David Chong Yen, from DCY Professional Corporation of Chartered Accountants, comes back to talk with Dr. Suham Alexander about the new taxes brought about by the new liberal government and to provide dentists with valuable tax tips.
Highlights
- Tax Free Savings Account (TFSA) limits will be reduced to $5,500/year
- Dentists earning >$200K will have a larger tax bill
- The federal tax rate will increase from 29% to 33% (for any income over $200K)
- Tax rates for those earning between ~$45K-90K will be reduced from 22% to 20.5%
- Family Tax Cut credit will likely be eliminated
- Dentists with a household income of >$200K will not qualify for the Universal Child Care Benefit
- The age to qualify for OAS will revert back to 65
- The Lifetime Capital Gains Exemption (LCGE) appears to remain unchanged but, for how long it is unaffected, remains to be seen