The federal government has announced that applications for the 75 per cent wage subsidy for qualifying businesses will open on April 27th. How to apply for CEWS? Option 1: Let us help you. We are able to apply on your behalf through the … [Read more...]
Just for Doctors Newsletters
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Apr, 2020 Christmas in April: Get your $40,000 interest-free loan now!
April 14, 2020 by
The Canada Emergency Business Account (“CEBA”) is on the launch pad. On April 9, 2020, the major banks began accepting CEBA applications. Here is a summary of the rules, now that banks have begun to accept your application. Up to $40,000 … [Read more...]
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Apr, 2020 The Canada Emergency Wage Subsidy (CEWS) – UPDATE
April 14, 2020 by
On April 11, 2020, the Canada Emergency Wage Subsidy legislation was passed. Here is a final summary of the important details of the program. What employers are eligible for the CEWS? Eligible entities include individuals, corporations and … [Read more...]
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Apr, 2020 Accessing Wage Subsidies
April 6, 2020 by
Many doctors right now are seeing significant reductions of their incomes as a result of the COVID-19 crisis. If the doctors were on salaries prior to the crisis and have now seen a 30% or greater drop in income for March, and are expecting the same … [Read more...]
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Apr, 2020 The Canada Emergency Wage Subsidy – What does it mean to you?
April 2, 2020 by
Here are the highlights of the Wage Subsidy as released by Finance Minister Bill Morneau on April 1, 2020. No draft legislation has been released yet, but you can expect that the details of the program will be refined. Here is the … [Read more...]
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Mar, 2020 What you need to know about the COVID-19 Economic Response Plan
March 23, 2020 by
The government just released its Economic Response Plan. Here are the changes that you should be aware of. Tax deferral-business: Businesses are able to defer payment of income tax until September 1, 2020. This deferral applies to tax balances and … [Read more...]
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Mar, 2020 Your investments and the coronavirus
March 16, 2020 by
Investors are already facing the devastating impact of the coronavirus. The stock market went into free fall in early March, eradicating many years of investment gains. Looking at the ruins of a prosperous investment portfolio, investors are … [Read more...]
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Mar, 2020 Payments for Non-residents Medical Expenses
March 16, 2020 by
You will be pleased to know that any medical payments you make for the child or grandchild who does not reside in Canada may still qualify for the medical expenses tax credit. In a Technical Interpretation, CRA confirmed that, to claim a medical … [Read more...]
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Mar, 2020 How the corporate tax deferral can secure early retirement
March 3, 2020 by
If your corporation’s income is taxed at a low tax rate of say 11 per cent, it means $89 out of every $100 of practice income is retained in the corporation. The tax deferral benefit will have a huge impact on your retirement savings. Suppose … [Read more...]
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Mar, 2020 Stock market plunge creates tax planning opportunities
March 3, 2020 by
While you wait for your investment portfolio to fully recover from the recent drop in the market, here are some tax planning ideas to consider. Tim Cestnick, well known for his columns in the Globe and Mail, makes these suggestions. Sell the … [Read more...]
