Starting in April 2023, the new First Home Savings Account will allow prospective homeowners at least 18 years of age to save up to $40,000 for their first home. You can contribute up to $8,000 each year to the FHSA. You must use these funds within … [Read more...]
Just for Dentists Newsletters
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Feb, 2023 Tax Court decision denies dentist GST refund
February 6, 2023 by
The Tax Court of Canada denied dentist Dr. Axelrod claiming a GST refund on Input Tax Credits (“ITC’s”) claimed on his GST return. The supply of artificial teeth is considered a zero-rated supply meaning although no GST is charged to the patients, an … [Read more...]
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Dec, 2022 Key Takeaways when looking to buy a practice
December 19, 2022 by
There is a limited inventory of dental practices for sale. You may need to look at other options (e.g., starting your own practice or becoming a partner). The longer you have to wait for the perfect practice to come up for sale, the more your … [Read more...]
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Dec, 2022 The Multigenerational Home Renovation Tax Credit
December 19, 2022 by
If you have seniors or adults with disabilities living in your home, you will appreciate the new refundable tax credit. The new refundable tax credit would provide financial support when constructing a secondary suite for an eligible person to live … [Read more...]
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Dec, 2022 Exchange-traded funds (ETFs) are ideal for the tax loss-selling investor
December 19, 2022 by
Many investors love ETFs because of their low cost and liquidity. The ETFs are also suitable for those who engage in tax loss selling. Losses on the sale of ETFs are treated like losses on share sales, generating capital losses. However, when you … [Read more...]
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Dec, 2022 Gift Cards Now a Tax-Free Treat for Your Staff
December 19, 2022 by
Just in time for Christmas, CRA introduced a new policy on gifts and awards. CRA’s previous policy was that the first $500 of annual gifts and awards would be considered non-taxable benefits, however it would not apply to cash or near cash gifts. In … [Read more...]
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Dec, 2022 The new Canada Dental Benefit Plan
December 19, 2022 by
The Canada Dental Benefit (CDB) provides eligible parents with up to $650 tax-free, per year for 2 years, to pay for dental expenses for children under the age of 12. The plan is available exclusively to families who do not have access to private … [Read more...]
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Nov, 2022 Highlights of the 2022 Federal Economic Update
November 24, 2022 by
The Department of Finance announced a few personal tax measures which may impact you. Minimum tax for high earners The government reaffirms its commitment to examining a new minimum tax regime for wealthy individuals, as announced in the … [Read more...]
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Nov, 2022 Tax Tips to help manage your stock portfolio
November 24, 2022 by
With all the ups and downs in the stock market, it is a Herculean task to manage your stocks. Here are some tax tips to consider before you sell any more shares. Watch the capital dividend account. When your corporation sells shares at a gain, 50% … [Read more...]
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Nov, 2022 CRA keeps charging more interest on overdue taxes
November 24, 2022 by
The cost of not paying your taxes by the deadline keeps rising. The interest rate CRA charges on balances owing increased on October 1 to 7%, up from 6% for the previous quarter. For the first quarter of 2023, the interest rate will rise to … [Read more...]
