When you sell your principal residence, you are not guaranteed a tax-free sale. It depends on your situation. If you use the principal residence exemption (PRE) quite a bit more than the average Canadian, you will draw the attention of the tax … [Read more...]
Just for Doctors Newsletters
Repaying the $40,000 CEBA loan
You have until December 31, 2020, to receive a $40,000 loan under the Canada Emergency Business Account (CEBA) program. The purpose of this program is to help eligible businesses pay for operating expenses, payroll and other non-deferrable … [Read more...]
How President Biden would impact your stock portfolio
Billionaire hedge fund manager Paul Tudor Jones said in a CNBC interview last week that a Biden presidency will mean a huge boost in stock prices in the first quarter of 2021.The market rally is fuelled by an expected massive fiscal stimulus which … [Read more...]
$1000 grant for implementing COVID-19 plan
(This article is an excerpt from the General Practice of Service Committee) Doctors with community offices in BC have invested time and expense to re-open their practices in a way that ensures safe in-person care for patients. To help offset … [Read more...]
Reducing your RRIF withdrawal
In March, the government lowered the annual minimum withdrawal amount for RRIF’s by 25% for 2020. This measure was a result of many retirees experiencing a drastic drop in their investment portfolios as the pandemic created havoc in the investment … [Read more...]
CEWS audit strategy is intimidating
The Canada Revenue Agency (CRA) has started to audit the Canada Emergency Wage Subsidy (CEWS), and it took employers and accountants by surprise. The purpose of the CEWS audit program, according to CRA, “is to identify the types and levels of … [Read more...]
B.C.’s Economic Recovery Plan
The BC government introduced its economic recovery plan, which provides the following incentives for businesses and professionals. Here is a summary. BC PST Rebate on Machinery & Equipment Effective September 17, 2020, eligible … [Read more...]
September 30 is deadline for personal taxes and instalments
On September 30, you have to pay any income taxes owing on your 2019 personal income tax returns. You will not be charged penalties and interest, as long as you make the payment and file the return by the September 30 deadline. September 30 is … [Read more...]
Are you financially prepared to support your aging parents?
Many Canadians expect that providing financial support to their elderly parents will have a major impact on their finances, a 2019 survey commissioned by FP Canada reveals. Of more than 1,500 Canadians surveyed, 14% among those with a living … [Read more...]
Brace yourself for a tax on your home
The worry about a tax on your principal residence started with an article in the Blacklock’s Reporter. It claims that the federal government is considering a home equity tax and that CMHC is spending $250,000 to research this initiative at the UBC … [Read more...]