Here is a comparison of the Federal Parties’ election platforms dealing with corporate and personal income tax. Depending which Party forms the next government on October 21, the proposed tax changes will have a big impact on the income tax you will … [Read more...]
Just for Doctors Newsletters
Anxiety, Depression and Phobias may be eligible for Disability Tax Credit
The Tax Court of Canada recently considered whether a taxpayer’s anxiety disorder qualified for the Disability Tax Credit (DTC). The taxpayer was a woman who had been diagnosed by a psychiatrist as suffering from severe social anxiety disorder. … [Read more...]
Critical Illness Insurance – It’s Worth Another Look
You have good practice income, and you are well covered by life- and disability insurance. Any additional insurance does not seem necessary. Take a look at Critical Illness (CI) insurance. Once you learn more about it, the benefits become more … [Read more...]
Harnessing the Power of Compounding
If you had to choose between a gift of $5 million today or one penny that would double in value daily for 31 days, which would you pick? If you chose the compounding penny option, you are the winner. That option would give you $10,737,418 in 31 days. … [Read more...]
Insurance Mistakes to Avoid
The insurance costs for malpractice, life insurance, disability, and overhead are significant, yet many doctors spend even more money on insurance, often without receiving any more benefits. With every doctor at the early stages of the career … [Read more...]
Distributing Your Estate Assets Fairly
Most of us have a cavalier attitude about preparing our last will. We seldom set aside the time such an important document deserves to address the unique circumstances of our family, practice, and financial lives. Your lawyer may, as a reward for … [Read more...]
The Challenge of Building Wealth
One would expect that top income earners like doctors never have to worry about saving for retirement, paying for college education, paying off a large house mortgage or treating themselves to a ski vacation in St. Moritz. Contrary to popular belief, … [Read more...]
A Simple Strategy to Boost Your Investment Returns
One investor shared his strategy with the Globe and Mail’s finance columnist, Rob Carrick, the other day. It is worth repeating because it is both simple and smart. This reader proposes to use two-thirds of his funds to invest in the Vanguard … [Read more...]
How Joint Home Ownership Leads to Messy Estate Fights
There always has been the rule that if real estate is owned as “joint tenants”, then the survivor of the joint owners will automatically become the sole owner. This right to survivorship will bypass any provisions in the testament. This principle … [Read more...]
Using debt to create wealth
Even if you hate being in debt, it’s impossible to live without it. So why not accept the fact that you are likely to be in debt throughout your career. There will be student loans and a home mortgage at the beginning, practice purchase loans at … [Read more...]