|Physician Eligibility||Maximum Issue Limits||Discounts|
|Fellowship program (not in last year of specialty or sub-specialty)||$8,500||25%|
|Resident Graduates (last year residents planning to enter family practice)||$7,500||25%|
|Resident Graduates (last year residents planning to enter practice – specialists)||$11,000||25%|
|Fellowship graduate (last year of specialty or sub-specialty, planning to enter practice)||$11,000||25%|
Retain your small Business Deduction
Access to the Small Business Deduction (SBD), the first nib of the recently implemented rules reduces access to the SBD for Canadian Controlled Private Corporations (CCPC) having more than $50,000 of passive income. CCPCs with passive income in excess of the threshold will incrementally lose access to their SBD, until $150,000 of passive income is reached, at which point the entire SBD will be lost. In British-Columbia for 2019 the combined federal and provincial tax rate for the first $500,000 of business income is 12%. Business income above $500,000 is taxed at 27%. If your investment portfolio including capital gains, interest, dividends and certain real estate income is generating $150,000 or more, your business revenue will be taxed at 27% instead of 12% from the first dollar you earn. That is $75,000 per year in additional tax payable.
We can show you how to avoid this trap via the unique application of a time tested asset class designed to preserve capital, enhance yield and allow you to amplify and perpetuate your philanthropic contributions should you desire to.
This process has very little cost, if any, to the practitioner and his business.