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.

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  • Federal Budget 2021: What You Need to Know! (4/20/2021) - After waiting more than two years without a Federal Budget, there was a lot of angst among taxpayers fearing Draconian tax measures to help pay for the ballooning deficit. The good news is that the 724 pages of yesterday’s budget did not contain the items we were most worried about:… Continue Reading
  • What a tax audit will most likely focus on (3/24/2021) - Here is a shortlist of common tax mistakes which trigger reassessments. Automobile expenses When claiming auto expenses, you need to provide evidence supporting the auto expense allocation between business and personal use. The tax auditor will ask for a logbook that tracks the extent of your business driving. If you… Continue Reading
  • The BC Small Business Recovery Grant (3/24/2021) - On March 4, 2021, B.C. updated the eligibility for the Business Recovery Grant. This grant ranges from $10,000 to $30,000, depending on the size of your business. It is based on pre-COVID annual revenues as follows: Pre-COVID annual revenue Grant amount Up to $100,000 $10,000 $100,001 to $1,000,000 $15,000 $1,000,001… Continue Reading
  • The PST Rebate on Equipment Purchases (3/24/2021) - The British Columbia government will allow incorporated professionals and other businesses to apply for a 100 per cent rebate of PST paid between September 17, 2020 and September 30, 2021 (“Eligible Time Period”) on purchases or leases of select machinery and equipment. ELIGIBILITY You must be incorporated to be eligible.… Continue Reading
  • The one-time, tax-free payment of $1,000 for B.C. Residents (3/24/2021) - The B.C. Recovery Benefit is a one-time, tax-free payment of: $1,000 for families with incomes under $125,000. Families earning up to $175,000 will qualify for a reduced benefit amount. Single-parent families also qualify for these benefit amounts. $500 for single people earning less than $62,500. Single people earning up to $87,500… Continue Reading
  • A Great Tax Shelter-Soon to Disappear (3/3/2021) - Many dentists are taking advantage of a tax strategy of converting the regular dividends from their corporations into a capital gain generating huge savings. To illustrate, the capital gains tax on $200,000 of income from the corporation is about $22,500, compared to a tax of $54,400 on dividend income. A tax… Continue Reading
  • The 2021 financial challenge: saving for retirement (3/3/2021) - The year 2020 was a time that everyone wants to forget. The pandemic disrupted our lives in unimaginable ways. It brought our economy to its knees, forcing the closure of many thriving businesses. Medical clinics were not spared either. The disruption in income had a lot of doctors worried about… Continue Reading
  • Ordinary Canadians Pay 40% of all Capital Gains Taxes (1/28/2021) - 40% of Canadians who pay capital gains taxes earn less than $100,000 a year. There is a common misperception that capital gains taxes are only paid by rich Canadians. “Despite what many Canadians believe, most capital gains taxes are paid by ordinary Canadians not the super wealthy, and raising this… Continue Reading
  • CPP Tax Hike Hurts All Canadian Workers (1/28/2021) - The maximum pensionable earnings and contribution rate for 2021 have now been released and are a surprise to many; the cost of CPP is significantly increasing. Year Max. Pensionable Earnings ($) Employer/ee Contribution Rate (%) Max. Annual Employer/ee Contribution ($) Max. Annual Self-Employed Contribution ($) 2019 57,400 5.10 2,749 5,498… Continue Reading
  • Hurry: January 31 is deadline for the wage subsidy application (1/13/2021) - January 31, 2021 is the deadline for application of the Canada Emergency Wage Subsidy for Period 1 (based on March 2020 revenue) through to Period 5 (based on July 2020 revenue). If you would like our firm to assist you in the calculation of your CEWS for these periods you will… Continue Reading

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