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...]
Just for Doctors Newsletters
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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...]
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Feb, 2020 What should your investment mix be when you retire?
February 4, 2020 by
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...]
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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...]
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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...]
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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...]
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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...]
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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...]
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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...]
