Finance

For years, many professionals, including doctors, lawyers, and small to mid-sized business owners, have been taking advantage of a tax-efficient way of withdrawing cash from their corporations called capital gains surplus stripping (CGSS). In 2023, this is still a prevalent strategy, especially when there are excess retained earnings (typically in excess of $250,000). Instead [...]

Accounting services play a crucial role in the financial management of Canadian doctors' practices. With the complexities of tax regulations and the unique financial considerations within the medical profession, doctors often rely on professional accountants to handle their accounting needs. We will explore the average cost of accounting services for Canadian doctors in 2023, [...]

Your financial choices during residency pave the way for a prosperous future. Therefore, it’s critical to manage your funds without delay. You may progressively pay off your student debt by creating a workable budget that you can stick to and monitoring your spending patterns. Being a resident is a rewarding step on the path [...]

Tax season is here! A large number of individuals end up missing the personal tax deadline, which is May 1st, 2023 this year. The deadline usually falls on April 30th, but as this falls on a Sunday this year, you have until Monday, May 1st. By this date, you should have your taxes filed [...]

Having a financial plan, no matter what your financial goals are - saving for your children's school, retiring comfortably, or leaving something to your loved ones – is critical. It allows you to get better control over your finances and ensure that you have a strategy in place to help you reach your objectives. [...]

What are the Tax Advantages of Donating to Charity as a Medical Professional? Any Canadian medical professionals who make charitable donations are eligible for a significant tax credit. We Canadians are a helpful bunch, whether it's donating food to a food bank, working at a shelter, or participating in a walkathon. Your donation may [...]

When you're a first-time buyer, finding a home that you can afford can be difficult. As of 2019, the federal government allows home buyers to borrow up to $35,000 from their RRSPs to assist them in purchasing a home. It's critical to follow the repayment restrictions when borrowing money from your RRSP under the [...]