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How well is your family doing financially?
Canada has finally come up with its most accurate picture of the distribution of net worth for Canadian families. The Parliamentary Budget Office released its report titled “Estimating The Top Tail Of The Family Wealth Distribution In Canada” in 2020. Here is a brief summary of what this report is all about. -
Save income taxes using spousal loans
Canadian physicians pay a substantial amount of income taxes. This is because of Canada’s graduated tax system, which means that the more money you earn, the higher the percentage of your income you will pay in taxes. This tax fatigue has increased in the aggregate because of the Trudeau government’s 2017 tax reform for Canadian Controlled Private Corporations (CCPCs), including medical corporations. Many physicians who were income splitting through their medical corporation can no longer save taxes using this income-splitting strategy because of the change in tax legislation.