Spoiler alert: the dividend to capital gain conversion survived Here is an executive summary of Tuesday’s Budget: No Tax Rate Reductions– the 2019 Federal Budget contained no personal or corporate tax rate reductions. Intergenerational … [Read more...]
Just for Doctors Newsletters
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Mar, 2019 Life after medicine: retirement tips from doctors who are already there
March 21, 2019 by
The American Medical Association surveyed 1,200 retired physicians for its 2018 report on retired physicians to find out what makes for a successful retirement. The report found a large majority of retired doctors – 80 per cent – have a satisfying … [Read more...]
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Mar, 2019 Should you delay receiving old age security benefits?
March 21, 2019 by
Anybody age 65 or older who has lived in Canada for at least 40 years after age 18 is eligible to receive the maximum Old Age Security (“OAS”) benefit. For the first quarter of 2019, the maximum monthly payment is $601.45. No contributions are … [Read more...]
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Mar, 2019 Tax Deduction Checklist
March 7, 2019 by
Meals and Entertainment Maximum amount that can be claimed is 50% of the actual cost of food, beverages and entertainment and incurred. The 50% limit also applies to gift certificates for food and beverages and tickets to … [Read more...]
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Feb, 2019 Plan your 2019 Taxes Now and Save Big!
February 20, 2019 by
Many doctors are taking advantage of a tax strategy of converting the regular dividends from their corporations into a capital gain generating huge savings. To illustrate, the capital gains tax on $200,000 of income from the corporation is about … [Read more...]
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Feb, 2019 Setting Up a Corporate Health Plan
February 20, 2019 by
The beauty of setting up a corporate health plan is that it allows you to write off medical and dental expenses for yourself and your dependents against your medical income, without creating a taxable benefit. Not having to report personal medical … [Read more...]
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Feb, 2019 Practice Expenses Tax Auditors Love to Challenge
February 5, 2019 by
Many practice expenses, including conferences and travel, have a personal component giving lots of opportunity for a CRA auditor to argue they are not practice-related but personal in nature. There are three tests you must meet for a … [Read more...]
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Feb, 2019 Investment Advice From John Bogle, the Late Founder of Vanguard
February 5, 2019 by
In 1975, John C. Bogle, the founder of Vanguard Investments, invented the first low cost index mutual fund which put millions of dollars into the pockets of many investors of moderate means. Bogle’s innovative idea was that index funds, consisting of … [Read more...]
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Jan, 2019 Maximizing Income During Retirement
January 18, 2019 by
When planning for income during your retirement years, most of us use the golden rule of a 4% retirement withdrawal rate. If you and your spouse want $100,000 of income at age 65, you need investment assets of $2,000,000, including OAS and CPP … [Read more...]
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Jan, 2019 Making Your Home Mortgage Tax Deductible
January 18, 2019 by
To minimize the after-tax cost of the mortgage payment, consider the following scenarios to deduct the mortgage interest for tax purposes. The sale and buy back You own personal investments worth $300,000. You sell the … [Read more...]
