by Munish Mehan | Dec 13, 2022 | Uncategorized
Doctor Jimmy is a single parent, who owns a professional corporation worth FMV of $ 3 million and an ACB of $0. He also has $900,000 in investments worth $3 million. After his death, there could be three layers of taxes. 1. A $3 million capital gain subject to...
by Munish Mehan | Dec 12, 2022 | Uncategorized
P (Registered Retirement Savings Plan) It allows a taxpayer to invest his money on a tax-deferred and tax-deductible basis at the same time. However, the income withdrawn from the plan is taxable. To make a contribution towards an RRSP account one must have the room...
by Munish Mehan | Nov 16, 2022 | Uncategorized
How does the Interest income get taxed inside a corporation? Having a GIC or interest genreating income inside a corporation is always a great idea. The simple reason is taxation. Before we jump into taxation of interest income inside a corporation, one should also...
by Munish Mehan | Nov 12, 2022 | Uncategorized
In general, incorporation is a good idea when your expenses are a lot lesser than your income. However, physicians face a lot of educational and internship issues before they begin practicing professionally, and on top of that, they go through financial hardships....
by Munish Mehan | Oct 29, 2022 | Uncategorized
Interestingly, ITA doesn’t say that Life insurance is tax-free, and it’s due to the reason that ITA is an act of inclusion and lists everything that’s taxable. If you are incorporated and planning to buy life insurance, then it would be beneficial to...
