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...]
Just for Doctors Newsletters
18
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...]
18
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...]
7
Jan, 2019 A Home Equity Line of Credit for a Tax-free Retirement
January 7, 2019 by
Doctors are uniquely placed to reap the benefits of a Home Equity Line of Credit (HELOC). Substantial earnings, home ownership, and financial stability mean that tapping into the equity of your home to supplement your income at retirement is a great … [Read more...]
7
Jan, 2019 The B.C. Speculation and Vacancy Tax (SVT) – What You Need to Know
January 7, 2019 by
All owners of residential property in designated B.C. areas including corporate owners, partnerships and trustees, must make an annual declaration to report the residential property and either claim an exemption from the SVT or pay the tax. For … [Read more...]
17
Dec, 2018 Three Ways You Can Still Split Income
December 17, 2018 by
Over the last year we have been working with many doctors to minimize the drastic increase in personal taxes as a result of the Tax On Split Income (TOSI) rules. Here are three strategies that allow you to still income split with family members in … [Read more...]
17
Dec, 2018 Pay off Your Debts Quickly and Start Living
December 17, 2018 by
“Always live within your income, even if you have to borrow money to do so.” - Josh Billings Bank loans and mortgages are a fact of life for most of us, and doctors are no exception. Most young doctors start their career with no assets and big … [Read more...]
17
Dec, 2018 Permanent Insurance as a Retirement Vehicle
December 17, 2018 by
Many insurance agents will try to sell you a permanent life insurance policy as a retirement vehicle. They’ll tell you it’s a great forced savings vehicle that grows with taxes deferred, just like an RRSP, and then offers the option to receive those … [Read more...]
3
Dec, 2018 5 Big Estate Planning Mistakes
(and How to Avoid Them)
December 3, 2018 by
Not having an updated will One of the biggest mistakes in planning for your heirs is not to have an estate plan at all. If you do not have an updated will, you are not alone. According to a survey by BC Notaries, only 55 per cent of BC residents … [Read more...]
3
Dec, 2018 Don’t let the CRA Grinch ruin your Christmas party
December 3, 2018 by
Before you uncork the Dom Perignon champagne to celebrate another successful year with your employees, you need to check the rules regarding taxable employment benefits for staff. Basically, CRA’s position is: “If you provide a free party or other … [Read more...]
