We need more doctors, more health care, more solutions.
Physicians who run their own clinics, including many family doctors, bear the cost of office space, employees and supplies to serve their patients. To make their clinics more efficient – and save for life events such as sick days, parental leaves and retirement — many have set up professional corporations.
Proposed changes to the capital gains inclusion rate introduced in the 2024 federal budget will put undue financial strain on many of these physicians ¾ and put access to health care, already at an all-time low, at risk.
Working together, the CMA believes this oversight can be fixed to ensure support for the physicians critical to our health system for all Canadians.
Our advocacy on the increase to the capital gains inclusion rate
- Federal government’s tax move puts access to health care at risk: CMA
- COMMENTARY: Tough Times for Family Medicine and Patients
- The capital gains tax proposal will hurt health care in Canada. Here’s how the CMA is advocating for change
- Canadian medical organizations call on federal government to exempt physicians from increase to capital gains inclusion rate
- CMA remains extremely concerned about the impact of capital gains tax proposal on access to care
- Commentary: Federal tax changes will hurt access to health care
How we’ve supported physicians in the past
The CMA has been a longtime tax advocate for physicians and other medical professionals.
In the 1950s, we lobbied governments to find a way for physicians and other self-employed Canadians to contribute to their retirements — leading to the creation of the registered retirement savings plan (RRSP) in 1957.
In 2017, we led a campaign to highlight to government how proposed changes to Canada’s small business taxation framework would negatively impact physicians’ practices and patient care, resulting in policy amendments and less restrictive taxation measures for incorporated businesses.
During the COVID-19 pandemic, we took a similar approach, lobbying governments to amend federal and provincial fiscal stabilization measures to ensure different physician practice models could qualify for financial assistance.
Tax resources from MD Financial
As Canada’s only financial services firm exclusively dedicated to the financial health of Canada’s physicians and their families, MD Financial Management offers several resources to help physicians be more tax-efficient in their financial planning: