We are in the midst of a remarkable economic period. A few weeks ago, ‘inverted yield curves’ brought predictions of an impending recession. In September, the TSX reached a record high and unemployment levels hit historic lows. But warning signs and threats persist, including on-going trade wars, geopolitical tensions in the EU and Middle East, […]
By Wendy Wong, , CPA, CA Senior Manager, Tax & Advisory Services Vehicle expenses. It is one simple line on a tax return, but it can cause all sorts of problems if CRA decides to take a closer look. Recently, we have noticed CRA specifically targeting their reviews on car expenses claimed by a business […]
By Kody Wilson, CPA, CA, CBV, Partner No matter how you slice it, paying for college or university tuition is costly. A 2018 survey of 23,000 students by MacLeans Magazine put the average annual cost of college or university at close to $20,000. For families with young children, the cost will only get higher. A […]
Young physicians at the beginning of their careers are well-versed in the workings of the human body, but usually have lots of basic questions when it comes to the fundamentals of running a business.
Claudia Rosianu, GGFL’s assurance and advisory services principal, specializes in physician finances and has the answers to these questions.
Becoming a doctor is no easy feat. We can tell you a few things about the business side of your practice and help get you on the road to financial security.
We can help you navigate the tax issues that distinguish the salaried resident from the self-employed physician. You should know about paying income tax installments, allowable business deductions, and filing returns. And, should you incorporate?
Anyone embarking on a career as a self-employed physician has lots to think about. While retirement might seem light years away, it isn’t too soon to start thinking about it, so, we’re offering you this starter kit on how you might want to save and protect some of your hard-earned money.
As you may already know, Finance Minister Bill Morneau released some additional comments the week of October 16th regarding the proposed tax changes. Here are the key points.
When the Department of Finance announced earlier this year that it was planning to end “income sprinkling,” GGFL was at the vanguard of local protest. It’s not news to anyone that the protests have grown and the issue has since become a major thorn in the federal government’s side. Along with the nation’s accountancy community and, collectively, our millions of clients, we anxiously await what we expect and hope will be significant changes to the proposed legislation.
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 […]
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.