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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  • year-end tax planning Make year-end tax planning your number No. 1 priority (11/23/2020) - 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 $220,000: Regular income: 53.50% Regular dividends: 48.89%… Continue Reading
  • Would you like some tax-free income? (11/10/2020) - 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 income or business income certain employment benefits, such as the payment from a… Continue Reading
  • When the sale of your home becomes taxable (11/10/2020) - 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 authorities. CRA may reassess the gain on the… Continue Reading
  • Repaying the $40,000 CEBA loan (10/27/2020) - 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 expenses. If you are working with RBC or Scotiabank, the $40,000 loan will… Continue Reading
  • How President Biden would impact your stock portfolio (10/27/2020) - 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 will result in a big boost to… Continue Reading
  • $1000 grant for implementing COVID-19 plan (10/13/2020) - (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 some of these costs, the Joint Collaborative Committees – a partnership of… Continue Reading
  • Reducing your RRIF withdrawal (10/13/2020) - 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 markets. If you have not taken out your full RRIF… Continue Reading
  • CEWS audit strategy is intimidating (10/13/2020) - 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 non-compliance with the CEWS legislation”. Employers and accountants are… Continue Reading
  • B.C.’s Economic Recovery Plan (9/28/2020) - 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 businesses will receive a 100% PST rebate on select M&E purchases. This program will run for one year, ending… Continue Reading
  • September 30 is deadline for personal taxes and instalments (9/28/2020) - 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 also the deadline for catching… Continue Reading

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