“You must pay taxes, but there’s no law that you have to leave a tip”
Morgan Stanley
We take care of everything else
We cater to over 1000 busy physicians and medical corporations across Canada.
We minimize the stress and burden of your finances by:
Understanding the issues related to your personal and corporate finances including common medical billing arrangements, real estate, investments and insurance
Corresponding directly with your financial advisors, bank, lawyer and CRA on your behalf
Minimizing your taxes using well-conceived strategies defendable in the very unlikely event of an audit
Who We Work With
Residents & Fellows
Bokhaut prepares basic personal tax returns for resident physicians and their spouses free of charge.
Our expertise is in areas including:
✓ Tax treatment of fellowship and scholarship income earned in Canada and abroad
✓ Coordinating US and Canadian tax filings
✓ Resident retention grants and loans
✓ Moving expenses and relocation incentives
✓ Expenses common to medical residents
Clinics
Our experience representing clinics are of particular help to small medical clinics without the need for a full time financial professional to manage their affairs. Services include:
✓ Arranging financing to purchase, establish or expand clinics
✓ Design and review of cost sharing and associate agreements
✓ Tax planning associated with clinics
✓ Goods and Services Tax issues
✓ Structuring compensation for associate physicians
Physicians
Our services are designed to allow physicians to fully understand their finances while eliminating the task of administering their finances. Our services include:
✓ Providing an independent second opinion on all financial decisions
✓ Sourcing other professionals with experience servicing physicians
✓ Corresponding with CRA on all matters
✓ Decision to incorporate or to dissolve a corporation
✓ Tax planning for investment and real estate income
✓ Corporate reorganizations and estate planning
Meet Our Team
Brad Bokhaut, CPA
Brad Bokhaut has been assisting physicians with their financial management needs since 1998.
Brad understands that busy physicians have complex financial and tax affairs and appreciate the services of a Chief Financial Officer – someone with the expertise to coordinate all their financial needs.
He has well established relationships with other professionals – lawyers, bankers, financial advisors, insurance representatives and others who also have significant experience servicing physicians, and accounting staff at various hospitals and medical clinics, and communicates with them directly.
Brad has been quoted in CMAJ and has delivered presentations on taxation issues for Doctors Manitoba, MD Management, Law Society of Manitoba, PARIM, Manitoba Clinic Management Group and various investment advisory firms.
Lainey Bokhaut, CPA
Lainey advises medical residents on financial management and helps them to build a foundation of financial literacy. She also works with practicing physicians, their medical corporations, and medical clinics.
Lainey teaches financial and taxation literacy to resident physicians of the University of Manitoba as part of the CMA Practice Management Curriculum.
Lainey sits on the Board and Audit Committee of the Jewish Foundation. She also coaches the Entrepreneurship team at Asper School of Business.
What Our Clients Think
At my first meeting with Brad when I was still a resident, he said, ‘You take care of your patients, I’l take care of everything else’. He has developed sophisticated, well conceived tax strategies and has assumed the full burden of implementing them. | have consulted with him on all significant financial decisions; | find his input valuable and easy to understand. | have referred many colleagues to Brad and they have all been delighted with his services.”
Brad has been my accountant for more than 18 years. His company has advised me through many transition periods – both professional and personal. They explain their strategies in a manner that I understand, and respond to my communications promptly. For busy medical professionals, there is no better peace of mind.
Brad and his team of experts were a breath of fresh air at a time when I was returning from an American fellowship, filing Canadian and US returns and transitioning to a large income stream change. With Brad’s guidance the transition was easy. Now my family has a sophisticated, tax efficient financial plan that I can proudly say I understand completely.
Brad has a way of breaking things down into simple terms, and helps you tailor your plan to your needs on an ongoing basis. Thank you Bokhaut Chartered Professional Accountant Inc.
As Executive Director of the UMG, I corresponded with Brad and his staff on a regular basis. I found them very knowledgeable on all matters pertaining to UMG / GFT affairs, issues such as special draws and financial reports issued by UMG. I found the firm developed an excellent rapport with GFT members, and responded quickly and clearly to requests for information and other questions. I highly recommend Bokhaut Chartered Professional Accountant Inc. to all GFT members and other physicians.
When I relocated to Winnipeg from Switzerland in 2004, I was impressed by Brad’s kindness and patience when explaining the Canadian tax system to me When I subsequently relocated to Toronto, a 10-year long distance relationship worked out perfectly thanks to his firm’s commitment to providing excellent service. Their highly specialized knowledge and well established network of ‘ancillary’ services such as law firms and financial institutions, and their timely and efficient interactions with these providers were indispensable to me. I respect Brad’s integrity and trustworthiness, and feel truly privileged
As an internist, I wouldn’t try to operate on someone’s hip. Why would I trust my professional taxes to someone who isn’t a specialist in my needs as a physician? To say he is superb feels like an understatement.
Bokhaut has provided exemplary service to my professional and personal financial needs for well over a decade. I enjoy
consistently high-caliber attentive and personalized advice that has been the hallmark of their work. I recommend them to my colleagues without reservation.
I feel that Brad’s firm really takes care of me. They understand how busy I am, and do whatever they can to make my life easier ~ client parking spots just steps from the building, reminding me continuously of tax deadlines, contacting my other advisors and bankers directly for information, and being available quickly when I need him.”
Blogs
Newly Announced Tax Opportunities for First Time Home Buyers
The ‘Tax-Free First Home Savings Account’ (FHSA) will become available to Canadians starting in 2023.
The Self-Employed Physician
How to Organize Yourself for Personal Tax Filing Step 1: Be Aware of Your Income & Expenses As a self-employed physician, fee-for-service income can come from a variety of sources, including various health authorities (WRHA, NRHA, IERHA, etc.),...
4 Common Tax Questions from Manitoba Resident Physicians
Unfortunately, a child care tax deduction can only be used to reduce taxable income to NIL; if there is any additional child care deduction that would reduce income further, that portion will be ‘lost’. Reducing a spouse with minimal income to nil income could allow...
