Author: levinefinancial

Changes at MD Management bothering you?

As the new year starts, some clients have been asking about the changes at MD Management, market volatility, their RSPs and corporate investments. Levine Financial Group is focused on saving physicians money on insurance. Clients often ask where do I invest my money? I have been a client of Nicola Wealth Management since 2007 with my corporate and personal investments. My returns are conservative and have far lower volatility than the market. Nicola Wealth manages nearly $6 Billion on behalf of…

OMA Insurance SLASHES its’ Annual Premium Refund

For the past 10 years OMA Insurance has been advertising its non for profit status and the Annual Premium refund on various insurance products. The OMA provides an annual premium refunds on OMA Group term 75 life insurance, group disability and office overhead insurance. Refunds are paid in December of each year. There is no refund on OMA critical illness insurance.  In December 2018, OMA Insurance quietly announced the OMA Group term to 75 life insurance refund had dropped from 58%…

Physician income splitting

On June 25th 2018 the government passed Bill C-74. This legislation brings new rules on income splitting and limits access to the small business deduction where passive investment income exceeds $50,000 a year. Below is a summary on the proposed income splitting tax rules (TOSI rules) for illustration and discussion purposes. For most incorporated physicians, there are two parts to what they refer to as “income”; salary and dividends. Salary. The general rule is the salary you pay an employee…

Advanced Planning to reduce tax

On June 25th the Liberal government quietly passed Bill C-74. This legislation brings new rules on income splitting and limits access to the small business deduction where passive investment income exceeds $50,000 a year. Below is a summary, the impact and advanced planning solutions. The small business tax rate is 13.5% on the first $500,000 of active business income and 26.5% thereafter. Income from passive investments is taxed at 50.17%. Under Bill C-74, income subject to the small business tax rate…