Sophie is looking forward to start her post-secondary education. To pay for the university fees of $15,000, which includes $7,000 of tuition fees, her mom is planning to use the RESP, which has a balance of $90,000. In addition to her contribution of … [Read more...]
Just for Doctors Newsletters
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Sep, 2020 Are you on track to retire on time?
September 8, 2020 by
To determine your retirement income, you have to consider all the variables, such as your current age, your anticipated retirement age, your current income, and your target retirement income. According to Fidelity Investments, you should be able … [Read more...]
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Aug, 2020 August 31, 2020 deadline for business loan and rent relief!
August 27, 2020 by
CEBA (Canada Emergency Business Account) Please note that the deadline to submit an enrollment request form under the CEBA program is August 31, 2020. If your total employment income paid in the 2019 calendar year was greater than $20,000 and … [Read more...]
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Aug, 2020 New CRB $400/week benefit and other goodies!
August 23, 2020 by
Four days ago, our new Minister of Finance Chrystia Freeland announced new measures to support Canadian workers through the next phase of the recovery. CERB Extension CERB to date has paid out about $70 billion to over 8.5 million Canadians. Prior … [Read more...]
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Aug, 2020 Extension of tax payment deadlines and interest relief
August 11, 2020 by
Payment deadline extension CRA is extending the payment due date for the current year individual, corporate, and trust income tax returns including instalment payments from September 1, 2020 to September 30, 2020. Penalties and interest will not be … [Read more...]
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Aug, 2020 How to pay for post-secondary education in the year of COVID-19
August 11, 2020 by
Unable to have summer jobs, many students face the new school year with precious few savings. Are there any solutions? There are a number of government funded programs that provide funds toward the cost of post-secondary education. The Canada … [Read more...]
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Jul, 2020 The revised CEWS: How do the new rules work?
July 30, 2020 by
The government released draft legislation regarding a redesigned Canada Emergency Wage Subsidy (CEWS). Here are the highlights of the key changes. The CEWS was extended to November 21, 2020 with a potential further extension to December 31, … [Read more...]
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Jul, 2020 Teaching Your Children About Money
July 14, 2020 by
As a high income earner you are in the fortunate position to meet every need of your children. It is nice to spoil them sometimes without going overboard. The danger is that you make them financial dependent on you and take away their self- reliance. … [Read more...]
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Jul, 2020 Contributing to the CPP past age 65
July 14, 2020 by
If you work until age 65, you have no choice but contributing to the CPP. If you are 65 to 70 years of age and you continue to work you can choose not to make CPP contributions. If you continue to work after age 65 while receiving the CPP retirement … [Read more...]
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Jul, 2020 You need proof of total km driven when you claim auto expenses
July 14, 2020 by
When CRA audits your auto expenses, you not only need proof for the expenses incurred but you also have to substantiate the total kilometres driven. This fact was highlighted in a Tax Court of Canada case. The taxpayer, Ms. Wallens, used her … [Read more...]
