Veterinarians
Ensure your practice is set up for success every step of the way.
As a veterinary clinic owner, you juggle managing animal care, client interactions, and staying updated on industry trends. Amidst these demands, finding time for strategic planning can be challenging. Whether you're a recent graduate or planning retirement, MNP is here to guide you through tailored decisions aligned with your unique goals.
With a proven track record of assisting veterinary practices across Canada, our business advisors not only address your daily challenges but also provide insights into upcoming legislation, emerging trends, and relevant technologies. Stay ahead in the dynamic veterinary landscape with MNP's support for a thriving practice.
What's your challenge?
Managing your professional and personal finances
As a practice owner, your personal and professional finances are tightly intertwined. Making optimal decisions for both aspects is paramount, emphasizing the need for a well-defined approach to managing your goals and positioning yourself for success.
Running an efficient practice
Efficiency is crucial in the competitive world of veterinary services. Tackling the challenge of optimizing operations and reducing unnecessary costs is key to ensuring the success and sustainability of your practice.
Keeping up with technology changes
The constant evolution of technology in veterinary care presents a challenge, requiring a keen understanding to navigate this changing landscape and keep your clinic relevant with the latest innovations.
Exiting your practice
Contemplating the future of your veterinary practice involves strategic challenges, demanding thoughtful consideration and forward-thinking approaches to align with your unique circumstances.
How we can help
Tax strategy and financial management
Tap into our decades of experience to refine your tax structure, elevating efficiency and profitability in your practice. Together, we chart the most effective path forward tailored to your specific needs, ensuring financial success in every endeavour.
Practice optimization
Our advisors optimize every facet of your veterinary business, promoting bottom-line growth, attracting top talent, and helping you achieve your goals. Benefit from knowledgeable advice, guidance on mergers and acquisitions, and efficient solutions for key challenges in management, HR, and performance improvement.
Technology advisory and support
Embrace the latest technological advancements seamlessly. Our services include adopting and implementing cutting-edge technologies, such as cloud-based solutions. We also provide robust IT and cybersecurity support, utilizing applied data and analytics for informed decision-making.
Succession planning
Prepare for the next chapter in your veterinary career with our personalized succession planning services. Our team understands your goals and crafts a retirement and succession plan tailored to meet your needs. Whether you're developing strategic plans, minimizing risks, or implementing exit strategies, we guide you through the process.
Frequently asked questions
Purchasing new equipment can often be depreciated over time, reducing taxable income. However, there may be specific rules or incentives related to equipment purchases that could affect your taxes.
Veterinary supplies and inventory can generally be deducted as a business expense. It's important to track these expenses carefully and ensure accurate inventory valuation for tax reporting.
Hiring veterinary staff or contractors can affect your payroll taxes and other employment-related taxes. Understanding the classification of workers (employee vs. contractor) is essential to ensuring compliance with tax laws.
Client payments should be properly recorded and tracked for tax purposes. It's important to understand how to report income, handle sales tax (if applicable), and track accounts receivable.
Tax incentives or credits may be available for certain activities or investments, such as investing in specific types of equipment or technology.
Selling a veterinary practice can have significant tax implications, including capital gains taxes. An advisor can help you understand the tax consequences of a sale and plan accordingly.
Retirement planning and investments are important considerations for veterinarians but the answer will depend on what you want out of your retirement. Working with an advisor can help you formulate a long-term plan for your professional and personal life.
There are various strategies available to minimize tax liability, such as maximizing deductions, taking advantage of tax credits and incentives, and strategic tax planning. Every situation is unique and an advisor can help you create a plan that best reflects your life.
Insights
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Progress
March 11, 2024
Veterinary market update: Navigating trends and opportunities in the industry
Stay ahead in veterinary practice with MNP's market update. Navigate consolidation shifts, labour shortages, and strategic sales.
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Confidence
What you need to know about the CRA’s self-assessment tax audit process
How do you prepare when the CRA requests an audit of specific expenses or deductions you’ve made?
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Agility
January 23, 2024
Top 10 things for practice owners to tackle in 2024 and beyond
The start of a new year is the perfect time for professionals to assess the health of their practice and make changes needed to achieve long-term success.
