Just for Dentists Newsletter
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
- 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
2024 financial checklist for dentists (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 dentists who invested in the stock market made over 20%. Many wonder… 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
What is the current state of the dental transition market in B.C.? (3/6/2024) - Starting in Q3 of 2023, the transition market has picked up as interest rates stabilised and the economic outlook became more positive. Interest rates are expected to hold steady or decrease slightly in 2024. Is now a good time to buy a dental practice? The transition market in B.C. is… 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
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
Just for Doctors Newsletter
- 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
- 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
