Video: 2020 Tax Tips for Physicians
Watch our tax tips video for 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 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 government support measures, including the Canada Emergency Response Benefit, Canada Emergency Wage Subsidy and Canada Emergency Business Account programs.
If you received any of these benefits, you might owe tax on the amount.
For physicians, federal and provincial taxes will no doubt be one of the most significant expenses you incur during your professional career.
Many doctors found themselves working virtually this past year.
Whether you’re self-employed or an employee, you can claim expenses for working from home.
Another expense you can deduct whether you’re self-employed or an employee is your malpractice insurance premiums.
You can deduct your CMPA fees less any rebate. If you are an employee, supporting documentation may be required, depending on your province or territory.
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 physicians” guide, or talk to a tax professional.