As veterans of higher education, physicians often anticipate that their children will carry the torch of post-secondary learning. Physicians can optimize savings and tax on this future expenditure by contributing to a Registered Education Savings Plan (RESP), which...
Are you a physician who moved in 2022, or are considering a move in 2023? If so, your moving expenses may be deductible for tax purposes. Are you eligible to claim moving expenses? To claim moving expenses, you must meet the following criteria outlined by CRA: One...
This article has been updated for the draft legislation proposals from the Department of Finance ‘Design of the Tax-Free First Home Savings Account’ Backgrounder, released August 9, 2022.. On April 7, 2022, the Federal Government released a budget with two new...
How to Organize Yourself for Personal Tax Filing Step 1: Be Aware of Your Income & Expenses As a self-employed physician, fee-for-service income can come from a variety of sources, including various health authorities (WRHA, NRHA, IERHA, etc.),...
The most frequent questions we receive from resident physicians relate to their ability to claim various tax credits and deductions. This is often complicated by their participation in various assistance or rebate programs and the continuing cost of their medical...
