Home Purchase Loan from MPC
In the Current High Interest Rate economic environment when debt servicing cost of Home Mortgage have risen significantly, you must have thought about Home Purchase Loan from MPC. Borrowing money from a corporation is fraught with complex tax implications. How to Legally get a Home Purchase Loan from Your Corporation Get in Touch with Abdullah […]
RRSP options when you turn 71
You might know about the deadline for closing your RRSP. But do you know what you’ll do with your money then? Here are your RRSP options when you turn 71 Maybe you’ve been saving in your registered retirement savings plan (RRSP) for decades. Or maybe you started only recently, after you paid off your mortgage. Either way, there’s a RRSP deadline looming in your […]
Why Physicians Should Hire Me as Their Accountant
As a physician, managing the complexities of your medical practice can be demanding. From providing quality patient care to staying up-to-date with medical advancements, your plate is undoubtedly full. Amidst these responsibilities, financial management can become a daunting task. However, fear not, as this article will highlight the significant reasons why hiring a skilled and […]
3 ways of doing business as a Canadian physicians
There are three ways Canadian Physicians can setup there Tax Status; Medical professional corporation ✓ Most common choice Your corporation becomes a separate legal entity and is owned by shareholders (you decide who your shareholders are). Tax implications The corporation files its own tax return and pays the corporate tax rate. Corporation is taxed at 12%1 Partnership with […]
Tax Planning for Salaried Physicians: Should I contribute to a spousal RRSP?
If you’re a practicing physician who’s paid a salary, you’re probably familiar with Registered Retirement Savings Plans, or RRSPs. But have you considered how a Spousal RRSP might fit in your plans? Tax Planning for Salaried Physicians: Should I contribute to a spousal RRSP? While an RRSP account can help you save for retirement, a […]
Tax Credits and Deductions for Medical Residents
When you’re focused on your medical/dental career, income taxes may not be top of mind, but you don’t want to miss out on tax planning for your high net worth future career, tax credits and deductions for Medical Residents that could save you money when you file your return. Tax credits or deductions for Medical […]