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.
Tax Planning for Physicians
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.
Canadian Snowbirds and U.S. Income Tax
Understanding Capital Losses
Understanding Capital Losses
Contribution Reminder For Your RRSP, TFSA and RESP Accounts
Contribution Reminder For Your RRSP, TFSA and RESP Accounts
The benefits of making a charitable donation are countless – from helping those in need to the personal satisfaction of giving back to the causes that are important to us. Charitable giving also makes good sense from a tax perspective. With proper planning, you can reduce your total income tax liability and maximize the value of your donation.
Donating Appreciated Securities