When CRA audits your auto expenses, you not only need proof for the expenses incurred but you also have to substantiate the total kilometres driven. This fact was highlighted in a Tax Court of Canada case. The taxpayer, Ms. Wallens, used her … [Read more...]
Just for Doctors Newsletters
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Jun, 2020 Buying life insurance without your own money
June 29, 2020 by
There are many doctors who see the need for life insurance but do not have the cash flow available to pay for the premiums. Often these doctors are asset rich and cash poor. Or they simply are reluctant to tie up their own money. Mark Halpern, a … [Read more...]
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Jun, 2020 The 1.99% five year fixed mortgage rate is here!
June 29, 2020 by
HSBC is offering a 1.99% fixed mortgage rate for default-insured mortgages. The uninsured five-year fixed rate is about 2.29%. You only need a down payment of 20% of the purchase price. Compared to the 2.99% rate in the market today, a $1 million … [Read more...]
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Jun, 2020 It’s Christmas in July for Our Seniors
June 16, 2020 by
If you are a senior eligible for the OAS pension you will receive a payment of $300 and those of you who are eligible for the GIS will receive an additional $200. This is a special one-time tax-free payment from Santa in Ottawa that will be delivered … [Read more...]
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Jun, 2020 Tax tips for employees who work from home during COVID-19
June 16, 2020 by
If you are working from home, you are eligible to deduct home office expenses, if you meet at least one of the following conditions: The home office space is where the employee principally does the work (meaning more than 50% of the time), or … [Read more...]
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Jun, 2020 Not Many Takers of the Commercial Rent Relief Program
June 9, 2020 by
Only 16,000 of Canada’s 1.2 million small businesses have applied for the Canada Emergency Commercial Rent Assistance (CECRA) in the first week. A survey by the Canadian Federation of Independent Businesses found that 40% of Canadian small … [Read more...]
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Jun, 2020 Our Top 2020 Post-Tax Season Planning Tips
June 9, 2020 by
How did you survive the tax season? Don’t ask your accountant how it went. Instead of being reunited with their families in May for a well-deserved R&R, the tax season was extended until June 1. Looking for additional tax revenues to pay back … [Read more...]
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Jun, 2020 CRA loan interest of 1% will boost income splitting loans
June 2, 2020 by
Effective July 1, 2020, the prescribed rate of interest will drop from 2% to 1%. The 2% rate was established on April 1, 2018. It is fantastic news for those in a high tax bracket who want to transfer investment income to family members in a lower … [Read more...]
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Jun, 2020 Your investments are down? Good time for an estate freeze!
June 2, 2020 by
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 … [Read more...]
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May, 2020 Businesses without employees now eligible for CEBA
May 21, 2020 by
Owner-operated businesses including professional practices will soon be able to apply for the Canada Emergency Business Account (“CEBA”). The program will now be available to a greater number of businesses that are sole proprietors receiving income … [Read more...]
