Money Management: Growing Your Practice & Retirement Planning

Each year, BCACC partners with MNP to offer our members expert guidance on the financial challenges unique to running a clinical counselling practice. These are designed to help you navigate everything from practice growth and tax compliance to retirement planning, so you can focus on your clinical work with confidence and peace of mind.

This year the topics are: Growing Your Practice & Retirement Planning for Counsellors

Each year, BCACC partners with MNP to offer our members expert guidance on the financial challenges unique to running a clinical counselling practice. These are designed to help you navigate everything from practice growth and tax compliance to retirement planning, so you can focus on your clinical work with confidence and peace of mind.

This year the topics are:

Session 1: Growing Your Practice

This session explores the financial and operational considerations when expanding your clinical counseling practice.   Participants will learn:

• Contractor vs. employee classifications & compensation structure : Understanding CRA requirements for T4A vs. T4 slips, tax withholding obligations, paying associates and fee arrangement considerations
• Payroll and tax compliance: Setting up compliant payroll systems, managing CPP and EI contributions, and year-end reporting requirements dos and don’ts
• Administrative: expense tracking systems, and bookkeeping best practices as you scale
• Growth Strategies – Organic, Startup, Acquisition : financing, legal and tax considerations to be mindful of as you look to expand your practice  

Session 2: Retirement Planning for Counsellors

This session addresses retirement planning strategies specifically for self-employed clinical counsellors in Canada. Participants will learn:

• RRSP strategies for self-employed professionals: Maximizing contribution room, understanding tax-deferred growth, and self-directed RRSP options
• TFSA vs. RRSP considerations: Determining which registered savings vehicle is most advantageous
• CPP optimization: How to contribute to CPP as a self-employed person (paying both employer and employee shares) and when to start collecting benefits
• Retirement savings benchmarks
• Long-term financial planning: Building emergency funds, planning for irregular income months, and integrating personal wealth goals with practice growth

ABOUT THE PRESENTERS:

Kerry Smith, CPA, CA, TEP, is a Partner within MNP’s Professional Services team and National Leader of Family Office Services, part of MNP’s Private Enterprise group. Based in Vancouver, Kerry provides a comprehensive suite of services custom-designed to meet the unique needs of private enterprises and complex Canadian families. Kerry oversees the delivery of Family Office Services and helps his clients clarify and achieve their personal, family and business goals. With a strong focus on incorporated professionals and professional service firms, Kerry provides efficient and effective accounting, taxation and consulting services. He takes pride in looking beyond tax returns and financial statements to help clients achieve their personal and business goals.

Kerry builds strong relationships with clients, ensures that cross-functional teams within MNP are meeting their needs and responds to enquiries in a timely manner. He draws on past experience with the firm’s Professional Services team as well as two years overseeing the financial planning of high net-worth families to assist professionals with all aspects of their business, including cash flow management, debt repayment, retirement, and strategic tax and estate planning.

Ryan Brown is a Partner with MNP’s Assurance and Accounting Services team in Vancouver, and Professionals Services team member, providing tailored accounting, tax and consulting advice to incorporated professionals. Upfront and accessible, he delivers easy-to-understand tax planning strategies that provide peace of mind, so clients can focus on their personal and business goals.

Ryan helps small business owners and a wide range of professionals, including doctors, dentists, lawyers, and veterinarians. He takes pride in being a tax and accounting advisor who goes beyond the annual compliance work of completing financial statement and tax return filings. His forward-looking advice includes strategies for clients wanting to pay off debt and plan for a down payment tax efficiently, save for retirement, income split, and transition their business.

He delivers presentations to medical and dental groups as well as to schools on key issues, such as incorporation, Canadian tax updates, and corporate investment strategies.