The Impact of the Proposed Increase to the Capital Gains Tax on Canadian Doctors

💼The proposed increase in the capital gains tax will affect doctors who operate small businesses and rely on their corporations for retirement savings.

💰Doctors are concerned about the significant impact on their retirement savings as a result of the higher tax rate on capital gains.

📅The government has set a deadline of June 25th for doctors to realize capital gains and pay the old tax rate, causing financial strain for many physicians.

🔎Physicians are facing challenges in their practices, with increasing costs and limited ability to raise fees, making it difficult to maintain financial stability.

👩‍⚕️The increase in the capital gains tax may also deter new doctors from entering the profession, exacerbating the existing shortage of family physicians.

How will the proposed increase in the capital gains tax affect doctors?

—Doctors who operate small businesses and use their corporations for retirement savings will face higher tax rates on their capital gains, significantly impacting their retirement income.

Why are doctors concerned about the impact on their retirement savings?

—Doctors rely on their corporations to save for retirement, and the increase in the capital gains tax will reduce the amount they can save, potentially forcing them to sell their retirement assets earlier or face higher tax rates.

What is the deadline set by the government for doctors to pay the old tax rate?

—The government has set a deadline of June 25th for doctors to realize capital gains and pay the old tax rate. This creates financial pressure for physicians who may need to sell their assets quickly to avoid the higher tax rate.

What challenges are doctors facing in their practices?

—Doctors are facing increasing costs and limited ability to raise fees, putting a strain on their financial stability. This, combined with the proposed increase in the capital gains tax, adds to the existing challenges in the healthcare system.

Will the increase in the capital gains tax deter new doctors from entering the profession?

—The potential impact of the higher tax rate on capital gains may discourage new doctors from entering the profession, worsening the shortage of family physicians and impacting the accessibility of healthcare services.

00:00The federal government's proposed increase to the capital gains tax is drawing criticism from Canadian doctors who operate small businesses.

03:59Doctors are concerned about the impact this change will have on their retirement savings and financial stability.

07:07The tax change will affect doctors who have incorporated their practices and use their corporation as a means to save for retirement.

08:27The government's decision to increase the inclusion rate on capital gains is seen as a significant blow to doctors who rely on their corporations for their retirement income.

10:35Doctors are also facing challenges in their practices, with increasing costs and limited ability to raise fees, making it difficult to maintain financial stability.