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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  • The Canada Emergency Wage Subsidy – What does it mean to you? (4/2/2020) - Here are the highlights of the Wage Subsidy as released by Finance Minister Bill Morneau on April 1, 2020. No draft legislation has been released yet, but you can expect that the details of the program will be refined. Here is the summary. Canada Emergency Wage Subsidy (CEWS) Equal to… Continue Reading
  • What you need to know about the COVID-19 Economic Response Plan (3/23/2020) - The government just released its Economic Response Plan. Here are the changes that you should be aware of. Tax deferral-business: Businesses are able to defer payment of income tax until September 1, 2020. This deferral applies to tax balances and instalments that are owing on or after March 18, 2020… Continue Reading
  • Your investments and the coronavirus (3/16/2020) - Investors are already facing the devastating impact of the coronavirus. The stock market went into free fall in early March, eradicating many years of investment gains. Looking at the ruins of a prosperous investment portfolio, investors are wondering how to react to the precipitous drop in value of their retirement… Continue Reading
  • Payments for Non-residents Medical Expenses (3/16/2020) - You will be pleased to know that any medical payments you make for the child or grandchild who does not reside in Canada may still qualify for the medical expenses tax credit. In a Technical Interpretation, CRA confirmed that, to claim a medical expense in respect of an amount paid… Continue Reading
  • How the corporate tax deferral can secure early retirement (3/3/2020) - If your corporation’s income is taxed at a low tax rate of say 11 per cent, it means $89 out of every $100 of practice income is retained in the corporation. The tax deferral benefit will have a huge impact on your retirement savings. Suppose you are a 35-year-old B.C.… Continue Reading
  • Stock market plunge creates tax planning opportunities (3/3/2020) - While you wait for your investment portfolio to fully recover from the recent drop in the market, here are some tax planning ideas to consider. Tim Cestnick, well known for his columns in the Globe and Mail, makes these suggestions. Sell the losing stock and transfer to RRSP or TFSA.… Continue Reading
  • 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

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