Resident Finances

Resources & Questions

Financial Pulse

The Financial Pulse is a comprehensive online financial literacy program with the goal of providing unbiased financial education to Resident Physicians.

Each lesson is created by a team of motivated Resident doctors who have an interest in financial education. Experienced staff physicians and financial experts are consulted to review the content for accuracy. If outside expertise is sought, content review is completed on a fee-only basis. No sponsorship, advertisement, or endorsement opportunities are offered.

Experts in education review the content developed by Residents and bring the concepts and content to life, utilizing evidence-based adult education concepts to develop whiteboard-style videos.

Taxes

  • How do I file an adjustment to claim previous Education Tax credits?

    Please note that if you have already filed an objection with Moody Gartner Tax Law, you must inform them so that you can be removed from the batch file.

    How to File Tax Adjustments for previous years Education tax Credits:

    • Find your notice of assessment for the applicable year(s)
    • You can ask for a change to a return for a tax year ending in any of the 10 previous calendar years. For example, a request made in 2018 must relate to the 2008 or a later tax year to be considered.
    • Complete Form T1-ADJ, T1 Adjustment Request, or a signed letter giving details of your request (including the years of the returns to be changed), your social insurance number, your address, and a telephone number where CRA can call you during the day.
    • All supporting documents for the change (T22O2A), including those for the original assessment, unless you have already sent them.

     

    How to File an Adjustment Form:

    There are two ways you can file an adjustment to your income tax return:

    1)      By Internet: You can make changes to your income tax return using the online My Account Service from the CRA. Once you are in My Account, you simply click on the Change My Return option and then enter and submit any changes to your most recent income tax return or returns from the previous two years. Once you select Submit, your changes will be sent to the CRA.

    2)      By Mail: You can complete and print a T1-Adjustment form and mail it into the CRA. If you choose to submit your adjustment request via mail you will need to include the receipts or supporting documents for the changes you wish to make & the supporting documents for your original claim (if applicable), in addition to the completed adjustment request.

    Surrey Tax Centre

    9755 King George Blvd.

    Surrey BC V3T 5E1

     

    What happens next?

    The CRA will review your adjustment request and send you a notice of reassessment once they have completed their review. The Notice of Reassessment will include any changes made to your return and a letter of explanation if they did not accept your change.

  • What's new for taxes in 2021?

    For a list of new changes in 2021, please visit the Government of Canada website.

  • What is the last day I can file my taxes?

    April 30, 2021 is the due date for Canadian Taxes.

  • How do I file my income tax return?

    There are a number of ways to file your tax return.

    File Online:

    • Efile – a secure service that lets authorized service providers to complete and file your return for you electronically. For further information visit their website.
    • NetFile – secure service that allows you to file your own return online by using software or a web tax application. For more information visit their website.
    • Auto-fill my return – new secure CRA service that allows you or your authorized service provider to electronically request and receive tax information that the CRA has available at the time you are filing your return, to help fill in certain parts of your return. CRA will have most tax information slips and other tax-related information, such as T4, RRSP information and carry forward amounts. For further information visit their website.

    File by Mail:

    • You can mail your return to a tax center at the address given on your tax forms. For BC residents, the tax center address is:
      • Canada Revenue Agency
        Tax Centre
        9755 King George Boulevard
        Surrey BC V3T 5E6

    Hire an Accountant:

    • You are responsible for providing the accountant with your tax slips and other documentations and he/she will file your taxes for you.
  • What do I include/keep?

    Whether you are filing your return electronically or via mail keep a copy of all supporting documents in a secure location in case you will need to provide them. Keep all supporting documentation (tax slips, receipts etc.) for six years.

  • What deductions can I claim as a resident?

    Tax deductions reduce the amount of your income that can be taxed. For a full list of deductions see the CRA Deductions list. Common deductions include:

    • Union dues
    • RRSP contributions
    • Child Care
    • Moving
  • What tax credits can I claim as a resident?

    Tax credits reduce the amount of tax owed. For a full list of credits see the CRA credits list. Common credits include:

    • Tuition (eliminated in 2017)
    • Student loan interest (5 year carry forward)
    • Donations (5 year carry forward)
    • Medical expenses

Other Resources

The CRA offers the General Income Tax and Benefit Guide for more information.

MD Tax posts news and tax tips for residents and physicians.

Workshops

TBD for 2022