Just for Dentists Newsletter
Practice Acquisition Checklist (3/5/2025) - Purchasing a dental practice is one of the biggest decisions a dentist will have in their career. We have seen dentists rush into purchasing a practice later realizing it was a mistake. Below is a sample of a due diligence checklist to ensure you get a true picture of the… Continue Reading
Practice Sale Checklist (3/5/2025) - If you want to sell your practice for more than you ever imagined, it’s easy, just focus on the following transition planning checklist. Remember it is never too early to start. As the Chinese proverb says, “The best time to plant a tree was 20 years ago. The second-best time… Continue Reading- Multiply the Capital Gains Exemption (3/5/2025) - You cannot start too soon getting prepared for the eventual sale of your practice. Even if a sale is many years away, you don’t want your family stuck with a significant tax bill in the unfortunate event of a forced sale, for example from the result of a dentist’s unforeseen… Continue Reading
CDA Strip – How Triggering a Capital Gain Can Actually Save Tax (3/5/2025) - 2024 was a year of uncertainty surrounding the potential increase of capital gain inclusion rates from 50% to 66.7%. Many clients were struggling with the decision of whether or not to trigger capital gains prior to the proposed June 25, 2024 implementation date. Some triggered large gains in advance, some… Continue Reading
Income Split Your Corporate Investment Income (12/13/2024) - Most dentists are familiar with the Tax on Split Income (“TOSI”) rules that limit the ability to split income with spouses or other family members. There are a few common exemptions where TOSI does not apply such as when the family member worked more than 20 hours per week for… Continue Reading
Five Tax Planning Tips before December 31 (12/13/2024) - The end of 2024 is near, however there is still time to take care of some tax planning items to ensure you don’t miss out on year-end tax savings! Capital Gain Loss Harvesting In previous years, a common tip was to consider selling any stocks with losses prior to December… Continue Reading- CRA Revokes Administrative Position for Dentist & Orthodontists GST refunds (12/13/2024) - The CRA has released GST Notice 339, revoking a long-standing administrative position that simplified dentists (and orthodontists) GST filings. Previously CRA had allowed dentists to claim a refund of GST paid on expenses based on an estimate of up to 35% of total fees charged for Orthodontic treatments on their… Continue Reading
Capital Gain Tax Changes Coming June 25th Pass Vote (6/13/2024) - On Monday the Liberal government introduced a Notice of Ways and Means Motion to implement the proposed capital gains tax changes announced in the Spring Federal Budget. The motion passed with the support of the NDP and Bloc Quebecois. The Conservatives (who are leading polling in advance of next year’s… Continue Reading- Planning for the Capital Gains Tax on your Real Estate Holdings (5/17/2024) - This is the final article of our three-part series on planning for the increased capital gains tax. Our first article outlined the upcoming changes to the capital gains tax and considered if you should pay that tax now or defer it into the future. In the second article, we reviewed… Continue Reading
- Accessing the Tax-Free Capital Dividend Account (5/16/2024) - This is part two of our three-part series on planning for the increased capital gains tax. Our last article outlined the upcoming changes to the capital gains tax. We considered whether or not you should pay that tax now at the lower 25% rate or defer it into the future… Continue Reading
Just for Doctors Newsletter
- Don’t Forget to Claim Your CPRSP Benefits (12/13/2024) - The Doctors of BC administers the Contributory Professional Retirement Savings Plan (“CPRSP”) enabling physicians to receive funds towards their retirement without any required matching contributions. Key points to note re: the program are as follows: There are two portions to be claimed: Basic Benefit + Length of Service (“LOS”) which… Continue Reading
- Five Tax Planning Tips before December 31 (12/13/2024) - The end of 2024 is near, however there is still time to take care of some tax planning items to ensure you don’t miss out on year-end tax savings! Capital Gain Loss Harvesting In previous years, a common tip was to consider selling any stocks with losses prior to December… Continue Reading
- Income Split Your Corporate Investment Income (12/13/2024) - Most doctors are familiar with the Tax on Split Income (“TOSI”) rules that limit the ability to split income with spouses or other family members. There are a few common exemptions where TOSI does not apply such as when the family member worked more than 20 hours per week for… Continue Reading
- Capital Gain Tax Changes Coming June 25th Pass Vote (6/13/2024) - On Monday the Liberal government introduced a Notice of Ways and Means Motion to implement the proposed capital gains tax changes announced in the Spring Federal Budget. The motion passed with the support of the NDP and Bloc Quebecois. The Conservatives (who are leading polling in advance of next year’s… Continue Reading
- Planning for the Capital Gains Tax on your Real Estate Holdings (5/17/2024) - This is the final article of our three-part series on planning for the increased capital gains tax. Our first article outlined the upcoming changes to the capital gains tax and considered if you should pay that tax now or defer it into the future. In the second article, we reviewed… Continue Reading
- Accessing the Tax-Free Capital Dividend Account (5/16/2024) - This is part two of our three part series on planning for the increased capital gains tax. Our last article outlined the upcoming changes to the capital gains tax. We outlined whether or not you should pay that tax now at the lower 25% rate or defer it into the… Continue Reading
- Planning for the Increase in Capital Gains Tax (5/14/2024) - This is part one of our three-part series on planning for the increased capital gains tax. On June 25, 2024, the federal government proposes to increase the capital gains inclusion rate. Currently, capital gains are only half taxable which means you only include 50% of the gain in your income. … Continue Reading
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
