On April 17th, 2024, the Minister of Finance presented the Budget 2024: Fairness for Every Generation. (Ironic title considering certain initiatives aren’t exactly the most fair) Let’s take a look at what’s in store and how these changes will effect internationally trained physicians in Canada and how you can avoid taking a hit.
What’s Included in the 2024 Budget
- Tax hikes for the wealthy
- Increases to capital gains taxes
- Measures to cool the housing market, such as a tax on vacant properties and foreign buyers
- Climate change initiatives
- Healthcare initiatives
- Economic recovery
How This Will Affect Doctors
The government will raise $19.4-billion in revenue through changes to capital gains tax rules. For corporations, the government will increase the taxable portion of capital gains from one half to two thirds and for individuals, the taxable portion will go up the same amount on capital gains above $250,000.
About 10 per cent of the revenue from the tax hike on the corporate side is expected to come from private professional corporations, such as doctors.
How To Navigate These Changes
For doctors, the proposed changes to the capital gains tax in the 2024 federal budget could lead to hefty tax bills in your near future and negatively impact your overall financial well-being if proper tax planning is not in place.
Now more than ever doctors should seek professional help in managing their finances.
With a RFL Wealth’s tax savings plan in place we can ensure you won’t feel the hit of these changes, instead you can save 40-60% on your taxes, retire on time and comfortably, while still being able to leave a legacy for your loved ones.
Click here to book a meeting with an RFL Advisor so you can avoid taking a hit and start living your Rich, Fulfilling Life.
Want to Learn More?
Listen to our latest podcast episode where we break down the budget in depth and how it will affect you as an internationally trained physician and how you can avoid taking a major hit.
