Accountant for psychiatrists in Ontario.
A CPA, CA who knows how psychiatry is actually paid: OHIP billings, hospital and clinic work, private-pay patients and medical-legal report work. We handle personal and corporate tax, bookkeeping and Medicine Professional Corporation planning for psychiatrists in private practice, hospital practice and everything in between.
Psychiatry has its own tax patterns.
On paper a psychiatrist is a physician, so the doctor rules apply: OHIP billings, a Medicine Professional Corporation and the small business deduction. In practice the file looks different. Many psychiatrists split the week between a hospital, a community mental health clinic and a private office. Some see uninsured private-pay patients. Many write reports for lawyers, insurers and tribunals on top of their clinical work, and each of those income streams needs to be tracked on its own.
We set up the books and the corporation around how your income actually arrives, so every stream is taxed the right way and nothing gets missed at year-end. Family physicians and other specialists will find the wider picture on our accountant for doctors page.
Accounting services for psychiatrists.
One firm for tax, bookkeeping, payroll and advice. One point of contact who knows how a psychiatry practice runs, and your accountant and your bookkeeper are the same team.
Personal and corporate tax
Your T1 and your Medicine Professional Corporation's T2 (the corporate tax return) planned and filed together, with your salary and dividend mix set each year.
OHIP and private billing reconciliation
OHIP remittances, hospital and clinic payments and private-pay fees reconciled every month against what lands in the bank, so year-end revenue is right.
Report and assessment income
Fees from medical-legal reports, insurance assessments and consulting tracked separately from your clinical billings, so every stream lands in the right place at year-end.
Incorporation and pay planning
Whether and when to incorporate, how to pay yourself and how much to leave invested in the corporation, modelled with your real numbers.
Payroll for your clinic
Payroll for admin staff and any clinicians you employ, with T4s, T4As and source deductions handled on time.
Monthly bookkeeping
Clean books every month, so you know what the practice earns and what you owe before April, not after.
Four things most accountants miss.
These come up almost every time a psychiatrist changes accountants. Worth knowing whether or not we end up working together.
Paying your family is narrower than you think
A Medicine Professional Corporation can issue non-voting shares to your spouse, child or parent, or to a trust for minor children, while voting shares stay with physicians. Dividends to those family members are then caught by the CRA's tax on split income (TOSI), and the excluded-shares exception that helps many business owners is not available to a professional corporation. There are still options, but they need to be planned before the dividends are paid.
Mixed income streams need a plan
Hospital pay, clinic billings, private-pay fees and report work can arrive through different channels, on different slips, at different times. Some of it can be earned through your corporation and some cannot, depending on the contract behind it. We read the agreements and set up each stream so the tax treatment holds up.
Your corporation cannot include your therapists
Ontario only lets members of the same profession own a health profession corporation. A psychiatrist and a registered psychotherapist cannot share one. If your clinic includes therapists, they work as employees, as contractors or through their own corporations, and the agreements matter for both tax and payroll. We also work with therapists in private practice.
Investment income inside your corporation
Federally, once your corporation earns more than $50,000 of passive investment income in a year, the small business limit shrinks by $5 for every $1 over, and it is gone at $150,000. Ontario does not follow that rule, so the provincial small business rate still applies. We plan your corporate investments around both.
Three kinds of psychiatry clients.
Private practice psychiatrists
Office-based practices billing OHIP, often with some private-pay or report work. We run the corporation and the payroll, and keep each income stream separate.
Hospital-based psychiatrists
Psychiatrists paid through a hospital or clinic arrangement, often with outside consulting or medical-legal work on the side. We keep each income stream sorted and your instalments accurate.
Early-career psychiatrists
New to practice and earning from several places at once. We set up the tax structure, advise on incorporation timing and keep the first big tax year from catching you out.
You'll work directly with Elena.
EK CPA Pro is owner-operated. When you call, you're talking to the CPA, CA who's actually doing the work, not a junior who hands the file off at year-end. Elena has been working with owner-operated businesses across Durham Region since 2009, and is a graduate of CPA Canada's In-Depth Tax Program.
Questions psychiatrists ask first.
Should a psychiatrist incorporate in Ontario?
Often yes, once your earnings comfortably exceed what you spend personally. Income left in a Medicine Professional Corporation is taxed at the small business rate: 9% federally plus 2.2% in Ontario since 1 July 2026, or 11.2% combined on the first $500,000. There is no fixed income threshold in law. It depends on your debt, your family and your savings plans, so we model both options with your real numbers before you decide.
What can I deduct as a psychiatrist?
Reasonable costs of running your practice: office rent, staff wages, College and association dues, professional liability protection, practice software and equipment, which is written off over time through capital cost allowance. The grey areas are usually vehicle, home office and travel. We go through the list with you and tell you what holds up with the CRA.
How is private-pay psychiatry income taxed?
Fees a patient pays you directly for treatment are business income. They need to be tracked separately from OHIP income so your books, your billing records and your tax return all match.
Can my corporation hire psychotherapists or social workers?
It can employ them or pay them as contractors, but it cannot make them shareholders, because Ontario only lets members of the same profession own a health profession corporation. Whether they are employees or contractors depends on the real working relationship, so the agreement needs to be set up properly from the start.
Can my spouse own shares of my Medicine Professional Corporation?
Yes, as non-voting shares. Ontario lets a physician's spouse, child or parent, or a trust for minor children, hold non-voting shares, while voting shares stay with physicians. Dividends to family members are then subject to the CRA's tax on split income (TOSI), which usually taxes them at the top rate unless an exception applies. We walk through what actually works for your family.
Do you handle the bookkeeping, or just the year-end?
Both. Monthly bookkeeping means OHIP, hospital and private-pay income reconciled against your bank, report income tracked separately, and payroll remitted on time.
How do you bill?
Fixed-fee, quoted up front. You will know the cost of your year-end, your tax return and your monthly bookkeeping before we start. No surprise invoices, no hourly billing.