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That’s a big move: Relocating your healthcare practice to another province

Unfortunately, moving your medical practice requires as much hoop-jumping as setting it up. When relocating, you have several options to choose from, each with different processes and considerations. Let’s dive right in: Option 1: Maintain both corporations Run two practices After moving and incorporating a new medical professional corporation, you can retain your existing ...

Mastering Taxes: 5 Essential Tips for Small Businesses in Canada

Small businesses are the lifeblood of the Canadian economy, employing nearly 8.5 million Canadians annually. These entrepreneurs are the driving force behind innovation and economic growth in the country. However, when it comes to tax season, many small business owners face the daunting task of filing their taxes accurately to reduce expenses and maximize ...

Taking Advantage of SR&ED in the Healthcare Start-Up Space 

Health care businesses of all sizes and specialties can benefit from Canada’s Scientific Research and Experimental Development (SR&ED) tax credit program, though many are deterred from applying due to the program’s complex application process and the many tax regulations governing Canada’s medical community. Health care businesses – such as clinics, bio-tech companies and research ...

Financial complications: how the economic climate affects buying or selling a pharmacy

Economic challenges facing pharmacies Before starting the process, it’s important to understand the economic issues you’ll be facing whether you’re buying or selling. They include: Soaring inflation. After hitting historic highs, Canada’s inflation rate cooled a bit in November 2022 at 6.8 per cent. This affects everything from rental prices to commercial stock (like ...

How psychedelic startups can survive in a declining market

The psychedelics market saw an interesting shift several years ago. Long associated with party drugs, psychedelic substances were now being touted as potentially game changing treatments for a variety of mental health disorders. Driven by changing public opinion, promising scientific research, and loosening restrictions in North America, startups in this space saw a meteoric ...

Covering your bases – A guide to buying or selling a dental practice

Whether you’re fresh out of dental school preparing to buy a clinic or a seasoned professional ready to sell, the process of buying or selling a dental practice is a long and often meticulous one. From deciding what type of sale you’re interested in to ensuring you’re structured properly for tax purposes, there are many ...

Important Medical Practice Accounting Milestones

Navigating the ins and outs of a medical practice can be complicated and overwhelming. The first step to any healthcare business is finding a trusted financial and legal team that can help you establish and run your practice. Here’s a snapshot of what you’ll need to know from start to finish – literally. From ...

How to launch your first healthcare practice

Now that medical school is behind you and you’re ready to begin your career, starting your own healthcare practice may look appealing. And there’s good reason for that. Startups in the health and education industry are known to have an approximate 56% success rate – the highest of any industry. Not only does running ...

What to know when buying a pharmacy

Buying a pharmacy can be a solid investment if properly done. The combined market size of Canada’s nearly 14,000 pharmacies amounts to $47 billion, with profits stable over the last few years. While investing in this type of business can be lucrative, the buying process is a long and complicated one. In part 2 ...

How to navigate the ins and outs of selling a pharmacy

Canada’s pharmaceutical industry is both strong and relatively small, with about 14,000 pharmacies and drug stores throughout the country.  In part 1 of our 2 part series, we explore the dos and don’ts of selling your pharmacy. Selling a pharmacy is more complicated than most business sales, mainly because the market is smaller, as ...