Purtzki Johansen + Associates

Physicians

Unlike any other professional sector we encounter, medical practices present a unique challenge in providing accounting, tax and consulting services.

As a result of continuing political changes in the health-care field, physicians are under constant pressure to increase revenues and control costs at the same time. Due of this pressure, physicians require an advisor who will deliver both traditional and specialized accounting, creative tax solutions, and consulting services. This is where we excel.

Over the years, we have tracked changes and forecast trends to ensure we meet the unique challenges of managing medical practices.

For more information about medical practice resources, visit: Just for Doctors

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  • Plan your 2019 Taxes Now and Save Big! (2/20/2019)- 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 $23,100, compared to a tax of $55,200 on dividend income.  A… Continue Reading
  • Setting Up a Corporate Health Plan (2/20/2019)- 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 expenses as an employment benefit is the equivalent of… Continue Reading
  • Practice Expenses Tax Auditors Love to Challenge (2/5/2019)- 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 disbursement to be tax deductible: The expense must be laid out to… Continue Reading
  • Investment Advice From John Bogle, the Late Founder of Vanguard (2/5/2019)- 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 broad holdings, would mimic stock index performance in the… Continue Reading
  • Maximizing Income During Retirement (1/18/2019)- 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 incomes of $20,000. The 4% rule pretty… Continue Reading
  • Making Your Home Mortgage Tax Deductible (1/18/2019)- 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 investment and use the proceeds of $300,000 to pay down your mortgage.… Continue Reading
  • A Home Equity Line of Credit for a Tax-free Retirement (1/7/2019)- 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 option if your investment portfolio isn’t robust enough to… Continue Reading
  • The B.C. Speculation and Vacancy Tax (SVT) – What You Need to Know (1/7/2019)- 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 2018, the tax is levied on all residential property owners as at… Continue Reading
  • Three Ways You Can Still Split Income (12/17/2018)- 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 tax brackets. The 20 hour… Continue Reading
  • Pay off Your Debts Quickly and Start Living (12/17/2018)- “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 student loans. It is… Continue Reading

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