Here are a few ideas for your 2024 financial checklist to help put you into an even better financial position by this time next year. Despite the higher interest rates and fear of the recession in 2023, many doctors who invested in the stock … [Read more...]
Just for Dentists Newsletters
How much more CPP you will have to pay in 2024
Many income earners in 2024 will pay a larger portion of their salary toward Canada Pension Plan (“CPP”) contributions. Starting in 2024, the enhanced CPP now has two earnings ceilings. In the first tier employees contribute a portion of their … [Read more...]
What is the current state of the dental transition market in B.C.?
Starting in Q3 of 2023, the transition market has picked up as interest rates stabilised and the economic outlook became more positive. Interest rates are expected to hold steady or decrease slightly in 2024. Is now a good time to buy a dental … [Read more...]
The BC Budget- what you need to know
1. Targeting home flipping The 2024 B.C. Budget introduces a tax on proceeds from the sale of residential real estate in British Columbia. Effective for properties sold after December 31, 2024, the tax targeting home flipping activity will apply to … [Read more...]
Expansion of BC Speculation and Vacancy Tax to more Communities
The BC government announced it is expanding the current Speculation and Vacancy Tax to include 13 more communities below: Vernon, Coldstream Penticton, Summerland Lake Country, Peachland Courtenay, Comox, Cumberland Parksville, … [Read more...]
Fall Economic Summit Release
On November 21, 2023 the federal government released its annual Fall Economic Summit. Some of the key highlights to note are as follows: Rental expense deduction for non-compliant short-term rentals A new rule prevents short-term rental … [Read more...]
Don’t let the lease termination spoil your retirement
After 25 years of looking after patients, Dr. Bob, who just turned 60, looks forward to working less and spending more time on his leisure activities. He is planning to sell his practice in a few years. When he checked the lease, he realized he … [Read more...]
CEBA Loan Deadline Extension
CEBA Loan Deadline Extension The government announced a long-awaited deadline extension for the Canada Emergency Business Account (CEBA) loan repayments. Deadline Extension The repayment deadline has been extended to January 18, 2024 (from the … [Read more...]
Don’t miss the (FHSA) contribution deadline of December 31
The deadline to contribute to a First Home Savings Account (FHSA) and get a deduction on your 2023 tax return is December 31, 2023. We previously wrote about the details of the program … [Read more...]
Short-Term Rental Rules and UHT Deadline Updates
On October 26, 2023, only 10 days after the drafted legislation was released (see previous article) the NDP passed the legislation without any of the amendments that the opposition BC United Party had suggested. While the regulations to support the … [Read more...]