Resources: Professionals

Dental Care

Claiming Input Tax Credits for Orthodontists

Posted on May 23, 2017 by djb

Medical practitioners who specialize in orthodontics may provide their supplies in different ways. The tax status of these supplies under the Excise Tax Act (ETA) will depend on the facts of the particular situation.  It is possi...View Post »


Professionals

Can US Professionals Benefit From a Professional Corporation?

Posted on May 4, 2017 by djb

The incorporation of a professional corporation has many Canadian tax advantages and, as such, is a structure that we often recommend.  However, if you are a US person (that is a US citizen or valid US green card holder) living a...View Post »


2017 Federal Budget Update for Professionals

2017 Federal Budget Update for Professionals

Posted on April 6, 2017 by djb

On Wednesday, March 22, 2017, the Liberal government tabled their second budget.  Unlike the 2016 federal budget, this budget did not introduce sweeping reforms of well established tax principals.  For starters, let’s review w...View Post »


Selling a Medical Practice

Selling a Family Medicine Practice

Posted on January 24, 2017 by djb

There was a time when selling a family medicine practice in Ontario was very rare as the demand for family doctors exceeded the supply so the patient lists weren’t overly valuable on an open market.  If a practice was sold, it ...View Post »


Office Meeting

Significant Changes to Tax Planning Related to Life Insurance Policies

Posted on July 14, 2016 by djb

The planning surrounding life insurance policies held by private corporations is a model that has been in use for the better part of two decades. While Canada Revenue Agency (CRA) always acknowledged the existence of certain life ...View Post »


Professional Group

2016 Federal Budget Summary for Professionals

Posted on April 21, 2016 by djb

For shareholders of Professional Corporations, the 2016 Federal Budget should have been received with mixed feelings.  There were rumors that Canada may follow Quebec and significantly limit the tax deferral benefit of a typical ...View Post »


Centre_Block_-_Parliament_Hill

What Does a Liberal Government Mean for Your Professional Corporation?

Posted on January 5, 2016 by djb

A new federal government took the reins on October 19th with promises to “strengthen the middle class”.  On December 7, 2015 the Finance Minister tabled a Notice of Ways and Means Motion (NWMM) which was consistent with the L...View Post »


Retiring Doctor, Professional Corporation

Use of a Professional Corporation on Retirement

Posted on October 29, 2015 by djb

For professionals, the use of a professional corporation (PC) can provide key benefits in terms of income splitting and income tax deferral.  However, professionals often ask: “What happens to my PC when I retire?” In some si...View Post »


Health Service Plans (PHSP, HWT, ELHT)

Health Plans in a Professional Corporation

Posted on June 25, 2015 by djb

Incorporating your professional practice can yield many tax benefits.  The most commonly known benefit includes gaining access to the small business deduction, which allows the first $500,000 of taxable income to be taxed at a co...View Post »


Stethoscope on the report

Business Valuations for the Professional Practice

Posted on December 12, 2014 by djb

There are numerous reasons why a business valuation may need to be undertaken.  Some of these are dispute resolution, matrimonial breakdowns and corporate reorganizations.  Due to the demographics of society currently, with the ...View Post »