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Plan your 2019 Taxes Now and Save Big!

Many doctors 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...]

Setting Up a Corporate Health Plan

The beauty of setting up a corporate health plan is that it allows you to write off medical and dental expenses for yourself and your dependents against your medical income, without creating a taxable benefit. Not having to report personal medical … [Read more...]

Practice Expenses Tax Auditors Love to Challenge

Many practice expenses, including conferences and travel, have a personal component giving lots of opportunity for a CRA auditor to argue they are not practice-related but personal in nature. There are three tests you must meet for a … [Read more...]

Investment Advice From John Bogle, the Late Founder of Vanguard

In 1975, John C. Bogle, the founder of Vanguard Investments, invented the first low cost index mutual fund which put millions of dollars into the pockets of many investors of moderate means. Bogle’s innovative idea was that index funds, consisting of … [Read more...]

Maximizing Income During Retirement

When planning for income during your retirement years, most of us use the golden rule of a 4% retirement withdrawal rate.  If you and your spouse want $100,000 of income at age 65, you need investment assets of $2,000,000, including OAS and CPP … [Read more...]

Making Your Home Mortgage Tax Deductible

To minimize the after-tax cost of the mortgage payment, consider the following scenarios to deduct the mortgage interest for tax purposes.   The sale and buy back   You own personal investments are worth $300,000. You sell the … [Read more...]

A Home Equity Line of Credit for a Tax-free Retirement

Doctors are uniquely placed to reap the benefits of a Home Equity Line of Credit (HELOC). Substantial earnings, home ownership, and financial stability mean that tapping into the equity of your home to supplement your income at retirement is a great … [Read more...]

The B.C. Speculation and Vacancy Tax (SVT) – What You Need to Know

All owners of residential property in designated B.C. areas including corporate owners, partnerships and trustees, must make an annual declaration to report the residential property and either claim an exemption from the SVT or pay the tax. For … [Read more...]

Three Ways You Can Still Split Income

Over the last year we have been working with many doctors to minimize the drastic increase in personal taxes as a result of the Tax On Split Income (TOSI) rules. Here are three strategies that allow you still income split with family members in lower … [Read more...]

Pay off Your Debts Quickly and Start Living

“Always live within your income, even if you have to borrow money to do so.” - Josh Billings Bank loans and mortgages are a fact of life for most of us, and doctors are no exception. Most young doctors start their career with no assets and big … [Read more...]

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