Tax Planning Strategies

Many physicians incorporate their practices to enjoy the same benefits as other self-employed incorporated individuals. However, important tax changes affecting Canadian private corporations that were introduced several years ago can have significant implications for physicians with a professional corporation or those physicians considering incorporation.

Summary of some of the key tax pledges made by the newly elected government during its campaign as well as some updates from recent developments on its campaign promises since the new government convened on December 3, 2015.

When it comes to investment income, all is not equal after tax. Knowing how tax rules affect your investments is essential in order to maximize your after-tax return. This publication explains the taxation of investment income held in a taxable account as it pertains to an individual resident in Canada.

Charitable Giving - Donation of Appreciated

Insured Annuities

Eligible Dividends

Trusts for Asset Protection and Tax Savings

Having a TFSA works. Get one working for you. Whether you’re saving for a new car, a home purchase, your child’s education or retirement, a TFSA can help you reach your financial goals sooner.

Pension Income Splitting to Reduce Family Taxes

Entrepreneurs who have built successful companies often want to see their business passed effectively to the next generation. However, a sale or transfer of ownership of the business will generally trigger capital gains tax. If the value of the shares of your business has increased, you or your estate may be burdened with a substantial tax bill. The business may even have to be sold to cover the liability.

Understanding Capital Losses

Although Canadian snowbirds reside in the U.S. for only a part of the year, there is the potential of being considered a U.S. resident and, in turn, having to pay U.S. income tax on the same basis as a permanent U.S. resident. This article outlines how the U.S. government determines whether you are a resident for income tax purposes; namely, it covers the criteria for meeting the Substantial Presence Test, Closer Connection Exception and the Canada U.S. Income Tax Treaty Tie-Breaker Rules.

Charitable Giving

Making Gifts to Adult Children