by pharma_admin | Pharmacy Owners, Reliefs, Staff Pharmacists |
Year-end is a great time to stop and rethink your financial goals for the upcoming year. While nearly everyone thinks about trying to save more, not many consider ways to save on taxes so they don’t have to scrimp. Even though time is running out for this year’s...
by pharma_admin | Pharmacy Owners, Reliefs, Staff Pharmacists |
Forward-thinking companies, including pharmacies, must continually evolve to stay ahead of the competition and maximize profitability. One critical way to do this is with tax planning, which can significantly impact a pharmacy’s bottom line. Why Is A Top-Notch...
by pharma_admin | Pharmacy Owners, Recent Graduates, Reliefs, Retiring Pharmacists, Staff Pharmacists |
If you haven’t heard of surplus stripping as a tax strategy, you are not alone. However, it offers high income earners a great opportunity to withdraw funds at a lower tax rate. It benefits people in specific situations, but as of January 1, 2024, because of tax...
by pharma_admin | COVID-19, Pharmacy Owners, Reliefs, Staff Pharmacists |
We often get asked by pharmacists who are employees, working at a pharmacy or another business, about whether they can claim home office expenses. The rules for claiming home office expenses are different for employees compared to business owners or self-employed...
by pharma_admin | Pharmacy Owners, Reliefs, Retiring Pharmacists, Staff Pharmacists |
Canadian pharmacy owners can claim meals and entertainment expenses as business tax deductions, but they need to be legitimate, work-related claims. It’s important to carefully follow CRA guidelines and rules to avoid an audit. What Pharmacy-Related Situations...
by pharma_admin | Pharmacy Owners, Reliefs, Retiring Pharmacists, Staff Pharmacists |
With awareness about working from home arrangements increasing over the past few years, we have had more self-employed pharmacists asking about how to claim home office expenses, and whether or not it’s worth it. While most pharmacists work the majority of their...
