Here are some year-end tax planning ideas of how you can reduce your income tax bill for 2020. 1. Strip money from Inc. at capital gains tax rates Ponder for a moment the B.C. personal tax rates for 2020 when your income exceeds … [Read more...]
Just for Doctors Newsletters
10
Nov, 2020 Would you like some tax-free income?
November 10, 2020 by
The most significant tax-free receipt is the principal residence exemption. However, there is other income that is not taxed, such as: inheritances and bequests from a deceased person any gifts, provided they are not disguised as employment … [Read more...]
10
Nov, 2020 When the sale of your home becomes taxable
November 10, 2020 by
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...]
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Oct, 2020 Repaying the $40,000 CEBA loan
October 27, 2020 by
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...]
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Oct, 2020 How President Biden would impact your stock portfolio
October 27, 2020 by
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...]
13
Oct, 2020 $1000 grant for implementing COVID-19 plan
October 13, 2020 by
(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...]
13
Oct, 2020 Reducing your RRIF withdrawal
October 13, 2020 by
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...]
13
Oct, 2020 CEWS audit strategy is intimidating
October 13, 2020 by
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...]
28
Sep, 2020 B.C.’s Economic Recovery Plan
September 28, 2020 by
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...]
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Sep, 2020 September 30 is deadline for personal taxes and instalments
September 28, 2020 by
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...]
