Medical Professional Corporation
Tax savings are one of the biggest advantages of incorporating your medical practice. We carefully evaluate the many planning options that exist. Incorporate with us and we’ll have your MPC up & running. Our Package for Medical Professional Corporation is: Medical Professional corporation Pricing $1,500+ HST If there is an existing practice under your Personal […]
Is it a hobby or a business? CRA
Many of us have hobbies that bring us joy; some of us have hobbies that bring us additional income. Whether you bake cupcakes and sell them to co-workers or go fishing after work and sell what you catch to friends, any profit you make from your passion could be considered business income, subject to income […]
FORM T2125 – STATEMENT OF BUSINESS OR PROFESSIONAL ACTIVITIES
When a Canadian taxpayer earns business income or income from a profession, then in addition to having to report and pay tax on their profits, they also need to fill out a FORM T2125 CRA – STATEMENT OF BUSINESS OR PROFESSIONAL ACTIVITIES for each of their business or professional activities. Form T2125 is part of […]
$61,000 Tax Write off for Electric Vehicles in Canada; Abdullah CPA
The Incentives for Zero-Emission Vehicles (iZEV) Program and tax write offs for electric vehicles in Canada are helping to make it more affordable. Types of Federal Incentives There are two types of Federal incentive programs available: As long as a vehicle (the year, make, model, and trim) appears on the list of eligible vehicles, an incentive can be […]
How to Pay Yourself as a Business Owner
Managing personal compensation as a business owner in Canada demands a comprehensive understanding of the intricate financial and tax landscape. Determining an appropriate salary and exploring diverse payment methods involve navigating complex tax and legal considerations. In this blog post, we will provide you with a guide on how to pay yourself as a business […]
How a CPA Accountant Benefits Physicians: Ensuring Financial Health and Compliance
Physicians face unique financial challenges and complexities due to the nature of their profession. With a demanding workload and a focus on patient care, managing finances and staying compliant with tax and regulatory requirements can be overwhelming. In this blog post, we will explore the advantages of hiring a specialized accountant for physicians. From maximizing […]