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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  • RESP withdrawal strategies (9/8/2020) - Sophie is looking forward to start her post-secondary education. To pay for the university fees of $15,000, which includes $7,000 of tuition fees, her mom is planning to use the RESP, which has a balance of $90,000. In addition to her contribution of a maximum of $50,000, and the government… Continue Reading
  • Are you on track to retire on time? (9/8/2020) - To determine your retirement income, you have to consider all the variables, such as your current age, your anticipated retirement age, your current income, and your target retirement income. According to Fidelity Investments, you should be able to reach the following retirement targets: By age 40, your savings put aside… Continue Reading
  • August 31, 2020 deadline for business loan and rent relief! (8/27/2020) - CEBA (Canada Emergency Business Account) Please note that the deadline to submit an enrollment request form under the CEBA  program is August 31, 2020. If your total employment income paid in the 2019 calendar year was greater than $20,000 and less than $1,500,000 you need to submit an enrollment request form by contacting your bank. To qualify under… Continue Reading
  • New CRB $400/week benefit and other goodies! (8/23/2020) - Four days ago, our new Minister of Finance Chrystia Freeland announced new measures to support Canadian workers through the next phase of the recovery. CERB Extension CERB to date has paid out about $70 billion to over 8.5 million Canadians. Prior to the announcement, the CERB program would have concluded… Continue Reading
  • Extension of tax payment deadlines and interest relief (8/11/2020) - Payment deadline extension CRA is extending the payment due date for the current year individual, corporate, and trust income tax returns including instalment payments from September 1, 2020 to September 30, 2020. Penalties and interest will not be charged if payments are made by the extended deadline of September 30,… Continue Reading
  • How to pay for post-secondary education in the year of COVID-19 (8/11/2020) - Unable to have summer jobs, many students face the new school year with precious few savings. Are there any solutions? There are a number of government funded programs that provide funds toward the cost of post-secondary education. The Canada Emergency Student Benefit (CESB).You are eligible for the CESB, if you… Continue Reading
  • The revised CEWS: How do the new rules work? (7/30/2020) - The government released draft legislation regarding a redesigned Canada Emergency Wage Subsidy (CEWS). Here are the highlights of the key changes. The CEWS was extended to November 21, 2020 with a potential further extension to December 31, 2020. The redesigned CEWS has two different rate structures, one calculated based on remuneration… Continue Reading
  • Teaching Your Children About Money (7/14/2020) - As a high income earner you are in the fortunate position to meet every need of your children. It is nice to spoil them sometimes without going overboard. The danger is that you make them financial dependent on you and take away their self- reliance. If your children are working… Continue Reading
  • Contributing to the CPP past age 65 (7/14/2020) - If you work until age 65, you have no choice but contributing to the CPP. If you are 65 to 70 years of age and you continue to work you can choose not to make CPP contributions. If you continue to work after age 65 while receiving the CPP retirement… Continue Reading
  • You need proof of total km driven when you claim auto expenses (7/14/2020) - 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 automobile to service customers for her advertising business.… Continue Reading

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