Medical Professional Accounting

Medical expenses Many of us assume we don’t have enough medical expenses to get a tax credit (the total amount of receipts must exceed a set threshold or three per cent of net income, whichever is less), but they can add up quickly. Look for things that aren’t an eligible expense under your group plan and don’t forget to include

Read more

Advantages of income-splitting and pension-sharing Retired medical professionals can apply to share their Canada Pension Plan (CPP) retirement income with their partners if both are 60 years old or over. While pension sharing is not considered the same as pension income splitting, it does the same thing — putting more income in the hands of the lower-earning partner. The post-retirement

Read more

Tricks for Investing in Registered Retirement Savings Plan – RRSP One of the limitations on making deductible contributions to RRSP is your “earned income” for the preceding taxation year. The calculation of your contribution limit for the current year begins with the lesser of a fixed amount per CRA for the year and 18% of your earned income for the

Read more

Take advantage of all income-splitting and pension-sharing options Taxpayers can apply to share their Canada Pension Plan (CPP) retirement income with their partners if both are 60 years old or over. While pension sharing is not considered the same as pension income splitting, it does the same thing — putting more income in the hands of the lower-earning partner. The

Read more