Since Canada represents only a small portion of the world’s capitalization, it may make sense to include some foreign investments in your portfolio. However, it is important to understand Canadian and other foreign tax implications of owning investments outside of Canada.
Knowing how tax rules affect your investments is essential to maximizing your after-tax return. In addition, keeping up to date on changes to the tax rules ensures that you take advantage of all the tax savings available to Canadian-resident individuals. This article provides an overview of select strategies to assist you in reducing your tax bill.
The 2023 Tax Documents Overview and Schedule provides a summary of mailing dates and online availability (Gateway) of clients’ tax slips.
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.
Since many tax strategies require foresight to be effective, tax planning should be a year-round activity. However, as year-end approaches there are still opportunities to consider to reduce your 2023 tax bill. The following information relates to year-end tax-savings strategies that may be available, depending on your personal situation.