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A Practical Guide to Creating a Thriving Psychotherapy Practice

Establishing a psychotherapy practice in Ontario can be both a rewarding and challenging endeavor. As the demand for mental health services continues to rise, the opportunities for qualified professionals to offer support and guidance to those in need

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profit sharing

Salary or Dividends: Tax Strategies For Ontario Psychotherapists

Psychotherapists who operate their practices through professional corporations (PCs) in Ontario regularly face an important decision: whether to withdraw profits as salary or as dividends. This choice has a direct impact on your total tax bill—especially with the

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shareholder

Importance of Strong Bookkeeping for Canadian Therapists: Gross Negligence Penalties

A January 6, 2026 Tax Court of Canada case reviewed assessments of unreported revenues of over $6.4 million over two taxation years, 2013 and 2014. These amounts were determined through bank deposit analysis by CRA. Over $1.7 million

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Incorporation

Incorporating Your Psychotherapy Practice in Ontario: Key Considerations for Registered Psychotherapists in 2026

As a Registered Psychotherapist (RP) in Ontario regulated by the College of Registered Psychotherapists of Ontario (CRPO), many of you begin your private practice as a sole proprietor. It’s simple to set up and requires minimal paperwork. However,

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Rent

Rent Payment to Non-Residents & Beneficial Ownership of Real Estate

Amounts paid to a non-resident as rent for the right to use property in Canada, including rent for the use of residential real estate, are generally subject to withholding tax. Such amounts must be remitted to CRA.Recent legislative

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Savings

TFSA Excess Contributions: Decline in Value

A July 25, 2025 Federal Court case found that CRA s denial of penalty tax relief on excess TFSA contributions was reasonable. Due to the loss of value in the taxpayer s TFSA, the taxpayer could not withdraw

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Disclosure

Voluntary Disclosures: Changes to the Program

The voluntary disclosures program (VDP) provides taxpayers with a chance to correct past tax errors or omissions before CRA finds them. If CRA accepts a disclosure, taxpayers may receive some penalty and interest relief and will not be

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Homebuyers

First-Time Home Buyers’ (FTHB) GST Rebate: Relief for New Home Purchases

The government has proposed to provide GST relief on the purchase of new homes valued at up to $1.5 million by first-time home buyers. Eligible purchases would be entitled to a 100% GST rebate on homes valued at

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nebusinessimage

New Business Registration Number Process: Shift Online

Effective November 3, 2025, most new CRA business number registrations, including adding new program accounts to existing business numbers, must be done online through CRA’s Business Registration Online (BRO) system. Calls to the CRA business enquiries phone line

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Year-end Tax Planning Considerations – 2025 Edition

December 31, 2025 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation. 1) In 2024, the government proposed

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