The key principle of investing is determining the composition of your portfolio based on your risk preference. The life-cycle investing theory dictates your asset allocation should shift as you age from more to less risky investments. The theory is … [Read more...]
Just for Doctors Newsletters
20
Jan, 2020 The Perils of Buying Cash Value Life Insurance
January 20, 2020 by
Financial advisors are targeting high net worth individuals with a strong cash flow. The scheme is to make large deposits in a life insurance policy which creates an early cash surrender value (CSV). Then they arrange for a loan secured by the CSV. … [Read more...]
20
Jan, 2020 New Subsidy for BC Doctors Who Pay Rent or Ownership Expenses
January 20, 2020 by
Starting April 1, 2020, eligible doctors will be able to claim extra fees for consultation, visit, counselling and complete examination services to help cover the rising rent or ownership costs of their office, including mortgage, utilities, property … [Read more...]
7
Jan, 2020 Maximizing Your Interest Expense Deductions
January 7, 2020 by
Here are some tax planning tips to make the most of interest expense write offs. There are three tests you must meet in order to deduct interest on borrowed money. There must be a legal obligation to pay the interest. This can become an issue … [Read more...]
7
Jan, 2020 Tax Changes Becoming Effective January 1, 2020
January 7, 2020 by
As part of the federal tax changes which came into effect January 1, 2020, there is an increase in the basic personal which is being phased in over four years until it reaches $15,000 in 2023. For 2020 the exemption amount increased to $13,229 … [Read more...]
23
Dec, 2019 When Your TFSA Income Becomes Taxable
December 23, 2019 by
The TFSA is a great choice to build wealth because the income accumulates tax-free. However there is one instance when the income inside the TFSA becomes taxable, and that is on US dividend stocks. Under US tax law, there is a 30% withholding tax on … [Read more...]
23
Dec, 2019 A Portfolio With a Crazy Low Management Fee of 1/10 of 1 Per Cent
December 23, 2019 by
Management fees can take a big bite out of your investments. $100,000 invested for 20 years at 8% will yield $470,000. With a 2% management fee, the investment shrinks to $325,000, a drop of $145,000 or 30% of the portfolio. You are basically … [Read more...]
10
Dec, 2019 The Best Book on Investing Ever Written
December 10, 2019 by
The greatest practical investment thinker and one of the best investors was Benjamin Graham. When the book; " The Intelligent Investor” was first published in the 1950s, it was hailed as the best book about investing to the general public ever … [Read more...]
10
Dec, 2019 Charitable Giving Costs Less Than You Think
December 10, 2019 by
Making a donation before December 31, 2019 not only benefits your favourite charity but also reduces your income taxes. The amount of tax savings depend on whether you make a cash donation or a gift of assets, including the securities, artwork or … [Read more...]
24
Nov, 2019 Year-End Tax Saving Strategies for Doctors
November 24, 2019 by
As we approach the year-end, there is no better time than now to compile your checklist of tax saving strategies to reduce your income tax bill for 2019. Reduce tax on shareholder draws If you took large draws from your corporation, … [Read more...]
