Can"eh"dian Tax - You have questions, I have answers

[CPA RB]

Hello,

I am a Canadian CPA and Chartered Accountant with a significant amount of experience in Tax for medical professionals.

I thought I would contribute to this community as it seems as though most of the tax discussions are based on our neighbours to the south, without much regard for us poor maple syrup drinking Can'eh'dians.

So, if you have any Canadian Tax questions, leave them here and I'll do my best to respond based on what you've provided. Hopefully this will help a broad base of members here understand the do's and don'ts of Canadian Tax with regards to Medical Professionals and act as a reference point.

Let the boring tax discussion begin!

CPA RB

 

[The White Coat Investor]

I'd love to get a guest post from you on the differences between the tax systems.

[CPA RB]

I'd love to!

I'll message you directly.

 

CPA RB

[DMFA]

Sounds like you guys should talk taxes over some Tim Horton's.

Is it true that you get a tax deduction for each moose you kill, and that you can only claim child exemptions if they play hockey?

[CPA RB]

Haha - I'll have to look into the Moose deduction.

And you can claim up to $500 per child as a fitness tax credit for hockey (and any other eligible fitness program). However the 2016 tax year is the LAST year this will be available as it's been cancelled for 2017 onward.

 

[cndpntr]

Hi!

This is exactly what I signed up for - it seems roughly 30-40% of the advice given on this site is related to taxes and I was hoping to find a Canadian equivalent. As a 4th year medical student, I was hoping to get some general insight into the Canadian tax code re: TFSA's, professional corporation, RRSP, RESPs, etc. As both my wife and I are 4th year medical students, I assume we will have a complicated tax arrangement and I don't think it would be wise for me to handle it myself.

All that to say:

1. Do you know of a blog, website, book, etc, that could provide insight into professional finance and tax advice from a Canadian perspective?

2. Generally, could you provide some context on professional incorporation and the use of the various tax savings modalities (TFSA, RRSP, RESP, others?)?

3. Are there common mistakes you see professionals making with regard to their taxes?

 

All the best,

 

[Peds]

WCI: how many members are practicing canadian physicians?

[jfoxcpacfp]

cndpntr wrote:

Hi!

This is exactly what I signed up for – it seems roughly 30-40% of the advice given on this site is related to taxes and I was hoping to find a Canadian equivalent. As a 4th year medical student, I was hoping to get some general insight into the Canadian tax code re: TFSA’s, professional corporation, RRSP, RESPs, etc. As both my wife and I are 4th year medical students, I assume we will have a complicated tax arrangement and I don’t think it would be wise for me to handle it myself.

All that to say:

1. Do you know of a blog, website, book, etc, that could provide insight into professional finance and tax advice from a Canadian perspective?

2. Generally, could you provide some context on professional incorporation and the use of the various tax savings modalities (TFSA, RRSP, RESP, others?)?

3. Are there common mistakes you see professionals making with regard to their taxes?

All the best,

Click to expand...

Fingers crossed that you'll get a response. We haven't had any interaction from CPA RB since the day he first appeared on Valentine's 2017 and, unfortunately, he didn't leave his contact information. Another resource you might look into is the series of books by Brian Wruk on cross-border taxation, such as The Canadian in America and The American in Canada.

[The White Coat Investor]

Peds wrote:

WCI: how many members are practicing canadian physicians?

Click to expand...

Very few based on site statistics are from Canada. In the 1% range probably.

[Peds]

The White Coat Investor wrote:

Peds wrote:

WCI: how many members are practicing canadian physicians?

Click to expand…

Very few based on site statistics are from Canada. In the 1% range probably.

Click to expand...

thanks.

also didnt see this thread was so old. that should have answered my question alone....

[cndpntr]

I too should have figured given how old CPA RB's post was.

Thank you for the info - I will check that series out.

Do you think this would be an appropriate question to the forum at large?

 

[uptoolate]

There aren't many apparently. I am surprised that WCI says only 1% though.  Should be 10% based on population though perhaps the systems are different enough that those that find their way don't stick.  I recommend this site and Bogleheads to students and residents who inquire about such things as I think that the core concepts are similar.  Cndpntr you can PM if directly if you wish and I can give you my experiences regarding some of the questions you were posing.  Not a CPA but have managed to do well though can't say a good deal of it wasn't dumb luck. Cheers.

[Neuro-doc]

It's a privilege to be part of the WCI 1%.

Looniedoctor.ca is a excellent Canadian physician finance blog. He has links to several other physician finance blogs.

canadian couch potato  and Canadian portfolio manager blogs are both excellent general investing blogs for Canadians.

There is a private Facebook group for Canadian Physician Finance, where you can post questions to other Canadian docs with an interest in personal finance.

[jfoxcpacfp]

cndpntr wrote:

I too should have figured given how old CPA RB’s post was.

Thank you for the info – I will check that series out.

Do you think this would be an appropriate question to the forum at large?

 

Click to expand...

I think it might be a waste of your time. The resources Neuro-doc has provided sound excellent - recommend you devote some time to getting to know those folks.

[jfoxcpacfp]

cndpntr wrote:

I too should have figured given how old CPA RB’s post was.

Thank you for the info – I will check that series out.

Do you think this would be an appropriate question to the forum at large?

 

Click to expand...

I think it might be a waste of your time. The resources Neuro-doc has provided sound excellent - recommend you devote some time to getting to know those folks.