Physicians understand the need to save for retirement. With patient demand for family doctors outpacing the number of available physicians, there is little opportunity to sell ones practice in the way that a dentist could to fund retirement. Fortunately, the Contributory Professional Retirement Savings Plan (CPRSP) benefit is available to assist eligible physicians practising in…
Incorporated Professionals
Insured Retirement
When most think about saving for retirement, RRSPs (Registered Retirement Savings Plans), RRIFs (Registered Retirement Income Funds) and TFSAs (Tax-Free Savings Accounts) are the usual methods that come to mind. These tax-assisted plans provide an excellent way to accumulate assets on a tax-favourable basis, but what if you have fully maximized your available contributions to…
Individual Pension Plan – Budget 2018
For many, the recent 2018 budget provided welcomed relief to what could have been much worse for business owners and professionals. The severe backlash experienced after the July tax proposals gave the government good reason to fine tune their final proposals and scrap some other rules all together. Income Splitting As clarified in December, paying…
The Taxman Cometh
If you’re a business owner, then you’ve been put on notice that the federal government is coming for you. The Finance Minister’s July 2017 proposal for tax reform takes direct aim at those who operate their business through an incorporated entity and proposes some widespread changes, the likes of which we have not seen in…
RRSP vs. Corporate Investing
When working with business owners who are looking to make investments outside of their business, I am often asked whether it is better to use RRSPs and Individual Pension Plans (IPP) to establish retirement savings or whether it makes more sense to leave those funds in one’s corporation for investment purposes. While the answer to this question is often driven by your…