With all the ups and downs in the stock market, it is a Herculean task to manage your stocks. Here are some tax tips to consider before you sell any more shares. Watch the capital dividend account. When your corporation sells shares at a gain, 50% … [Read more...]
Just for Doctors Newsletters
24
Nov, 2022 Highlights of the 2022 Federal Economic Update
November 24, 2022 by
The Department of Finance announced a few personal tax measures which may impact you. Minimum tax for high earners The government reaffirms its commitment to examining a new minimum tax regime for wealthy individuals, as announced in the … [Read more...]
21
Oct, 2022 The tax benefits of splitting pension income
October 21, 2022 by
One easy way to minimize your tax burden when you are retired is pension income splitting. Pension income splitting is for Canadian residents who are married and, usually, where the recipient spouse is aged 65 or older. It allows them to make a … [Read more...]
21
Oct, 2022 Ever heard about the Land Owner Transparency Act (LOTA)?
October 21, 2022 by
What you need to know about the Land Owner Transparency Act (LOTA). Filing deadline is November 30, 2022! On November 30, 2020, the Land Owner Transparency Act (LOTA) came into effect and with it the Land Owner Transparency Registry (LOTR). … [Read more...]
21
Oct, 2022 New Reporting Requirements for Trusts!
October 21, 2022 by
There are new rules applicable to taxation years on or after December 31, 2022, which require trusts, including bare trusts, to annually file T3 trust income tax returns and disclose the following: name and address; date of birth; … [Read more...]
8
Sep, 2022 Stock market is down? Good time for an estate freeze!
September 8, 2022 by
What is an estate freeze? An estate freeze refers to transfer of the future growth of your corporate investments into the hands of your children. An estate freeze limits the value of your estate reflected in your corporate holdings at the date the … [Read more...]
8
Sep, 2022 The deadline for PST rebate is October 3, 2022!!
September 8, 2022 by
The British Columbia government allows incorporated professionals and other businesses to apply for a 100 per cent rebate of PST paid between September 17, 2020, and March 31, 2022 (“Eligible Time Period”) on purchases or leases of select machinery … [Read more...]
8
Sep, 2022 Should you defer the OAS pension until 70?
September 8, 2022 by
If you defer the OAS pension to age 70, the pension will be 36% greater than at age 65. Many choose to take the OAS at age 65 for several reasons. You need the pension for retirement income. The 36% increase in OAS at age 70 is less than the 42% bump … [Read more...]
8
Sep, 2022 Immediate Write-off of eligible assets
September 8, 2022 by
If you are an individual, partnership or a professional corporation, you can now immediately write off up to $1.5 million of eligible assets each year that you acquired after April 9, 2021 that become available for use before January 1, 2024. The … [Read more...]
12
Apr, 2022 The Federal Budget 2022 in a Nutshell
April 12, 2022 by
Student loan forgiveness for rural doctors – Up to $60,000 in loan forgiveness for doctors working in rural or remote communities. Personal and corporate tax – No rate increase. Capital gains inclusion rate – Remains at 50%. … [Read more...]
