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Video: 2020 Tax Tips for Resident Physicians

Watch our tax tips video for resident physicians to find out how government support programs and changed circumstances may affect your taxes.

Are you ready for tax time?

MD Financial Management’s “Tax tips for resident physicians” guide can help.

This past year has been different.

Find out how government support programs and changed circumstances may affect your taxes.

Let’s start with the Canada Emergency Response Benefit.

If you had to take time off work due to the pandemic, you may have received this benefit.

Remember, you might owe tax on the funds you received.

If you paid tuition fees during a residency program, or if you still have unused tuition tax credits from medical school, be sure to claim them on your 2020 tax return.

Did you know that you can claim a tax deduction if you were required to use your own vehicle while working?

Only if the expenses weren’t reimbursed, of course. 

As a resident physician, your tax returns may be relatively simple, but the process is likely to become much more complex as your career progresses.

The key is to take advantage of all deductions and tax credits available to you, so you can minimize the taxes you pay and maximize what you keep.

For more information, read MD’s “Tax tips for resident physicians” guide, or talk to a tax professional.