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• The Federal Budget 2024 in a Nutshell (4/17/2024) - 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 $35,000 to $60,000 to allow first-time home buyers to utilize… Continue Reading
• The BC Budget- what you need to know (3/6/2024) - 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 income from the sale of property (and the assignment of contracts… Continue Reading
• How much more CPP you will have to pay in 2024 (3/6/2024) - 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 earnings to CPP, up to a government-set threshold of $68,500… Continue Reading
• 2024 financial checklist for doctors (3/6/2024) - 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 market made over 20%. Many wonder… Continue Reading
• Probate planning in a nutshell (12/27/2023) - 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 contested; There is no other Will; The court recognizes the authority of… Continue Reading
• Fall Economic Summit Release (12/27/2023) - 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 operators from claiming an income tax deduction for expenses incurred to earn short-term rental… Continue Reading
• Expansion of BC Speculation and Vacancy Tax to more Communities (12/27/2023) - 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, Qualicum Beach Salmon Arm Kamloops As a reminder, the tax applies to residential properties in BC that are not a… Continue Reading
• Immediate Expensing Deadline: December 31, 2023 (11/8/2023) - 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 years where depreciating assets could only be deducted at a specific percentage per… Continue Reading
• Short-Term Rental Rules and UHT Deadline Updates (11/8/2023) - 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 legislation have not been completed yet, which may exempt specific… Continue Reading
• Don’t miss the (FHSA) contribution deadline of December 31 (11/8/2023) - 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 below: https://www.purtzki.com/justfordoctors/the-first-home-savings-account-fhsa-what-you-need-to-know/ Some planning tips to consider: The FHSA is only available to First Time Home Buyers.… Continue Reading

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