Purtzki, Johansen + Associates

Physicians

Unlike any other professional sector we encounter, medical practices present a unique challenge in providing accounting, tax and consulting services.

As a result of continuing political changes in the health-care field, physicians are under constant pressure to increase revenues and control costs at the same time. Due of this pressure, physicians require an advisor who will deliver both traditional and specialized accounting, creative tax solutions, and consulting services. This is where we excel.

Over the years, we have tracked changes and forecast trends to ensure we meet the unique challenges of managing medical practices.

For more information about medical practice resources, visit: Just for Doctors

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  • RRSP fees: from inside the RRSP or outside? (2/18/2020) - In a recent tax and estate planning report CIBC examined the question as to how best management fees for RRSPs should be paid. Should the fees come from inside the RRSP or be paid using outside funds? Intuitively, you might think that you would always be better off paying investment… Continue Reading
  • Doctors stunned by large GST bills (2/18/2020) - CRA is reassessing health care professionals for amounts paid for services that do not qualify as exempt medical services. The amounts assessed including interest and penalties can well be over $100,000. Reassessments relating to cost sharing arrangements are particularly painful, because a simple restructuring of the arrangement would have avoided… Continue Reading
  • Rules around reassessment by the CRA (2/4/2020) - Once you receive the notice of assessment for your tax return, the CRA can reassess you up to three years from date of the original notice. There are some exceptions to the three-year rule you should be aware of. If you have made a misrepresentation attributable to “neglect, carelessness or… Continue Reading
  • What should your investment mix be when you retire? (2/4/2020) - The key principle of investing is determining the composition of your portfolio based on your risk preference. The life-cycle investing theory dictates your asset allocation should shift as you age from more to less risky investments. The theory is based on the knowledge that when most people retire, they will… Continue Reading
  • The Perils of Buying Cash Value Life Insurance (1/20/2020) - Financial advisors are targeting high net worth individuals with a strong cash flow. The scheme is to make large deposits in a life insurance policy which creates an early cash surrender value (CSV). Then they arrange for a loan secured by the CSV. The loan proceeds are then invested. This… Continue Reading
  • New Subsidy for BC Doctors Who Pay Rent or Ownership Expenses (1/20/2020) - Starting April 1, 2020, eligible doctors will be able to claim extra fees for consultation, visit, counselling and complete examination services to help cover the rising rent or ownership costs of their office, including mortgage, utilities, property taxes, etc. The new Business Cost Premium (BCP) program offers the following percentage… Continue Reading
  • Maximizing Your Interest Expense Deductions (1/7/2020) - Here are some tax planning tips to make the most of interest expense write offs. There are three tests you must meet in order to deduct interest on borrowed money. There must be a legal obligation to pay the interest. This can become an issue with family loans if the… Continue Reading
  • Tax Changes Becoming Effective January 1, 2020 (1/7/2020) - As part of the federal tax changes which came into effect January 1, 2020, there is an increase in the basic personal which is being phased in over four years until it reaches $15,000 in 2023. For 2020 the exemption amount increased to $13,229 from $12,069. The benefit is about… Continue Reading
  • When Your TFSA Income Becomes Taxable (12/23/2019) - The TFSA is a great choice to build wealth because the income accumulates tax-free. However there is one instance when the income inside the TFSA becomes taxable, and that is on US dividend stocks. Under US tax law, there is a 30% withholding tax on dividend income for non-US investors.… Continue Reading
  • A Portfolio With a Crazy Low Management Fee of 1/10 of 1 Per Cent (12/23/2019) - Management fees can take a big bite out of your investments. $100,000 invested for 20 years at 8% will yield $470,000. With a 2% management fee, the investment shrinks to $325,000, a drop of $145,000 or 30% of the portfolio. You are basically paying 150% of your original $100,000 investment… Continue Reading

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