too many duties at the same time. While homes come and go on the market, and they are constantly beset with new buyers and sellers, it might be challenging for them to keep up with the financial aspects of their business. operation.
In British Columbia, realtors are permitted to form a Personal Real Estate Corporation (PREC) and earn their income through a corporation. This can have significant tax benefits, including the ability to defer taxes on overages and splitting earnings with family members. There are some particular rules for PRECs, such as only licensed realtors may hold voting shares and they may only be used for the practice of realtor activities. Investments must only be made in a distinct entity, i.e., a holding company.
Raj’s mission is to assist realtors understand and comply with the PREC regulations and provide them a clear understanding of their income and expenses so they are prepared to take rapid financial decisions.
Dentists
Most present-day dentists recognize that there’s much more to running a successful dental practice than simply scheduling appointments and treating patients. It’s all about developing a long-term vision for the dental practice and making small actions every day to achieve the objectives.
Raj serves as a proactive advisor to the dentists by scheduling follow-up emails/telephone calls, and becomes an important part in the long-term success of their dental practice.
Raj Pandher collaborates with dentists to structure their businesses in a tax-efficient and flexible manner, given that dental offices are highly sellable. Dentists frequently use corporate structures to defer taxes and split income with family members in some situations. These are important tools for their retirement.
Holding companies are the most common method to accumulate the wealth and use it as a “pension” to fund their retirement. Raj collaborates with dentists to develop a plan and manage their accounting and tax issues in order for them to achieve their objectives and minimize taxes.
Pharmacists
Pharmacists are no exception to the competitive challenges that exist in today’s marketplace. Pharmacists may find it difficult to focus on the development of their practice while learning about new pharmaceuticals and putting in lengthy hours to fulfill their customers’ demands.
Raj assists pharmacists in focusing on their future rather than just their present by providing them with unique techniques that help them take advantage of new possibilities.
Physicians
Physicians conduct thorough examinations on their patients in order to develop a treatment plan to improve their health, but they may not be doing the same for their own practice.
Physicians must acknowledge that managing the medical practice is just as essential as overseeing patient needs. Raj can assist them in achieving a balance between two by assisting them in managing their medical practice in efficient and effective manner.
The Health Professions Act (HPA) sets forth who is permitted to shares in a medical practice business. However, physicians have some flexibility of structuring their operations in a tax-efficient manner and obtaining tax advantages. The most significant are deferring personal taxes by keeping excess income in the company, looking for opportunities to split income with family members in some situations, and taking advantage of capital gains on the sale of company shares, depending on your medical specialty.
Healthcare may be a high-risk industry and malpractice insurance and other methods can be used to reduce the potential financial risk exposure and liabilities. However, the corporate business structure generally does not protect you from personal liability. It’s critical to select the appropriate entity structure in order to minimize taxes and safeguard the growing wealth.
Optometrists
It’s more than just providing excellent service, learning about new technologies or innovations, and marketing their practice for optometrists to grow their optometry practice. This can be achieved with a long-term vision for the future.
Raj collaborates with Canadian optometrists to develop a strategy for where they want their firm to end up and helps them improve their practices today while simultaneously anticipating what’s next.
Raj is always paying attention to the issues and possibilities optometrists must confront to thrive, whether it’s new legislation, a fresh tax break, or innovative technology that may help them attract new patients.
Veterinarians
Successful veterinarians understand how critical it is to operate a practice efficiently while maintaining cost-effectiveness. There isn’t much time left over for the veterinarians after examining and treating animals, client meetings and researching new animal products, treatment techniques and tools. This makes it difficult for veterinarians to establish business objectives, assess efficiencies, and improve the health of their practice.
Raj’s goal is to assist Canadian veterinarians in establishing business objectives and achieving them on a daily basis. Raj is always paying attention to the issues and possibilities veterinarians must confront to thrive, whether it’s a new legislation, developing trends, and cutting-edge technology that may benefit their practice.
