by Ricardo Ardiles | 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 Ricardo Ardiles | 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 Ricardo Ardiles | 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 Ricardo Ardiles | 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...
by Ricardo Ardiles | Pharmacy Owners, Reliefs, Retiring Pharmacists, Staff Pharmacists |
The optional Special Employment Insurance (EI) Program for self-employed individuals in Canada is designed to provide support during specific circumstances, such as sickness, maternity/paternity leave, and caregiving responsibilities. Pharmacy owners and self-employed...
by Ricardo Ardiles | Reliefs, Staff Pharmacists |
In 2022, Canada implemented a new luxury car tax. This tax, officially known as the Luxury Tax on High-Value Vehicles, aimed to address the growing issue of wealth inequality while generating additional revenue for the Canadian government. While it also applies to...