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...]
Just for Doctors Newsletters
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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...]
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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...]
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Apr, 2021 Federal Budget 2021: What You Need to Know!
April 20, 2021 by
After waiting more than two years without a Federal Budget, there was a lot of angst among taxpayers fearing Draconian tax measures to help pay for the ballooning deficit. The good news is that the 724 pages of yesterday’s budget did not contain … [Read more...]
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Mar, 2021 What a tax audit will most likely focus on
March 24, 2021 by
Here is a shortlist of common tax mistakes which trigger reassessments. Automobile expenses When claiming auto expenses, you need to provide evidence supporting the auto expense allocation between business and personal use. The tax auditor … [Read more...]
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Mar, 2021 The BC Small Business Recovery Grant
March 24, 2021 by
On March 4, 2021, B.C. updated the eligibility for the Business Recovery Grant. This grant ranges from $10,000 to $30,000, depending on the size of your business. It is based on pre-COVID annual revenues as follows: Pre-COVID annual … [Read more...]
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Mar, 2021 The PST Rebate on Equipment Purchases
March 24, 2021 by
The British Columbia government will allow incorporated professionals and other businesses to apply for a 100 per cent rebate of PST paid between September 17, 2020 and September 30, 2021 (“Eligible Time Period”) on purchases or leases of select … [Read more...]
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Mar, 2021 The one-time, tax-free payment of $1,000 for B.C. Residents
March 24, 2021 by
The B.C. Recovery Benefit is a one-time, tax-free payment of: $1,000 for families with incomes under $125,000. Families earning up to $175,000 will qualify for a reduced benefit amount. Single-parent families also qualify for these benefit … [Read more...]
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Mar, 2021 A Great Tax Shelter-Soon to Disappear
March 3, 2021 by
Many dentists 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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Mar, 2021 The 2021 financial challenge: saving for retirement
March 3, 2021 by
The year 2020 was a time that everyone wants to forget. The pandemic disrupted our lives in unimaginable ways. It brought our economy to its knees, forcing the closure of many thriving businesses. Medical clinics were not spared either. The … [Read more...]
