The federal government’s annual indexation adjustment for personal income tax and benefits, which is based on the rate of inflation, will be 6.3% for 2023, compared to 4% in 2022 and 1% in 2021. You can earn $53,359 in 2023, compared to $50,197 in … [Read more...]
Just for Doctors Newsletters
The Government’s Inflation Adjustment Means Big Tax Savings for 2023
The new Canada Dental Benefit Plan
The Canada Dental Benefit (CDB) provides eligible parents with up to $650 tax-free, per year for 2 years, to pay for dental expenses for children under the age of 12. The plan is available exclusively to families who do not have access to private … [Read more...]
Gift Cards Now a Tax-Free Treat for Your Staff
Just in time for Christmas, CRA introduced a new policy on gifts and awards. CRA’s previous policy was that the first $500 of annual gifts and awards would be considered non-taxable benefits, however it would not apply to cash or near cash gifts. In … [Read more...]
Exchange-traded funds (ETFs) are ideal for the tax loss-selling investor
Many investors love ETFs because of their low cost and liquidity. The ETFs are also suitable for those who engage in tax loss selling. Losses on the sale of ETFs are treated like losses on share sales, generating capital losses. However, when you … [Read more...]
The Multigenerational Home Renovation Tax Credit
If you have seniors or adults with disabilities living in your home, you will appreciate the new refundable tax credit. The new refundable tax credit would provide financial support when constructing a secondary suite for an eligible person to live … [Read more...]
CRA keeps charging more interest on overdue taxes
The cost of not paying your taxes by the deadline keeps rising. The interest rate CRA charges on balances owing increased on October 1 to 7%, up from 6% for the previous quarter. For the first quarter of 2023, the interest rate will rise to … [Read more...]
Tax Tips to help manage your stock portfolio
With all the ups and downs in the stock market, it is a Herculean task to manage your stocks. Here are some tax tips to consider before you sell any more shares. Watch the capital dividend account. When your corporation sells shares at a gain, 50% … [Read more...]
Highlights of the 2022 Federal Economic Update
The Department of Finance announced a few personal tax measures which may impact you. Minimum tax for high earners The government reaffirms its commitment to examining a new minimum tax regime for wealthy individuals, as announced in the … [Read more...]
The tax benefits of splitting pension income
One easy way to minimize your tax burden when you are retired is pension income splitting. Pension income splitting is for Canadian residents who are married and, usually, where the recipient spouse is aged 65 or older. It allows them to make a … [Read more...]
Ever heard about the Land Owner Transparency Act (LOTA)?
What you need to know about the Land Owner Transparency Act (LOTA). Filing deadline is November 30, 2022! On November 30, 2020, the Land Owner Transparency Act (LOTA) came into effect and with it the Land Owner Transparency Registry (LOTR). … [Read more...]