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Just for Dentists Newsletter

  • The Government’s Inflation Adjustment Means Big Tax Savings for 2023 (2/6/2023) - The federal government’s annual indexation adjustment for personal income tax and benefits, which is based on the rate of inflation, will be 6.3% for 2023, compared to 4% in 2022 and 1% in 2021. You can earn $53,359 in 2023, compared to $50,197 in 2022 before being subject to the… Continue Reading
  • The foreign buyers’ ban on purchasing Canadian real estate (2/6/2023) - Starting January 1, 2023, non-Canadians and non-permanent residents will be prohibited from purchasing residential property in Canada for two years. The Act will be repealed on January 1, 2025.  The new law does not apply to commercial real estate. You would expect the ban to cover all the residential real… Continue Reading
  • The First Home Savings Account (FHSA). What you need to know. (2/6/2023) - Starting in April 2023, the new First Home Savings Account will allow prospective homeowners at least 18 years of age to save up to $40,000 for their first home. You can contribute up to $8,000 each year to the FHSA. You must use these funds within 15 years of opening… Continue Reading
  • Tax Court decision denies dentist GST refund (2/6/2023) - The Tax Court of Canada denied dentist Dr. Axelrod claiming a GST refund on ITC’s claimed on his GST return. The supply of artificial teeth is considered a zero-rated supply, hence dental labs are able to claim GST on any dentures, bridges, crowns, implants etc. that it produces. Whereas dental… Continue Reading
  • Key Takeaways when looking to buy a practice (12/19/2022) - There is a limited inventory of dental practices for sale. You may need to look at other options (e.g., starting your own practice or becoming a partner). The longer you have to wait for the perfect practice to come up for sale, the more your purchase criteria will be compromised.… Continue Reading
  • The Multigenerational Home Renovation Tax Credit (12/19/2022) - If you have seniors or adults with disabilities living in your home, you will appreciate the new refundable tax credit. The new refundable tax credit would provide financial support when constructing a secondary suite for an eligible person to live with a qualifying relative. This 15% tax credit would be… Continue Reading
  • ETF tax loss selling Exchange-traded funds (ETFs) are ideal for the tax loss-selling investor (12/19/2022) - Many investors love ETFs because of their low cost and liquidity. The ETFs are also suitable for those who engage in tax loss selling. Losses on the sale of ETFs are treated like losses on share sales, generating capital losses. However, when you sell shares at a loss, CRA imposes… Continue Reading
  • Gift Cards Now a Tax-Free Treat for Your Staff (12/19/2022) - Just in time for Christmas, CRA introduced a new policy on gifts and awards. CRA’s previous policy was that the first $500 of annual gifts and awards would be considered non-taxable benefits, however it would not apply to cash or near cash gifts. In the past CRA had considered all… Continue Reading
  • New dental plans for kids The new Canada Dental Benefit Plan (12/19/2022) - The Canada Dental Benefit (CDB) provides eligible parents with up to $650 tax-free, per year for 2 years, to pay for dental expenses for children under the age of 12. The plan is available exclusively to families who do not have access to private dental insurance. Depending on your adjusted… Continue Reading
  • Highlights of the 2022 Federal Economic Update (11/24/2022) - The Department of Finance announced a few personal tax measures which may impact you. Minimum tax for high earners The government reaffirms its commitment to examining a new minimum tax regime for wealthy individuals, as announced in the 2022 federal budget. The new minimum tax regime may augment or replace… Continue Reading

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Just for Doctors Newsletter

  • The First Home Savings Account (FHSA). What you need to know. (2/6/2023) - Starting in April 2023, the new First Home Savings Account will allow prospective homeowners at least 18 years of age to save up to $40,000 for their first home. You can contribute up to $8,000 each year to the FHSA. You must use these funds within 15 years of opening… Continue Reading
  • The foreign buyers’ ban on purchasing Canadian real estate (2/6/2023) - Starting January 1, 2023, non-Canadians and non-permanent residents will be prohibited from purchasing residential property in Canada for two years. The Act will be repealed on January 1, 2025.  The new law does not apply to commercial real estate. You would expect the ban to cover all the residential real… Continue Reading
  • The Government’s Inflation Adjustment Means Big Tax Savings for 2023 (2/6/2023) - The federal government’s annual indexation adjustment for personal income tax and benefits, which is based on the rate of inflation, will be 6.3% for 2023, compared to 4% in 2022 and 1% in 2021. You can earn $53,359 in 2023, compared to $50,197 in 2022 before being subject to the… Continue Reading
  • New dental plans for kids The new Canada Dental Benefit Plan (12/19/2022) - The Canada Dental Benefit (CDB) provides eligible parents with up to $650 tax-free, per year for 2 years, to pay for dental expenses for children under the age of 12. The plan is available exclusively to families who do not have access to private dental insurance. Depending on your adjusted… Continue Reading
  • Gift Cards Now a Tax-Free Treat for Your Staff (12/19/2022) - Just in time for Christmas, CRA introduced a new policy on gifts and awards. CRA’s previous policy was that the first $500 of annual gifts and awards would be considered non-taxable benefits, however it would not apply to cash or near cash gifts. In the past CRA had considered all… Continue Reading
  • ETF tax loss selling Exchange-traded funds (ETFs) are ideal for the tax loss-selling investor (12/19/2022) - Many investors love ETFs because of their low cost and liquidity. The ETFs are also suitable for those who engage in tax loss selling. Losses on the sale of ETFs are treated like losses on share sales, generating capital losses. However, when you sell shares at a loss, CRA imposes… Continue Reading
  • The Multigenerational Home Renovation Tax Credit (12/19/2022) - If you have seniors or adults with disabilities living in your home, you will appreciate the new refundable tax credit. The new refundable tax credit would provide financial support when constructing a secondary suite for an eligible person to live with a qualifying relative. This 15% tax credit would be… Continue Reading
  • CRA keeps charging more interest on overdue taxes (11/24/2022) - The cost of not paying your taxes by the deadline keeps rising. The interest rate CRA charges on balances owing increased on October 1 to 7%, up from 6% for the previous quarter.  For the first quarter of 2023, the interest rate will rise to 8%. The current interest rate… Continue Reading
  • Tax Tips to help manage your stock portfolio (11/24/2022) - With all the ups and downs in the stock market, it is a Herculean task to manage your stocks. Here are some tax tips to consider before you sell any more shares. Watch the capital dividend account. When your corporation sells shares at a gain, 50% of the gain is… Continue Reading
  • Highlights of the 2022 Federal Economic Update (11/24/2022) - The Department of Finance announced a few personal tax measures which may impact you. Minimum tax for high earners The government reaffirms its commitment to examining a new minimum tax regime for wealthy individuals, as announced in the 2022 federal budget. The new minimum tax regime may augment or replace… Continue Reading

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