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...]
Just for Doctors Newsletters
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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...]
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Feb, 2020 RRSP fees: from inside the RRSP or outside?
February 18, 2020 by
In a recent tax and estate planning report CIBC examined the question as to how best management fees for RRSPs should be paid. Should the fees come from inside the RRSP or be paid using outside funds? Intuitively, you might think that you would … [Read more...]
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Feb, 2020 Doctors stunned by large GST bills
February 18, 2020 by
CRA is reassessing health care professionals for amounts paid for services that do not qualify as exempt medical services. The amounts assessed including interest and penalties can well be over $100,000. Reassessments relating to cost sharing … [Read more...]
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Feb, 2020 Rules around reassessment by the CRA
February 4, 2020 by
Once you receive the notice of assessment for your tax return, the CRA can reassess you up to three years from date of the original notice. There are some exceptions to the three-year rule you should be aware of. If you have made a … [Read more...]
