How to use it: type in your numbers (or keep the examples to see how it works), then watch the results change. Use the What if…? sliders to try things like hiring two people, a rent jump or a rate change. Pick up to 75 years. Use Save my numbers to keep a copy on your own computer. Nothing is sent to us.
What this planner does and does not include
- The starting numbers are examples only. Replace them with your own.
- Tax is simplified. It uses the rates and limit you see in the boxes (the example is 11% federal plus BC small business rate up to $500,000, and 27% above that), less any credits you enter. Check the current rates, and whether your business qualifies, with the firm.
- Not included: depreciation, GST/PST, personal tax on your pay or payouts, and month-to-month timing of cash. Work in yearly totals.
- Everything is a straight-line estimate. Growth, inflation and rates stay the same every year, which real life never does, especially over 75 years. Use the results to compare choices, not to predict.
- Information only. This is not tax, accounting, legal or financial advice.
Things to keep in mind for this type of business
- Equipment is a big one. Put what you expect to spend on chairs, imaging and computers in the yearly equipment box.
- Many health services are GST-exempt, which means you may not get back the GST you pay on costs. See our GST guide for BC health practitioners.
- Employer Health Tax can apply once your payroll is large enough. See our Employer Health Tax guide.
- If you pay associates a share of billings, put that share in the supplies and associate pay percentage.
Business help in BC
Links open other websites. Programs and rules change, so check each one is current.
- Doctors of BC – practice support and billing help for physicians
- College of Physicians and Surgeons of BC – licensing and practice standards
- BC Dental Association – practice resources for dentists
- Physiotherapy Association of BC – resources and advocacy for physiotherapists
- BC College of Nurses and Midwives – licensing for nurses and midwives
- Small Business BC – free advice, seminars and guides for starting and running a business
- Business Development Bank of Canada – financing and advisory services
- Community Futures – loans and support for small businesses across BC
- Futurpreneur – mentoring and start-up loans for entrepreneurs aged 18 to 39
- Innovate BC – support and funding for technology and innovation
- BC Registries – register or update a company, partnership or name
- WorkSafeBC – employer coverage, rates and safety
- CRA for businesses – GST/HST, payroll and corporate tax
- BC government taxes – PST, Employer Health Tax and more
- Vancouver Economic Commission – help for Vancouver businesses
- Greater Vancouver Board of Trade – networking and business community
- City of Vancouver: doing business – business licences and permits
- Our Employer Health Tax guide – plain-language guide from the firm
- Talk to the firm – book an initial consultation to go over your plan
Want advice for your own situation?
This free tool is a courtesy of HJ Wu & Company Inc. (CPA), a Vancouver CPA firm offering accounting, tax, financial reporting and review assurance. Feedback on the calculators is welcome.