Income splitting: a pharmacy vs a medical practice
Income splitting: a pharmacy vs a medical practice Key takeaways A pharmacy is generally not a professional corporation for TOSI purposes the way a medical or dental practice is. That means the excluded-shares exception may be available for a pharmacy if less than 90...
Why TOSI hits doctors harder
Why TOSI hits doctors harder Key takeaways The excluded-shares exception to TOSI is not available to a medical professional corporation because it is a professional corporation under the Income Tax Act. That means a doctor cannot use the simplest income-splitting...
Selling a dental practice: the lifetime capital gains exemption
Selling a dental practice: the lifetime capital gains exemption Key takeaways The Lifetime Capital Gains Exemption for 2026 is $1,275,000 on qualifying shares. A share sale qualifies for the exemption. An asset sale does not. Goodwill on an asset sale is Class 14.1 at...
Is chiropractic GST exempt and what it means for your practice
Is chiropractic GST exempt and what it means for your practice Key takeaways Chiropractic services provided to a patient are exempt from GST and HST under the health-care rules. Because the services are exempt, you generally cannot claim input tax credits to recover...