Pharma Tax

Pharma Tax Tax savings, pharmacy growth, and wealth building. For dentists, pharmacists & physicians. Pharma Tax is now Rx Dental! What would you do with an extra $30,410?

Same team, same expertise, and the same commitment to helping you succeed. We proudly serve pharmacists, dentists, and physicians across Canada. We help healthcare professionals pay less tax, start and grow your clinic or pharmacy, and build long-term wealth. The #1 expense for most healthcare professionals in Canada is tax. With average tax rates hovering around 43%, almost half of what you earn

could be going to the CRA. Yet most accountants or financial advisors don’t take the time to proactively plan for your taxes. When was the last time someone sat down with you to analyze your business and personal finances, to find you the tax savings you deserve? Most accountants are too busy just filing tax returns...

…and most financial advisors only focus on your investments. Worse, many are generalists who don’t understand how pharmacies, dental clinics, or medical practices actually operate. As a result, many healthcare professionals overpay taxes by $9,328 to $30,410 every single year. We’re not just another group of accountants and financial advisors. We are healthcare tax and financial experts, ready to take you—and your practice—to the next level.

Thinking about making a big investment in your practice, but not sure if you can actually afford it?Maybe you're conside...
09/01/2026

Thinking about making a big investment in your practice, but not sure if you can actually afford it?

Maybe you're considering hiring another associate.
Renovating the practice.
Buying new equipment.
Purchasing the building.
Or acquiring another location.

Your bank account might look healthy today, but there's a big difference between having the money to do something and being able to comfortably afford everything that comes afterward.

What happens to your cash flow?
What if revenue doesn't grow as quickly as expected?
What happens when loan payments, payroll and other expenses are added?
How much cash should you keep available?
And how does the decision affect your taxes and personal financial goals?

Too many practice owners make major decisions based on what they can afford today, without understanding what those decisions could mean 6, 12 or 24 months from now.

That's where forecasting matters.

Before making a major financial commitment, you should be able to see the potential impact on your business and make the decision with confidence.

Our team of specialists are equipped to provide pharmacists, dentists and physicians across Canada with proactive business planning, advice and forecasting, so that we can help you every step of the way.

If you're considering a big move for your practice, book a free consultation at rxdental.ca/start.

08/28/2026

Have extra cash but aren’t sure where it should go?

Pay down debt? Invest it? Keep it available?

There’s no universal right answer.

If your mortgage costs 3% but your investments could earn 7%, investing may look more attractive. But returns, taxes, risk, cash flow and your comfort with debt all matter.

The real question is: where can your money work hardest for you?

That answer is different for everyone, which is why personalized advice matters.

Not sure what your next move should be? Book a free consultation at rxdental.ca/start.

🎓 Did you graduate with unused tuition tax credits that you've completely forgotten about?After years of university, den...
08/27/2026

🎓 Did you graduate with unused tuition tax credits that you've completely forgotten about?

After years of university, dental school, medical school, pharmacy school, residency, or other post-secondary education, there's one number worth checking before assuming your tax bill is what it is:
Your unused tuition amount.

If you didn't earn enough income while you were in school to use all of your eligible federal tuition tax credits, the unused amount may have been carried forward.

And once you're earning enough income and paying federal tax, those carried-forward amounts can help reduce the federal tax you owe.

The good news?
You don't have to dig through a box of university paperwork to find out whether you still have some available.

You can check your CRA My Account or your latest Notice of Assessment to see your unused tuition amounts carried forward from previous years.

One important thing to remember: carried-forward tuition amounts generally have to be used once you have enough federal tax payable to claim them.

They aren't something you can simply choose to save indefinitely for a year when your income is higher.

If you're a newer pharmacist, dentist, or physician, make sure your accountant knows about any unused tuition amounts on your CRA account.

After spending years and thousands of dollars getting your education, don't overlook a tax credit you've already earned.

👉 Follow us for weekly tax tips designed specifically for pharmacists, dentists, and physicians.

Have you thought about what happens to your corporation if something happens to you?For many incorporated healthcare pro...
08/26/2026

Have you thought about what happens to your corporation if something happens to you?

For many incorporated healthcare professionals, estate planning is something that gets pushed aside while they focus on their practice, patients, and family.

But having only one will may not always be the most effective way to handle both your personal assets and the shares of your corporation.

For one of our clients, we worked with their legal team to put the right estate planning structure in place, including a personal will and a secondary will.

The goal was simple: properly plan for both their personal assets and their corporation, while creating a more tax-efficient transition for their estate.

The result?
💰 $4,410 in potential tax savings

It's another example of why financial planning isn't just about what you earn today. It's also about making sure what you've built is structured properly for the future.

If you're incorporated and haven't reviewed how your corporation fits into your estate plan, it may be worth taking a closer look.

Book a call at rxdental.ca/start

Your practice is profitable. But is it profitable enough?It's a question most practice owners can't answer.You might loo...
08/25/2026

Your practice is profitable. But is it profitable enough?

It's a question most practice owners can't answer.

You might look at your financial statements, see a profit, and hear your accountant say:
"Looks like you had a good year."

But compared to what?
Could your gross margin be higher?
Are your staffing costs reasonable?
Are certain expenses eating into your profit?
Is your practice actually performing as well as other practices of a similar size?

Without something to compare your numbers against, it's difficult to know where you're doing well and where there may be room to improve.

That's one of the advantages of working with an accountant who specializes in your industry.

At RX Dental, we don't just look at whether your practice made money.

We benchmark your performance against similar-sized practices in your industry to help identify where your numbers are strong and where there may be opportunities to improve profitability.

Because your financial statements shouldn't just tell you what happened last year.
They should help you figure out what to do next.

Want to know how your practice compares?

Book a free consultation at rxdental.ca/start.

08/21/2026

For successful healthcare professionals, earning the money is often the easy part.

Knowing what to do with it can be much harder.

And there isn’t one strategy that works for everyone.

At RX Dental, our clients save an average of $30,410 per year in taxes.

But the bigger goal is simple: keep more of what you earn and use it to build the future you want.

Book a free online consultation at rxdental.ca/start.

Do you transfer money from your corporation to your personal account whenever you need it?If you're incorporated, there'...
08/20/2026

Do you transfer money from your corporation to your personal account whenever you need it?

If you're incorporated, there's an important distinction to understand:
Money in your corporation isn't automatically your personal money.

We see this mistake all the time. A practice owner needs $5,000 personally, transfers it from the corporate bank account, and assumes they'll figure it out at tax time.

But every time money leaves your corporation for your personal benefit, your accountant needs to know what that payment represents.

For example, it might be:
✔ Salary or bonus
✔ A dividend
✔ Reimbursement for business expenses you paid personally
✔ Repayment of money you previously advanced to the corporation
✔ A shareholder loan

And those aren't all taxed the same way.

The real problems start when personal withdrawals accumulate throughout the year without being properly recorded.

What looked like a harmless transfer can create an unexpected shareholder loan balance and, depending on the circumstances and how long it remains outstanding, potentially result in taxable income.

Have a plan for how you're going to take money out of your corporation, keep your bookkeeping up to date, and talk to your accountant before making large personal withdrawals.

A little planning today can prevent a much bigger tax surprise later.

👉 Follow us for weekly tax tips designed specifically for pharmacists, dentists, and physicians.

Could your family be paying more tax than necessary simply because of how income is being distributed?For many incorpora...
08/19/2026

Could your family be paying more tax than necessary simply because of how income is being distributed?

For many incorporated healthcare professionals, earning the income is only part of the equation. How that income ultimately flows to you and your family can have a significant impact on the total tax you pay.

Income splitting can create valuable tax-saving opportunities, but the rules are complex. If it isn't structured and implemented correctly, the strategy may not produce the intended result.

Recently, our team reviewed a client's situation and identified an opportunity to implement an income-splitting strategy using our specialized tax planning knowledge.

The result? $6,342 in tax savings every single year.

That's money the client can now keep, invest, or put toward their family's financial goals instead of unnecessarily losing it to taxes.

The opportunity was there. They simply needed the right plan to take advantage of it properly.

👉 Book a consultation at rxdental.ca/start and discover what opportunities may exist in your own tax plan.

Do you make good money but still wonder where it all goes?It's a surprisingly common feeling among successful pharmacist...
08/18/2026

Do you make good money but still wonder where it all goes?

It's a surprisingly common feeling among successful pharmacists, dentists, and physicians.
Your income is high.

Your practice is doing well.
You're working hard.
Yet somehow, you don't feel like you're building wealth as quickly as you expected.

Here's the problem:
A high income doesn't automatically create wealth.

Between taxes, mortgages, practice debt, lifestyle expenses and excess cash sitting without a strategy, a lot of money can come in without actually moving you closer to financial freedom.

Earning the money is only step one.
What you do with it is what matters.

Are you minimizing taxes where possible?
Are you investing consistently?
Are you paying down the right debt?
Is your corporate cash being put to work?
Do you actually know how much you need to become financially independent?

These decisions are what turn a successful career into lasting wealth.

Because after decades of working hard and earning a high income, you shouldn't have to look back and wonder:
"Where did all that money go?"

Book a call at rxdental.ca/start and let's start saving that hard-earned cash.

08/14/2026

Do you only hear from your accountant once a year?

Documents go in. Returns get filed. You pay the tax.

Then... nothing until next year.

That's tax filing. It's not tax planning.

🎥 Watch the video to see why your accountant shouldn't disappear after tax season.
👉 rxdental.ca/start

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