The 2024 Federal Budget (see link at bottom for complete budget) was released on April 16, 2024. The following are some of the key proposals announced. Enhancements to Home Buyers’ Plan (“HBP”) The budget proposes to increase the HBP limit from … [Read more...]
Just for Doctors Newsletters
6
Mar, 2024 The BC Budget- what you need to know
March 6, 2024 by
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...]
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Mar, 2024 How much more CPP you will have to pay in 2024
March 6, 2024 by
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...]
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Mar, 2024 2024 financial checklist for doctors
March 6, 2024 by
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...]
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Dec, 2023 Probate planning in a nutshell
December 27, 2023 by
When is probate necessary? Probate is required when assets are held on an individual’s death that pass through a person’s Will to the surviving beneficiaries. Probate is a court proceeding that confirms that: The Will is not being … [Read more...]
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Dec, 2023 Fall Economic Summit Release
December 27, 2023 by
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...]
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Dec, 2023 Expansion of BC Speculation and Vacancy Tax to more Communities
December 27, 2023 by
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...]
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Nov, 2023 Immediate Expensing Deadline: December 31, 2023
November 8, 2023 by
The 2021 Federal Budget brought in rules that allowed individuals, partnerships, or private corporations to entirely write off asset additions (some types of assets, such as buildings, were excluded) in the year of acquisition, unlike in previous … [Read more...]
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Nov, 2023 Short-Term Rental Rules and UHT Deadline Updates
November 8, 2023 by
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...]
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Nov, 2023 Don’t miss the (FHSA) contribution deadline of December 31
November 8, 2023 by
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...]
