As we journey through 2023, it’s paramount for medical residents and students in Ontario to be well-versed in the array of tax-saving strategies at their disposal. Effective tax planning not only bolsters your current financial standing but also lays the groundwork for prudent fiscal decisions throughout your medical career. In this guide, we’ll delve [...]
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 [...]
After working hard to graduate from medical school, your next steps could include a lot of effort towards establishing a medical practice. You have a fullfilling path ahead of you, but have you given any thought to how you will spend your retirement? Planning is necessary for your retirement if you’re a doctor in [...]
Did you know that you can defer your tax bill? Deferring your tax has many benefits but mainly, it can save you money in the short and long run. As we edge towards the time of year for filing our tax returns, now is a great time to let you in on a very [...]
Economic volatility has been strong over the past year as a result of COVID-19 developments and rising inflation. As a result, while submitting income tax returns in 2023 and after, Canadian taxpayers need to be aware of a number of changes. Our team has highlighted the key factors that should be reviewed this year [...]
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 [...]
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