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Year-End Accounting · T2 Filing · Licensed CPA

Year-End Accounting & T2 Filing for Doctors

The close that produces the numbers your return reports: OHIP billings reconciled to remittances, revenue cut-off and receivables, the shareholder loan quantified before it becomes income, accruals and equipment, and the working papers behind every figure. T2 from $400. All fees include HST.

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Medical Corporations
Year-end close, T2 filing and healthcare CPA services
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Weekend and evening support until 9 PM
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AFFORDABLE Year-End Accounting & T2 Filing for Doctors

Most physicians experience year end as a filing. Paperwork goes to the accountant, a return comes back, tax gets paid. But the return only reports what the close decided. Every judgment that moves your tax position, whether a December billing belongs to this year or next, whether the money you drew is a loan or compensation, whether the new equipment is an expense or an asset, is made during the close. By the time the T2 is being prepared, the answers are already set.

A physician's close is not an ordinary one. Your revenue arrives from OHIP on its schedule, net of rejections and clawbacks, so what you earned and what you banked are never the same figure. Your drawings accumulate into a shareholder loan nobody watches. Our healthcare CPA services handle the close and the T2 from one office, with the planning that should precede it sitting alongside in our corporate tax planning for doctors.

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Gondaliya CPA team - year-end accounting and T2 filing for doctors

Our Year-End Services for Doctors

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OHIP Revenue Cut-Off

We reconcile billings to remittances and set the cut-off, so income falls in the year it was earned.

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Shareholder Loan Review

We quantify what you drew and deal with the balance before it can be included in your income.

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Accruals & Adjustments

We catch the costs incurred but not yet paid, so your expenses land in the right year.

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Equipment & CCA

We capitalise equipment into the correct class rather than expensing it, and keep the schedule current.

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Working Papers

We hold the reconciliations and support behind every number, so the position is defensible.

✅

T2 Filing

We prepare and file the corporate return from a properly closed year. From $400, including HST.

Year-End Accounting for Doctors by a Licensed CPA

The close that produces the numbers, then the return that reports them. From OHIP reconciliation to filed T2. AFFORDABLE flat-fee pricing.

1

OHIP Revenue Cut-Off and Receivables

Where a physician's close differs most.

  • Reconcile billings to OHIP and third-party remittances, not bank deposits.
  • Set the cut-off so work done before year end lands in this year.
  • Establish the receivable for billings submitted but not yet paid.
  • Identify rejections and clawbacks against the original billing.
  • Explain the difference between reported revenue and banked deposits.
2

The Shareholder Loan

The balance most physicians cannot state.

  • Reconstruct and quantify what you drew from the corporation.
  • Identify the balance before it becomes an inclusion in your income.
  • Model clearing it by repayment, salary or dividends.
  • Coordinate the route chosen with your personal tax position.
  • Set a tracking method so next year is known, not reconstructed.
3

Accruals and Year-End Adjustments

Costs that belong in the year they arose.

  • Record professional fees, interest and supplies incurred but not invoiced.
  • Accrue bonuses, with the payment timing handled deliberately.
  • Adjust prepaid costs that span your year end.
  • Reconcile every balance sheet account rather than rolling it forward.
  • Keep the adjustments supported so they hold on review.
4

Equipment, Supplies and Capital Cost Allowance

Expensed now, or deducted over years.

  • Separate supplies consumed in the practice from equipment with lasting value.
  • Capitalise equipment into the class that fits the asset.
  • Maintain the capital cost allowance schedule year over year.
  • Record financing correctly, interest deductible, principal not.
  • Track the position so a future disposal is handled properly.
5

Corporate Records and Working Papers

What makes the return defensible.

  • Hold the reconciliations and calculations behind every figure.
  • Confirm dividends and decisions are authorised and recorded.
  • Keep the minute book aligned with what the corporation actually did.
  • Document family compensation with duties and a defensible rate.
  • Assemble the file so a CRA question is answered, not absorbed.
6

T2 Preparation and Filing

One firm for the close, the return and the year ahead.

  • Prepare the T2 from a properly closed year, not a reconstructed one.
  • Track both dates: the return deadline and the earlier balance-due date.
  • Coordinate the corporate position with your personal return.
  • Produce financial statements ready for a lender or a mortgage.
  • Set the pre-year-end review so next year is planned, not discovered.

Free Doctor Year-End Consultation

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Free Doctor Year-End Consultation

Case Studies: Doctor Year-End and T2

Family Physician, Toronto (Cut-Off Corrected)

Revenue had been recorded from OHIP deposits rather than billings, so the receivable at each year end was simply missing and income had drifted between years. We rebuilt the revenue on a proper cut-off and established the receivable, so each year reported what was actually earned. The figures here are illustrative of the work we do, not a specific client file. Healthcare Corporate Tax Filing →

Revenue rebuilt on billings

Specialist, Mississauga (Shareholder Loan)

Drawings had never been tracked and the loan had grown across three years to a balance the physician did not know existed. We reconstructed and quantified it, then structured the clearing before it could be included in income. The figures here are illustrative of the work we do, not a specific client file. Corporate Tax Planning for Doctors →

Loan cleared before inclusion

Physician, Hamilton (Equipment Reclassified)

New clinical equipment had been expensed in full in the year of purchase rather than capitalised. We moved it into the correct capital cost allowance classes, restated the affected years, and set the schedule going forward. The figures here are illustrative of the work we do, not a specific client file. Get Started →

Equipment into correct classes

Medical Corporation, Ontario (Close Made Routine)

A physician was rebuilding a year of records every year end. We moved them to monthly bookkeeping with a pre-year-end review, so the following close was a confirmation rather than an excavation and the T2 flowed from clean records. The figures here are illustrative of the work we do, not a specific client file.

Monthly books, routine year-end

Ordinary Year-End vs a Doctor's Year-End

A physician's revenue, drawings and exemption position make the close a different exercise from an ordinary business.

ConsiderationOrdinary Year-EndA Doctor's Year-End
RevenueInvoiced and collected from customersBilled to OHIP, paid on their schedule, net of adjustments
Cut-offUsually straightforwardReceivable at year end, deposits arrive after
DrawingsSalary or dividends, decidedAccumulate into a shareholder loan nobody watches
HST on costsRecovered through input tax creditsGenerally unrecoverable, a real cost on exempt work
Year end dateOften December 31Frequently non-calendar, chosen at incorporation
Personal linkPresentTight, through compensation and the loan

What a Doctor's Year-End Close Must Cover

Recording transactions is only the start. These items are what decide your tax position before the return is written.

ItemWhy It Matters for Your CorporationHow We Handle It
OHIP cut-offMoves income between tax yearsBillings reconciled to remittances, receivable established
Rejections and clawbacksRevenue earned and never collectedIdentified against the original billing, in time to act
Shareholder loanCan be included in your personal incomeQuantified and dealt with before the deadline passes
AccrualsOverstates income if missedCosts recorded in the year they arose
Equipment vs suppliesMisstates the deduction and the balance sheetCapitalised into the correct class, schedule maintained
Bonus timingThe deduction can fail on timing aloneHandled deliberately, timing confirmed for your year
Working papersDecides whether an assessment is defensibleReconciliations and support held behind every figure

The close records what happened. It cannot change it. Compensation mix, the shareholder loan, whether to buy equipment this year or next, bonus timing: every one is a lever that works before your year end and stops working after. A pre-year-end review exists for exactly this reason. Please see our corporate tax planning for doctors and healthcare CRA audits pages.

What Is Included in Our Doctor Year-End Service

Everything from the close to the filed return. No hourly billing. All fees include HST.

IncludedWhat We Do
OHIP reconciliationWe reconcile billings to remittances and set the revenue cut-off.
ReceivablesWe establish the year-end receivable for billings not yet paid.
Shareholder loanWe quantify the balance and deal with it before it becomes income.
Accruals and adjustmentsWe record costs incurred but not yet paid in the correct year.
Equipment and CCAWe capitalise equipment correctly and maintain the schedule.
Corporate recordsWe confirm authorisations and keep the minute book aligned.
Working papersWe hold the support behind every number on the return.
T2 preparation and filingWe prepare and file the return from a properly closed year.

The Doctor Year-End Mistakes We Prevent

#MistakeWhy It HurtsHow We Prevent It
1Recording OHIP deposits as revenueIncome drifts between years, receivable missingBillings reconciled to remittances, cut-off set
2Never tracking drawingsThe loan balance is unknown and already spentQuantified and tracked, not reconstructed
3Leaving the shareholder loan to sitCan be included in your personal incomeIdentified and cleared before the deadline
4Expensing clinical equipment in fullMisstates the deduction and the balance sheetCapitalised into the correct class
5Missing accrualsOverstates income for the yearCosts recorded in the year they arose
6Assuming the return deadline is the only dateInterest runs from the earlier balance-due dateBoth dates tracked and planned for
7Family salary with no documentationA common reassessment findingDuties, hours and a defensible rate documented
8Raising decisions after year endThe levers have already closedPre-year-end review while they still work

Why Choose Gondaliya CPA for Your Year-End and T2?

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Built Around a Physician

OHIP cut-off, receivables and the shareholder loan handled properly, not treated as an ordinary business.

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Licensed CPA Firm

The close, the working papers and the T2 all from a licensed CPA firm, from one office.

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Healthcare Experience

Medical corporations, OHIP reconciliation, exempt HST, shareholder loans and T2 filing.

🤝

AFFORDABLE Flat Fee

Quoted upfront, all fees including HST, no hourly billing. 30-Day Money-Back Guarantee. 60-Day Fees-Matching Policy.

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Transparent Flat-Fee Pricing

No hourly billing. No surprises. You know your exact fee before we start. All fees include HST.

ServiceFeeIncludes
T2 filing for medical corporationsFrom $400Corporate return prepared and filed from a properly closed year.
Healthcare bookkeepingFrom $100/monthMonthly books with OHIP reconciled and the loan balance tracked.
Year-end close plus T2Quoted upfrontCut-off, receivables, loan, accruals, equipment and the filed return.
Catch-up bookkeepingQuoted upfrontRecords brought current before the close begins.
Free consultationFREEScope review and exact flat-fee quote before any work begins.

All fees include HST, so the number quoted is the number you pay. Fees depend on the size and complexity of the corporation and the state of the records. Payment is by Interac e-Transfer to info@gondaliyacpa.ca with auto-deposit enabled and the security question set to Not Applicable. Please use our pricing calculator to know your exact fee.

How It Works

Four steps. The heavy lifting sits with us.

1

Consult

We learn your year end, whether the bookkeeping is current, and roughly what you have drawn from the corporation, then quote a flat fee.

2

Close

We reconcile OHIP billings to remittances, set the cut-off, establish receivables, quantify the loan and record the accruals.

3

File

We prepare and file the T2 from the closed year, with the working papers held behind every figure.

4

Plan Ahead

We set the pre-year-end review so next year the decisions are made while the levers still work.

Doctor Year-End and T2: Cities We Serve

We handle year-end and T2 filing for physicians across every Ontario city and Canada. No distance limits, no extra fees.

Frequently Asked Questions

What does year-end accounting for a doctor involve?
It is the work that produces the numbers your T2 reports: reconciling OHIP billings to remittances, setting the revenue cut-off, establishing receivables, quantifying the shareholder loan, recording accruals, capitalising equipment, and assembling the working papers behind each figure. The return is the last step, not the work.
How is a physician's year-end different from an ordinary business?
Your revenue arrives from third-party payers on their schedule, net of rejections and clawbacks, so what you earned and what you banked are never the same number. Add the shareholder loan that accumulates from your drawings and the HST exemption on your clinical work, and an ordinary close misses most of what matters.
When does my professional corporation's year end?
On the date chosen at incorporation, which for a physician is often not December 31. A non-calendar year end is common and deliberate, giving room to plan compensation between your corporate year and your personal December 31. Your year end is a decision, and it is worth knowing why yours is what it is.
What is the T2 filing deadline for my medical corporation?
Six months after your year end for the return. The balance of tax is generally due earlier, two or three months after year end depending on the corporation. Filing on time and paying on time are separate obligations, and physicians usually discover the difference through interest charges.
What is revenue cut-off and why does it matter so much?
It is the line between work belonging to this year and work belonging to next. Because OHIP pays on its own schedule, billings around your year end land in the bank well after the work was done. Putting them in the wrong year moves income between tax years and misstates both.
Should OHIP revenue be recorded when billed or when paid?
When the work is done and the revenue is earned, not when the deposit arrives. That is what creates the receivable at year end, and it is why your reported revenue will not match your bank deposits. Both figures are correct; they answer different questions.
What happens to billings I submitted but have not been paid for at year end?
They sit as a receivable, forming part of this year's revenue even though the cash arrives next year. Omitting them understates this year and overstates next. Establishing the receivable properly is one of the more consequential judgments in a physician's close.
What about rejections and clawbacks?
They are identified against the original billing, not absorbed silently as lower revenue. A close built on billings reconciled to remittances finds them. A close built on deposits never sees them. Some rejections are still within the window to correct and resubmit when they are found in time.
What is a shareholder loan and why does it come up at year end?
It is what money you took out of the corporation becomes when it is neither salary nor dividend. It accumulates quietly from your drawings through the year, and year end is where it gets confronted, because an unrepaid balance can eventually be included in your personal income.
What happens if my shareholder loan is not cleared?
The amount can be included in your personal income, meaning money you have already spent becomes taxable. It sits on the balance sheet in plain view of any reviewer. It is one of the most common and most avoidable findings in professional corporation work.
How do I clear a shareholder loan?
Usually by repaying it, or by declaring salary or dividends to offset it, each with different consequences for your personal return and different deadlines. Which route suits depends on your income and position. That is a planning decision. See our corporate tax planning for doctors.
Do I decide salary versus dividends at year end?
The decision should be made before your year end, because most of the levers close when the year does. The close confirms the position and executes what was decided. A physician raising it while the return is being prepared has fewer options than one who planned in advance.
What are accruals and why do you ask about them?
They are costs incurred before year end but not yet paid: professional fees, interest, bonuses, supplies delivered but not invoiced. They belong in the year the cost arose. Missing them understates expenses and overstates income, and correcting it later moves tax between years.
How is equipment treated differently from supplies?
Supplies consumed in the practice are expensed in the year. Equipment with lasting value is capitalised and deducted over several years through capital cost allowance. The class it lands in determines the deduction and follows through to eventual disposal. The distinction is decided in the close.
Can I still pay a bonus after my year end?
There are rules governing when an accrued bonus must actually be paid for the deduction to hold. They are timing rules rather than a matter of intention. It is a common year-end lever for physicians and it should be handled deliberately, so please have the timing confirmed for your year.
Why do you need my minute book?
Because dividends and certain corporate decisions require proper authorisation and recording, and the corporate records form part of what supports your position. A corporation whose minute book has not been opened since incorporation has a gap that becomes visible only when someone asks to see it.
Do I recover the HST on my costs at year end?
Generally not. Core medical services are exempt, so you charge no HST and cannot recover the HST you pay on rent, staff and equipment. It is a real cost. Where you have taxable revenue alongside exempt work, apportionment applies. See our HST exempt healthcare guide.
What if my spouse is on the payroll?
The close needs to support it: what work they actually did, roughly how much, and why the rate is reasonable for that work. A genuine wage for genuine administrative work is deductible. The documentation should exist during the year rather than being assembled when someone asks.
What is a working paper file and why does it matter?
It is the support behind every number on your return: the reconciliations, the calculations, the documents. It is what makes an assessment defensible if the CRA asks. A return prepared without one is a set of assertions on a form. See our healthcare CRA audits guide.
What do you need from me at year end?
Bank and credit card statements through year end, OHIP and third-party remittance summaries with the billing reports behind them, invoices for anything significant you bought, loan and lease documents, payroll records, and a clear account of what you drew from the corporation and when.
How long does a physician's year-end close take?
Where the bookkeeping has been kept monthly, weeks. Where it has not, months, because the close then begins with rebuilding a year of records before the real work starts. The close itself is not slow. Reconstructing what it depends on is.
My bookkeeping is a year behind. What does that mean?
That the close becomes a rebuild first. Everything the close depends on, a reconciled bank, billings against remittances, a known loan balance, has to exist before anything else happens. It is routine but slower and dearer than it needed to be. See our past account clean-up.
How often should my books be done?
Monthly. A physician reconciling annually finds rejections a year late, meets the shareholder loan when it is already a problem, and has no reliable numbers for any decision in between. Please see our healthcare accounting and bookkeeping.
Do I need financial statements as well as a T2?
Your corporation needs financial statements, and lenders, mortgage brokers and others may ask for them at moments you do not control. Physicians most often need them when applying for a mortgage, which is rarely the moment you want to explain that the books are not current.
How does my corporate year end interact with my personal return?
Closely. Salary and dividends land on your personal return, the shareholder loan links both, and the timing of each affects the other. Handling the corporate close in isolation is how a physician ends up with a corporate position that is fine and a personal one that is not.
What if I miss my T2 deadline?
Late filing generally attracts a penalty based on the tax owing, and interest runs on the balance from when it was due regardless of when you file. Both compound where it happens across several years. There is nothing to gain by delaying a return you will eventually file.
What should happen before my year end rather than after?
The decisions. Compensation mix, the shareholder loan, whether to buy equipment now or next year, bonus timing. The close records what happened; planning changes what happens. A pre-year-end review exists because the useful levers stop working once the year has closed.
Can you take over my year end from another accountant?
Yes, and it is common. We take the prior year's closing position, confirm it reconciles, and pick up from there. Where the previous close left gaps we identify them rather than inheriting them silently. See our healthcare corporate tax filing.
What does a physician's year-end close and T2 cost?
T2 filing starts from $400 and healthcare bookkeeping from $100 per month, quoted as an exact flat fee upfront with no hourly billing. All fees include HST. Payment is by Interac e-Transfer to info@gondaliyacpa.ca, auto-deposit enabled, security question Not Applicable. Please use our pricing calculator.
How do I get started?
Please book a free consultation and tell us your year end, whether the bookkeeping is current, and roughly what you have drawn from the corporation this year. We confirm what your close involves, what needs deciding before your year ends, and quote a flat fee. Book Free Consultation →

Meet Your Doctor Year-End Team

Sharad Gondaliya CPA

Sharad Gondaliya, CPA

Founder & Managing Director
Gondaliya CPA Professional Corporation

Sharad leads the year-end close, shareholder loan planning and T2 filing for medical corporations.

Vandana Goel CPA

Vandana Goel, CPA

Senior Accountant
Gondaliya CPA Professional Corporation

Vandana handles the OHIP reconciliation, cut-off, accruals, equipment schedules and working papers.

What Our Clients Say

1300+ five-star reviews from physicians and business owners across Ontario and Canada.

Related Services for Doctors

Corporate Tax Planning for Doctors

  • Pre-year-end review
  • Salary and dividend planning
  • Shareholder loan strategy

Corporate Tax Filing for Healthcare

  • T2 preparation and filing
  • Professional corporation rules
  • From $400, including HST

Healthcare Accounting & Bookkeeping

  • Monthly OHIP reconciliation
  • Shareholder loan tracking
  • From $100/month, including HST

Incorporation for Doctors

  • Professional corporation setup
  • Year end date selection
  • CPSO certificate coordination

A Close That Confirms, Not One That Excavates.

Gondaliya CPA reconciles your OHIP billings to remittances, sets the revenue cut-off and establishes receivables, quantifies the shareholder loan before it becomes income, records the accruals, capitalises your equipment correctly, holds the working papers behind every figure, and files the T2 from a properly closed year. T2 from $400. All fees include HST.

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Flat-Fee, Including HST
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