OTTAWA - The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Laporte says incorporated professionals like doctors can sell off investments and open a registered pension plan. Contributions to the plan would be tax deductible, which means the individual would not pay any tax on the capital gains they earn. “Eventually, they will be impacted by these measures. But nowhere near to the extent that is made out in the news,” Laporte said.
“I think that it's premature at this stage to make any conclusions about what the impact would be,” Ewing said. Physicians who incorporate their practices have historically benefited from lower tax rates that made it easier to save money in the first place.
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