Unable to have summer jobs, many students face the new school year with precious few savings. Are there any solutions? There are a number of government funded programs that provide funds toward the cost of post-secondary education. The Canada … [Read more...]
Just for Dentists Newsletters
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Jul, 2020 The revised CEWS: How do the new rules work?
July 30, 2020 by
The government released draft legislation regarding a redesigned Canada Emergency Wage Subsidy (CEWS). Here are the highlights of the key changes. The CEWS was extended to November 21, 2020 with a potential further extension to December 31, … [Read more...]
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Jul, 2020 Contributing to the CPP past age 65
July 14, 2020 by
If you work until age 65, you have no choice but contributing to the CPP. If you are 65 to 70 years of age and you continue to work you can choose not to make CPP contributions. If you continue to work after age 65 while receiving the CPP retirement … [Read more...]
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Jul, 2020 You need proof of total km driven when you claim auto expenses
July 14, 2020 by
When CRA audits your auto expenses, you not only need proof for the expenses incurred but you also have to substantiate the total kilometres driven. This fact was highlighted in a Tax Court of Canada case. The taxpayer, Ms. Wallens, used her … [Read more...]
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Jul, 2020 Three Ways To Boost The Value Of Your Practice
July 14, 2020 by
Hygiene. Increase the hygiene component to ideally 35%- 40% of total practice revenues. Nothing moves the practice value needle more than a productive hygiene department. Many purchasers pay twice for the goodwill of hygiene revenues than dentist … [Read more...]
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Jun, 2020 It’s Christmas in July for Our Seniors
June 29, 2020 by
If you are a senior eligible for the OAS pension you will receive a payment of $300 and those of you who are eligible for the GIS will receive an additional $200. This is a special one-time tax-free payment from Santa in Ottawa that will be delivered … [Read more...]
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Jun, 2020 The 1.99% five year fixed mortgage rate is here!
June 29, 2020 by
HSBC is offering a 1.99% fixed mortgage rate for default-insured mortgages. The uninsured five-year fixed rate is about 2.29%. You only need a down payment of 20% of the purchase price. Compared to the 2.99% rate in the market today, a $1 million … [Read more...]
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Jun, 2020 CRA loan interest of 1% will boost income splitting loans
June 29, 2020 by
Effective July 1, 2020, the prescribed rate of interest will drop from 2% to 1%. The 2% rate was established on April 1, 2018. It is fantastic news for those in a high tax bracket who want to transfer investment income to family members in a lower … [Read more...]
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Jun, 2020 Tax tips for employees who work from home during COVID-19
June 16, 2020 by
If you are working from home, you are eligible to deduct home office expenses, if you meet at least one of the following conditions: The home office space is where the employee principally does the work (meaning more than 50% of the time), or … [Read more...]
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Jun, 2020 The Current State of Dental Transitions
June 16, 2020 by
The COVID-19 crisis has a particularly big impact on dentists 65 years or older as they are now forced to reassess their exit strategy. The retirement age of dentists has been creeping up over the years and is now at 69.4 years of age. A dentist … [Read more...]
