Many dentists are taking advantage of a tax strategy of converting the regular dividends from their corporations into a capital gain generating huge savings. To illustrate, the capital gains tax on $200,000 of income from the corporation is about … [Read more...]
Just for Dentists Newsletters
28
Jan, 2021 CPP Tax Hike Hurts All Canadian Workers
January 28, 2021 by
The maximum pensionable earnings and contribution rate for 2021 have now been released and are a surprise to many; the cost of CPP is significantly increasing. Year Max. Pensionable Earnings ($) Employer/ee Contribution Rate (%) Max. Annual … [Read more...]
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Jan, 2021 Ordinary Canadians Pay 40% of all Capital Gains Taxes
January 28, 2021 by
40% of Canadians who pay capital gains taxes earn less than $100,000 a year. There is a common misperception that capital gains taxes are only paid by rich Canadians. “Despite what many Canadians believe, most capital gains taxes are paid by … [Read more...]
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Jan, 2021 Hurry: January 31 is deadline for the wage subsidy application
January 13, 2021 by
January 31, 2021 is the deadline for application of the Canada Emergency Wage Subsidy for Period 1 (based on March 2020 revenue) through to Period 5 (based on July 2020 revenue). If you would like our firm to assist you in the calculation of your … [Read more...]
13
Jan, 2021 The extra $20,000 CEBA loan – Think Twice before You Apply
January 13, 2021 by
The expanded CEBA loan program provides for a $60,000 loan, of which $20,000 will be forgiven provided the loan is repaid by December 31, 2022. Businesses and professionals that have not yet applied for the original CEBA loan will be required to meet … [Read more...]
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Dec, 2020 $20,000 top up of the $40,000 CEBA loan
December 7, 2020 by
The federal government has officially expanded the Canada Emergency Business Account (CEBA). Starting immediately, you can get another $20,000 in loan funding on top of the $40,000 you can already access. To apply for the additional funding, … [Read more...]
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Nov, 2020 The new Canada Emergency Rent Subsidy (CERS)
November 30, 2020 by
The Canada Emergency Rent Subsidy (CERS) was just announced, and it will replace the Canada Emergency Commercial Rent Assistance (CECRA) program. The CERS will be similar to the CECRA, as it will provide rent relief for small businesses and … [Read more...]
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Nov, 2020 Make year-end tax planning your number No. 1 priority
November 23, 2020 by
Here are some year-end tax planning ideas of how you can reduce your income tax bill for 2020. 1. Strip money from Inc. at capital gains tax rates Ponder for a moment the B.C. personal tax rates for 2020 when your income exceeds … [Read more...]
10
Nov, 2020 Would you like some tax-free income?
November 10, 2020 by
The most significant tax-free receipt is the principal residence exemption. However, there is other income that is not taxed, such as: inheritances and bequests from a deceased person any gifts, provided they are not disguised as employment … [Read more...]
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Nov, 2020 When the sale of your home becomes taxable
November 10, 2020 by
When you sell your principal residence, you are not guaranteed a tax-free sale. It depends on your situation. If you use the principal residence exemption (PRE) quite a bit more than the average Canadian, you will draw the attention of the tax … [Read more...]
