Instead of liquidating securities to fund donations, it may be more tax efficient to donate securities directly to charitable organizations. If you sell a security to obtain cash to donate, you generally need to pay tax on the profit earned, also known as a capital...
Many physicians in Canada have incorporated their practices, as there are significant tax benefits to doing so. This then provides incorporated doctors with two avenues to donation: Corporate Donations Personal Donations We are often asked, “should I make donations...
December is the month of giving. While deciding which charitable organizations you wish to support this year, the following donation tax credit information is good to keep in mind: What qualifies as a donation for tax purposes? To qualify for the donation tax...
As the holiday season approaches, it is not unusual for doctors to provide gifts to their employees, hospital administrative staff, colleagues, and nurses. While these gifts are generous gestures, they may result in unexpected tax implications. Gifts to Employees When...
There is a lot to think about when you buy your first home. What colour should you paint the living room? What should the extra bedroom be used for? A home office? A gym? Or maybe a nursery? Outside of aspirational objectives, there are many practical matters...
Overall Analysis: New details were scarce in the 2022 Fall Economic Statement; for the most part, the Honorable Chrystia Freeland provided more detail on the 2022 Budget Proposals. In summary, the provisions most relevant for physicians were as follows: PROPOSAL:...
Are you a physician who moved in 2022, or are considering a move in 2023? If so, your moving expenses may be deductible for tax purposes. Are you eligible to claim moving expenses? To claim moving expenses, you must meet the following criteria outlined by CRA: One...
This article has been updated for the draft legislation proposals from the Department of Finance ‘Design of the Tax-Free First Home Savings Account’ Backgrounder, released August 9, 2022.. On April 7, 2022, the Federal Government released a budget with two new...
How to Organize Yourself for Personal Tax Filing Step 1: Be Aware of Your Income & Expenses As a self-employed physician, fee-for-service income can come from a variety of sources, including various health authorities (WRHA, NRHA, IERHA, etc.),...
The most frequent questions we receive from resident physicians relate to their ability to claim various tax credits and deductions. This is often complicated by their participation in various assistance or rebate programs and the continuing cost of their medical...
