I Just Called to Scam You

I Just Called to Scam You

How to determine if it’s CRA on the line. Over the past few years, scam phone calls from individuals claiming to be from the Canada Revenue Agency (CRA) have increased. As we approach the time of year to file personal tax returns, these calls become more frequent as...
RRSP or TFSA

RRSP or TFSA

RRSPs and TFSAs are both “registered” investment accounts, which means that they receive special tax treatment that is not applicable to other “non-registered” investment accounts. The special tax treatment of these accounts increases the total benefit of investing by...
Month of Giving (Part 3): Donation of Securities

Month of Giving (Part 3): Donation of Securities

Instead of liquidating securities to fund donations, it may be more tax efficient to donate securities directly to charitable organizations. If you sell a security to obtain cash to donate, you generally need to pay tax on the profit earned, also known as a capital...
Month of Giving (Part 3): Donation of Securities

Month of Giving (Part 2): Tax Efficient Donating

Many physicians in Canada have incorporated their practices, as there are significant tax benefits to doing so. This then provides incorporated doctors with two avenues to donation: Corporate Donations Personal Donations We are often asked, “should I make donations...
Month of Giving (Part 3): Donation of Securities

Month of Giving (Part 1): Donation Tax Credit Refresher

December is the month of giving. While deciding which charitable organizations you wish to support this year, the following donation tax credit information is good to keep in mind:   What qualifies as a donation for tax purposes? To qualify for the donation tax...
The Season of Giving – is it taxable?

The Season of Giving – is it taxable?

As the holiday season approaches, it is not unusual for doctors to provide gifts to their employees, hospital administrative staff, colleagues, and nurses. While these gifts are generous gestures, they may result in unexpected tax implications. Gifts to Employees When...
Financial Considerations of Buying a Home

Financial Considerations of Buying a Home

  There is a lot to think about when you buy your first home. What colour should you paint the living room? What should the extra bedroom be used for? A home office? A gym? Or maybe a nursery? Outside of aspirational objectives, there are many practical matters...
Moving Expenses: When are they deductible for physicians?

Moving Expenses: When are they deductible for physicians?

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...