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...]
Just for Dentists Newsletters
24
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...]
24
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...]
24
Nov, 2022 Making your mortgage tax deductible
November 24, 2022 by
If you have faced the unpleasant task of renewing your mortgage, you will no doubt have experienced the significant impact of the higher mortgage payment on your household budget. The mortgage interest rates have generally increased from about 3% in … [Read more...]
21
Oct, 2022 Selling your practice-a checklist
October 21, 2022 by
Consider the following points that will help you maximize your selling price: Focus on boosting your practice value, by improving revenues. Assemble a professional transition team. Ensure you will have enough money after the sale to lead … [Read more...]
21
Oct, 2022 The tax benefits of splitting pension income
October 21, 2022 by
One easy way to minimize your tax burden when you are retired is pension income splitting. Pension income splitting is for Canadian residents who are married and, usually, where the recipient spouse is aged 65 or older. It allows them to make a … [Read more...]
21
Oct, 2022 Ever heard about the Land Owner Transparency Act (LOTA)?
October 21, 2022 by
What you need to know about the Land Owner Transparency Act (LOTA). Filing deadline is November 30, 2022! On November 30, 2020, the Land Owner Transparency Act (LOTA) came into effect and with it the Land Owner Transparency Registry (LOTR). … [Read more...]
21
Oct, 2022 New Reporting Requirements for Trusts!
October 21, 2022 by
There are new rules applicable to taxation years on or after December 31, 2022, which require trusts, including bare trusts, to annually file T3 trust income tax returns and disclose the following: name and address; date of birth; … [Read more...]
8
Sep, 2022 Immediate Write-off of eligible assets
September 8, 2022 by
If you are an individual, partnership or a professional corporation, you can now immediately write off up to $1.5 million of eligible assets each year that you acquired after April 9, 2021 that become available for use before January 1, 2024. The … [Read more...]
8
Sep, 2022 Should you defer the OAS pension until 70?
September 8, 2022 by
If you defer the OAS pension to age 70, the pension will be 36% greater than at age 65. Many choose to take the OAS at age 65 for several reasons. You need the pension for retirement income. The 36% increase in OAS at age 70 is less than the 42% bump … [Read more...]
