Doctors

Webinar: Proposed Changes to Tax Planning: The Impact to Health Professionals

Webinar: Proposed Changes to Tax Planning: The Impact to Health Professionals

On July 18, the Department of Finance released their discussion paper announcing proposed changes to tax planning using private corporations. Last week, on September 20, GGFL’s Health Professional’s Partner Donna Ho and Tax Manager Kody Wilson hosted a webinar highlighting the potential impact to health professionals, including doctors and dentists, from the proposed changes. These […]

Why removing tax breaks for doctors is bad medicine

Why removing tax breaks for doctors is bad medicine

Under current tax legislation, physicians are entitled to split their income with family members, effectively making spouses and children shareholders in their professional corporations. This is known as income splitting, or “income sprinkling.”

In its communications, the federal Department of Finance is portraying these advantages as unfair to other middle class taxpayers, the bulk of whom are salaried employees.

Incorporation of Professionals in Ontario

Incorporation of Professionals in Ontario

Depending on your profession, you may be eligible to have a professional incorporation in Ontario. This article details the status of a number of such particular professions, some of the details behind the legislation that allows this (the Ontario Business Corporations Act), the methods and mechanics of incorporation, and the issues to consider when incorporating. Most importantly, throughout the article, we will detail the benefits of professionally incorporating in Ontario, and how it can help you.

Disability Credit Where Credit Is Due

Disability Credit Where Credit Is Due

Having a child with disabilities presents different challenges that parents with a child without a disability do not face. The Canadian Income Tax system provides some financial assistance to help with the challenges.