Most dentists are familiar with the Tax on Split Income (“TOSI”) rules that limit the ability to split income with spouses or other family members. There are a few common exemptions where TOSI does not apply such as when the family member worked more … [Read more...]
Just for Dentists Newsletters
13
Dec, 2024 Five Tax Planning Tips before December 31
December 13, 2024 by
The end of 2024 is near, however there is still time to take care of some tax planning items to ensure you don’t miss out on year-end tax savings! Capital Gain Loss Harvesting In previous years, a common tip was to consider selling any stocks … [Read more...]
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Dec, 2024 CRA Revokes Administrative Position for Dentist & Orthodontists GST refunds
December 13, 2024 by
The CRA has released GST Notice 339, revoking a long-standing administrative position that simplified dentists (and orthodontists) GST filings. Previously CRA had allowed dentists to claim a refund of GST paid on expenses based on an estimate of up … [Read more...]
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Jun, 2024 Capital Gain Tax Changes Coming June 25th Pass Vote
June 13, 2024 by
On Monday the Liberal government introduced a Notice of Ways and Means Motion to implement the proposed capital gains tax changes announced in the Spring Federal Budget. The motion passed with the support of the NDP and Bloc Quebecois. The … [Read more...]
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May, 2024 Planning for the Capital Gains Tax on your Real Estate Holdings
May 17, 2024 by
This is the final article of our three-part series on planning for the increased capital gains tax. Our first article outlined the upcoming changes to the capital gains tax and considered if you should pay that tax now or defer it into the … [Read more...]
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May, 2024 Accessing the Tax-Free Capital Dividend Account
May 16, 2024 by
This is part two of our three-part series on planning for the increased capital gains tax. Our last article outlined the upcoming changes to the capital gains tax. We considered whether or not you should pay that tax now at the lower 25% rate or … [Read more...]
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May, 2024 Planning for the Increase in Capital Gains Tax
May 14, 2024 by
This is part one of our three-part series on planning for the increased capital gains tax. On June 25, 2024, the federal government proposes to increase the capital gains inclusion rate. Currently, capital gains are only half taxable which means … [Read more...]
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Apr, 2024 The Federal Budget 2024 in a Nutshell
April 17, 2024 by
The 2024 Federal Budget (see link at bottom for complete budget) was released on April 16, 2024. The following are some of the key proposals announced. Enhancements to Home Buyers’ Plan (“HBP”) The budget proposes to increase the HBP limit from … [Read more...]
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Mar, 2024 2024 financial checklist for dentists
March 6, 2024 by
Here are a few ideas for your 2024 financial checklist to help put you into an even better financial position by this time next year. Despite the higher interest rates and fear of the recession in 2023, many dentists who invested in the stock … [Read more...]
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Mar, 2024 How much more CPP you will have to pay in 2024
March 6, 2024 by
Many income earners in 2024 will pay a larger portion of their salary toward Canada Pension Plan (“CPP”) contributions. Starting in 2024, the enhanced CPP now has two earnings ceilings. In the first tier employees contribute a portion of their … [Read more...]
