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Just for Dentists Newsletter

  • Immediate Write-off of eligible assets (9/8/2022) - If you are an individual, partnership or a professional corporation, you can now immediately write off up to $1.5 million of eligible assets each year that you acquired after April 9, 2021 that become available for use before January 1, 2024. The annual limit must be shared among associated companies.… Continue Reading
  • Purtzki OAS Should you defer the OAS pension until 70? (9/8/2022) - If you defer the OAS pension to age 70, the pension will be 36% greater than at age 65. Many choose to take the OAS at age 65 for several reasons. You need the pension for retirement income. The 36% increase in OAS at age 70 is less than the… Continue Reading
  • Key Takeaways when buying a practice (9/8/2022) - Find the right clinic for you the first time; there are no do-overs. Owning a clinic is like owning a dog; it’s a long-term commitment that requires constant attention. Be 100 percent sure that owning a dental practice fits your personal and professional goals, aspirations, and capabilities. Owning a dental… Continue Reading
  • Purtzki Tax refund The deadline for PST rebate is October 3, 2022!! (9/8/2022) - The British Columbia government allows incorporated professionals and other businesses to apply for a 100 per cent rebate of PST paid between September 17, 2020, and March 31, 2022 (“Eligible Time Period”) on purchases or leases of select machinery and equipment. Eligibility You must be incorporated to be eligible. Assets… Continue Reading
  • 2020 Tax Planning The Federal Budget 2022 in a Nutshell (4/12/2022) -   Dental Care for Canadians – Coverage will be provided beginning 2022 for those under 12 years old. In 2023 coverage will extend to those under 18 including seniors and disabled persons. Full implementation of the plan by 2025 and restricted to families with incomes under $90,000. Personal and corporate… Continue Reading
  • Federal Budget 2021: What You Need to Know! (4/20/2021) - After waiting more than two years without a Federal Budget, there was a lot of angst among taxpayers fearing Draconian tax measures to help pay for the ballooning deficit. The good news is that the 724 pages of yesterday’s budget did not contain the items we were most worried about:… Continue Reading
  • What a tax audit will most likely focus on (3/24/2021) - Here is a shortlist of common tax mistakes which trigger reassessments. Automobile expenses When claiming auto expenses, you need to provide evidence supporting the auto expense allocation between business and personal use. The tax auditor will ask for a logbook that tracks the extent of your business driving. If you… Continue Reading
  • The BC Small Business Recovery Grant (3/24/2021) - On March 4, 2021, B.C. updated the eligibility for the Business Recovery Grant. This grant ranges from $10,000 to $30,000, depending on the size of your business. It is based on pre-COVID annual revenues as follows: Pre-COVID annual revenue Grant amount Up to $100,000 $10,000 $100,001 to $1,000,000 $15,000 $1,000,001… Continue Reading
  • The one-time, tax-free payment of $1,000 for B.C. Residents (3/24/2021) - The B.C. Recovery Benefit is a one-time, tax-free payment of: $1,000 for families with incomes under $125,000. Families earning up to $175,000 will qualify for a reduced benefit amount. Single-parent families also qualify for these benefit amounts. $500 for single people earning less than $62,500. Single people earning up to $87,500… Continue Reading
  • The PST Rebate on Equipment Purchases (3/24/2021) - The British Columbia government will allow incorporated professionals and other businesses to apply for a 100 per cent rebate of PST paid between September 17, 2020 and September 30, 2021 (“Eligible Time Period”) on purchases or leases of select machinery and equipment. ELIGIBILITY You must be incorporated to be eligible.… Continue Reading

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Just for Doctors Newsletter

  • Stock market is down? Good time for an estate freeze! (9/8/2022) - What is an estate freeze? An estate freeze refers to transfer of the future growth of your corporate investments into the hands of your children. An estate freeze limits the value of your estate reflected in your corporate holdings at the date the freeze is implemented. Accordingly, capital gains and… Continue Reading
  • Purtzki Tax refund The deadline for PST rebate is October 3, 2022!! (9/8/2022) - The British Columbia government allows incorporated professionals and other businesses to apply for a 100 per cent rebate of PST paid between September 17, 2020, and March 31, 2022 (“Eligible Time Period”) on purchases or leases of select machinery and equipment. Eligibility You must be incorporated to be eligible. Assets… Continue Reading
  • Purtzki OAS Should you defer the OAS pension until 70? (9/8/2022) - If you defer the OAS pension to age 70, the pension will be 36% greater than at age 65. Many choose to take the OAS at age 65 for several reasons. You need the pension for retirement income. The 36% increase in OAS at age 70 is less than the… Continue Reading
  • Immediate Write-off of eligible assets (9/8/2022) - If you are an individual, partnership or a professional corporation, you can now immediately write off up to $1.5 million of eligible assets each year that you acquired after April 9, 2021 that become available for use before January 1, 2024. The annual limit must be shared among associated companies.… Continue Reading
  • 2020 Tax Planning The Federal Budget 2022 in a Nutshell (4/12/2022) -   Student loan forgiveness for rural doctors – Up to $60,000 in loan forgiveness for doctors working in rural or remote communities. Personal and corporate tax – No rate increase. Capital gains inclusion rate – Remains at 50%. Wealth tax – Not introduced as some had speculated. Principal Residence Exemption… Continue Reading
  • Federal Budget 2021: What You Need to Know! (4/20/2021) - After waiting more than two years without a Federal Budget, there was a lot of angst among taxpayers fearing Draconian tax measures to help pay for the ballooning deficit. The good news is that the 724 pages of yesterday’s budget did not contain the items we were most worried about:… Continue Reading
  • What a tax audit will most likely focus on (3/24/2021) - Here is a shortlist of common tax mistakes which trigger reassessments. Automobile expenses When claiming auto expenses, you need to provide evidence supporting the auto expense allocation between business and personal use. The tax auditor will ask for a logbook that tracks the extent of your business driving. If you… Continue Reading
  • The BC Small Business Recovery Grant (3/24/2021) - On March 4, 2021, B.C. updated the eligibility for the Business Recovery Grant. This grant ranges from $10,000 to $30,000, depending on the size of your business. It is based on pre-COVID annual revenues as follows: Pre-COVID annual revenue Grant amount Up to $100,000 $10,000 $100,001 to $1,000,000 $15,000 $1,000,001… Continue Reading
  • The PST Rebate on Equipment Purchases (3/24/2021) - The British Columbia government will allow incorporated professionals and other businesses to apply for a 100 per cent rebate of PST paid between September 17, 2020 and September 30, 2021 (“Eligible Time Period”) on purchases or leases of select machinery and equipment. ELIGIBILITY You must be incorporated to be eligible.… Continue Reading
  • The one-time, tax-free payment of $1,000 for B.C. Residents (3/24/2021) - The B.C. Recovery Benefit is a one-time, tax-free payment of: $1,000 for families with incomes under $125,000. Families earning up to $175,000 will qualify for a reduced benefit amount. Single-parent families also qualify for these benefit amounts. $500 for single people earning less than $62,500. Single people earning up to $87,500… Continue Reading

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