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Paying Salaries to Family Members Working in Your Practice

Paying Salaries to Family Members Working in Your Practice
It’s common for physicians to employ their family members (kids or spouse) in their practice. The main benefit of this approach is the tax savings because the children or the spouse are taxed at a lower rate as compared to the doctor. Keep in mind that the amounts paid to the family members need to…
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Tax Deductions for Gifts-In-Kind

Tax Deductions for Gifts-In-Kind
Gifts-In-Kind are a non-monetary donation to a charity. These can also be tax deductible provided you keep a few things in mind. 1. The Most Important Condition Make sure that the charity of your choice is recognized by the Canada Revenue Agency (CRA) as a registered charity. If it doesn’t have this status, then any…
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CRA Notifications – What you need to know

CRA Notifications – What you need to know
Today we’re going to take a look at the following notifications sent by the Canada Revenue Agency (CRA). Request for InformationNotice of AssessmentNotice of ReassessmentAudit 1. Request for Information This notification means that the CRA would like to see proof of something which was on your return. Some of the most common information requests are…
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