TPC Financial Group

🌟 We are excited to announce TPC Financial as a brand new sponsor of Team Brown! 🌟

TPC Financial's team of advisors provides comprehensive financial plans to dentists and physicians across Canada. Whether you’re a new physician interested in incorporating, a dentist wanting to buy a dental practice, or a medical professional ready to plan for retirement, they are there here to help every step of the way.TPC Financial works with clients to create custom plans for all aspects of professional and personal financial management.

Thank you for your support and welcome to Team Brown!

To learn more please visit: www.tpcfinancial.com
TPC Financial Group

Introducing TPC Wealth Management - https://mailchi.mp/ce0dba0e202d/introducing-tpc-wealth-management

New payment model for BC Family Physicians

'An opportunity to transform': Details on B.C.'s long-awaited payment plan for family physicians released The B.C. government, in partnership with Doctors of B.C., has released details about its new payment model for family doctors, a plan that could reshape primary care across the province.

Wondering if it's time to incorporate? Our simple quiz can give you a quick answer. Whether you're a dentist, physician, or another type of medical professional in Canada, your responses will help us determine if incorporation is right for you.

Take the quiz to find out!

https://www.tpcfinancial.com/planning/should-i-incorporate/

TPC Financial Group Ltd. is hiring!

We are looking for a Financial Planning Assistant to join our rapidly growing team of professionals. All employees receive benefits, paid education, and retirement matching. If you or anyone you know is interested in this position, please read the job posting below.

Careers at TPC Financial Group Find your next great career opportunity at TPC Financial Group

Doctors of BC has introduced new rules for their Contributory Professional Retirement Savings Plan (CPRSP). Matching obligations have been replaced with reimbursements, which require some new steps in order to get your money.

Doctors of BC CPRSP

Revised calculations have significantly complicated the CEWS application process. While the CEWS has provided a benefit to many who saw a revenue reduction in the early stages of COVID-19 closures, the new program is intended to help bring employers back to pre-crisis earnings.

Revised CEWS Rules The Federal Government recently passed Bill C-20, receiving Royal Assent on July 27th, 2020. Bill C-20 provides another 12-week extension to the Canada Emergency Wage Subsidy (CEWS), which further extends the program until November 21st, 2020 (likely extension to December 19th, 2020, but program det...

We have not been recommending that clients defer their mortgage unless absolutely necessary. This article provides a good overview of some potential issues.

'It feels greedy': Big banks charging interest on interest for deferred mortgage payments | CBC News A Toronto couple says temporary relief has turned to anger after learning that deferring their mortgage payments amid the COVID-19 crisis will result in $7,400 in interest being added to the outstanding principal, which will then incur more interest over the life of their mortgage. All of Canada’s...

Application for CERB becomes available on April 6th. See below for the specific steps for applying and ensure you're prepared to receive this benefit as soon as possible.

https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra.html

The Federal Government has announced a number of measures to assist Canadians who are financially impacted by COVID-19. Read our newsletter for a summary and recommendations.

COVID-19 Package to Assist Small Businesses and Employees On March 18, 2020, the Federal government announced a number of new measures to assist employees and business owners through the numerous closures and restrictions imposed due to COVID-19.

Many professions have been significantly impacted by college restrictions or social distancing due to COVID-19. See our recent newsletter that addresses the difficult task of helping staff through this unprecedented period.

COVID-19 Office Closures and Staffing Concerns Governing colleges are strongly recommending that dentists in BC, Quebec, Nova Scotia, and Ontario to suspend all non-essential and elective services immediately. While emergency treatment may continue, anything that does not show risk of infection or represent acute pain or trauma is being discoura...

Royal College of Dental Surgeons of Ontario has made the recommendation to immediately suspend all non-essential and elective dental services.

Read the full message below:

A message to all dentists in Ontario - COVID-19 Pandemic Home / RCDSO Members / Dispatch News / A message to all dentists in Ontario - COVID-19 Pandemic A message to all dentists in Ontario - COVID-19 Pandemic March 15, 2020 In accordance with our mandate to act in the public’s interest and in hearing the numerous comments made to us by members, in cons...

Bank of Canada Cuts Rates Based on COVID-19 Fears On March 4th, the Bank of Canada cut interest rates as a response to the COVID-19 virus and resultant “negative shock” to the Canadian economy. The reduction saw the overnight lending rate drop by 50 basis points (0.50%), resulting in a rate of 1.25%. As a response, most Canadian banks have red...

2020 BC budget was just released. Main takeaways:
1) Top marginal tax rate increases to 53.50% for personal income over $220,000, effective January 1, 2020
2) The government will end PST exemption on sugary drinks.
3) A “new need-based” grant for low- to middle-income post-secondary students was announced.

"James continued to warn Tuesday of a softening economy, international economic risks and the need for prudence in spending. The province’s economic growth remains estimated at 1.8 per cent Gross Domestic Product (GDP)."

With an increased tax on personal income, the benefits of incorporation and other tax deferral strategies are multiplied. Reach out to a TPC Financial Group advisor to see what strategies would be most impactful in your own situation.

B.C. Budget 2020: High-income earners, pop drinkers to pay more taxes “We’re asking those at the top, who benefit the most from our economy, to contribute a little bit more,” said Finance Minister Carole James.

Bank of Canada holds rates steady, citing 'intact' global recovery - BNN Bloomberg

bnnbloomberg.ca The Bank of Canada said there’s evidence the global economy is stabilizing, while the domestic economy remains resilient, in an interest rate decision Wednesday that gave little indication policy makers are in a rush to lower borrowing costs.

Former Vancouver Canucks defenceman sues financial advisers for negligence | CBC News

Many advisors are selling life insurance as the answer to long-term financial planning. If someone is using insurance as the foundation of your long-term financial plan, we strongly encourage you to get a second opinion.

Some highlights of the article:
"the court documents allege Jones sold Garrison several large insurance policies and contracts, including three life insurance policies worth over $10 million each"
and...
"The dominant purpose for which the defendants sold the policies and the leverage loans to the plaintiff was to earn profit, premium, commission and other compensation without regard to what was suitable for the plaintiff or the plaintiff's best interests," the lawsuit says.

cbc.ca A former Vancouver Canucks defenceman is suing his financial advisors, alleging they gave him bad advice and sold unsuitable investments and insurance policies that amounted to more than his entire net income from his six-year hockey contract.

Snowbirds - How long can you stay in the USA?

Many people assume that you do not have to pay US taxes so long as you do not spend more than 182 days in the US. This is incorrect. We've detailed the real rules in our latest newsletter.

mailchi.mp "Over a lifetime of investing, tax paying and business activity, this book is probably worth 1,000 times its purchase price. Those who ignore him and continue to get fleeced have only themselves to blame." - Jonathan Chevreau, Financial Post columnist and author of Findependence Day

Conservatives pledge review of tax system to ease headaches for small businesses | CBC News

2017 Federal Budget saw significant changes in the way small businesses structure their affairs. With the upcoming election, the conservative government has pledged to repeal a number of these tax changes. More information is outlined in the attached article.

cbc.ca Conservative Leader Andrew Scheer is pledging to repeal changes to the tax system that led to a near war between small business and the Liberal government two years ago.

First Time Home Purchase: RRSP Home Buyers' Plan

Many potential home owners feel as though ownership is out of reach. Often, first time home buyers' do not think that certain programs apply to them, yet upon closer look there are opportunities available. The RRSP Home Buyers' Plan is a resource that is often discounted, but can provide significant savings if used correctly.

mailchi.mp One option to assist with the down payment on a home is the RRSP Home Buyers’ Plan (HBP). If you meet all of the eligibility conditions, you can withdraw funds from your RRSP without immediate tax implications to purchase or build a home. After a two-year period, the amount withdrawn must then be ...

Will your family fight after you’re gone?

Grief, stress, hidden animosity amongst siblings. There are a number of contributing factors that can completely change a family dynamic after the death of a loved one. Ensure that the financial element is not a point of contention by clearly outlining your desires within a will. After all, you won't be around to clarify your intentions.

timescolonist.com “Naturally people think that they should be entitled to this or be entitled to that and it really brings out the worst in people when everybody's trying to get a piece of the pie.” The best way . . .

First Time Home Purchase: CMHC Shared Equity Mortgage

The Federal government has released further information on shared-equity mortgages for first-time homebuyers. This measure is targeted towards home-buyers who are facing challenges due to the mortgage stress test but are still seen as good candidates for lending.

We've detailed some of the specifics of this program in our recent newsletter below.

mailchi.mp One of the announcements in the 2019 Federal Budget was the introduction of the First-Time Home Buyer Incentive program. With this program, the federal government, acting through the Canadian Mortgage Housing Corporation (CMHC), assists first time home buyers by contributing up to 10% of the purcha...

Healthcare Banking for Professionals

With Scotiabank's purchase of MD Financial, there has been a race to the bottom in interest rates & fees provided to medical professionals across Canada. Does your banking structure align with the current offers provided by the banks?

mailchi.mp "Over a lifetime of investing, tax paying and business activity, this book is probably worth 1,000 times its purchase price. Those who ignore him and continue to get fleeced have only themselves to blame." - Jonathan Chevreau, Financial Post columnist and author of Findependence Day

Careers at TPC Financial Group

TPC Financial Group is hiring!

We are looking for a talented individual to join our growing team of financial professionals.No sales, no commission. Full benefits and paid training.

Visit the link below for more info:

indeedjobs.com Find your next great career opportunity at TPC Financial Group

2018 Federal Budget Highlights

The 2018 Federal budget was released, and it outlined some fairly significant changes to how corporations will be taxed on investments.

Our newsletter outlines a summary of the changes, some commentary, as well as recommendations on how to navigate the new rules.

mailchi.mp The 2018 Federal Budget was released on Tuesday, February 27th and clarified a number of items that the Federal Government had proposed in the past year. In July 2017, Finance Minister Bill Morneau released a discussion paper that proposed a number of tax changes around perceived "loopholes" in the....

Don't Be A Victim Of Fake Transparency On Your Investment Statements

huffingtonpost.ca Regardless of where you invest your money, all the fees being charged to you may not be fully disclosed.

Here's What To Know About Management Fees As An Investor (Blog)

At a time when many investors are receiving their annual performance and fee statements, it is important to understand that what you see may only be a fraction of what you're actually paying.

huffingtonpost.ca Most of you are paying more in total fees than your annual fee and performance reports would have you believe.

There’s still an appalling problem with the Liberals’ tax changes for small businesses

business.financialpost.com The income the ‘passive-income’ proposal would hit may be far from passive and the rate on taxable capital gains will often exceed 100 per cent

TPC was featured in Wealth Professional Canada Magazine. See the article outlining our unique approach to financial planning for professionals.

Morneau Should Set His Sights On The Real Corporate Tax Dodgers

The federal government is looking to restrict retirement savings in Canadian small businesses, however, offshore tax havens remain untouched? Is it time to take a step back and ask who the real abusers are?

huffingtonpost.ca Tax changes proposed by Mr. Morneau to limit opportunities for private corporations don't affect large, publicly owned corporations. Not even a little bit.

What to do in advance of proposed changes?

For those who are not currently receiving TPC Financial Group's newsletter, we have provided some insight into Bill Morneau's proposed tax changes, and what actions can be taken in advance of any legislative changes to ensure you are not caught flat-footed.

If you know of anyone who might be impacted by these changes, please share so that they can take some proactive measures to mitigate the impact of these proposals before it is too late.

mailchi.mp With the consultation period at an end, it is yet to be seen which of the proposed tax changes will make their way into legislation. Before any changes are passed into law, we wanted to outline again the specifics of the proposed legislation, how it would impact current strategies and planning, and…