PTMA Newsletter — Issue 9 2017
CMA Board of Directors Governance Review
The CMA Governance Committee is seeking your input to determine the optimal governance structure for the CMA Board. We want to hear from you on how our Board governance structure would best support a new forward-looking enterprise. This initiative forms part of modernizing CMA and is being done in tandem with the work of the General Council Task Force. Background information about the changes proposed to the Board’s structure as well as key questions for consideration are available here.
CMA Board Highlights — October 2017
The CMA Board of Directors met Oct. 18-21 to discuss a variety of issues. Please click here to find out more.
General Council Task Force
The CMA Board has approved a consultation model that would see General Council succeeded by a CMA Health Summit. In support of CMA 2020, the CMA Health Summit is being created to support CMA’s new mission, vision and strategic objectives.
Specifically, the CMA Health Summit will enable participants to experience for themselves the CMA’ strategic objective to engage in courageous, influential and collaborative dialogue and advocacy to advance health in Canada. The CMA Health Summit will enable thought leadership, be a catalyst for change, promote inclusive conversations and provide outcomes that significantly advance health priorities.
Staff will further consult on a transition model for 2018 which will include a first stand-alone summit in 2019 and a re-imagined Annual General Meeting and other member engagement opportunities. Proposed board governance changes are also key components of a comprehensive overview of the proposed changes. Have your say – opportunities for consultation will continue this fall/winter.
Additional information on the work of the General Council Task Force and future CMA health summit can be found here.
Tax Fairness: Advocacy Update
Despite some adjustments announced by the Federal Finance Minister last week, the CMA remains very concerned with the tax proposal. With so much detailed information lacking, we continue to call on the government to suspend implementation until a comprehensive review of the tax regime is conducted and a significant consultation process is initiated.
The federal government is showing some movement on their initial proposal, which confirms that our collective voices are having an effect. Our advocacy campaign is going strong, as we remain firmly committed to working with members and the Coalition for Small Business Tax Fairness to drive further changes.
The CMA presented to the National Finance Committee in the Senate on Oct. 25. Dr. Marcoux outlined specific issues that remain of serious concern to the CMA and the Coalition, and recommended that the government:
- suspend implementation of any changes until a comprehensive review of the broader tax regime is completed, followed by a substantive consultation with all Canadians.
- retain existing passive investment measures, in keeping with their recognition that these play a role in mitigating the ups and downs of running of business, and provide a safety net for parental/sick leave, and retirement. Should the government remain committed to establishing a cap on passive investment, the CMA will insist that the limit be increased, adjusted for inflation and cumulative.
- introduce a spousal exception to income sprinkling, recognizing that the family unit is recognized in tax law.
What’s next? We anticipate that legislation on income sprinkling is currently being drafted and that it will be released this fall; we believe that other details of the proposal could be announced as part of the 2018 federal budget. It’s important that we continue to influence government and speak with a strong, collective voice on this issue. As a result, CMA members should continue to reach out to their MPs. Their engagement with MPs has already convinced the government to change its plans. We must keep up the pressure.
Members can help us keep up the momentum by:
HUMA submission on seniors care
We’re pleased to share our submission, Advancing Inclusion and Quality of Life for Seniors, which CMA President Dr. Laurent Marcoux recently presented before the House of Commons’ Standing Committee on Human Resources, Skills and Social Development and the Status of Persons with Disabilities (HUMA). HUMA’s study on a national seniors strategy began as a result of MP Marc Serré (Nickel Belt) passing his motion in the House of Commons. Serré was inspired to write his motion when stories from Demand a Plan started bubbling up in his Northern Ontario riding.
The CMA’s submission proposes 15 recommendations for how government can support vulnerable seniors while preparing for the diverse and increasing seniors population of the future. You can read all our recommendations here: Advancing Inclusion and Quality of Life for Seniors.
Health Ministers meeting
The CMA attended the provincial and territorial ministers of health meeting in Edmonton from Oct. 19-20. Topics of discussion included the opioid crisis, Indigenous health, and the legalization and regulation of cannabis. Also discussed were the continuing efforts to implement reforms and adapt health care systems to meet an increased demand for health services and an aging population.
New Demand a Plan website
The CMA is excited to announce that we’re launching a new Demand a Plan website the week of Nov. 6. The revamped website will make it easier for our supporters to engage in government relations and share the word about the campaign with family and friends.
The issues of the elderly touch all Canadians. Population aging is already shaping societal change, and it’s essential that appropriate government policies be put in place in Canada so that our communities can successfully ride the wave of change. Stay tuned for the official website launch and the various ways you can get engaged.
CMA members now have access to a 90-day free trial of Reacts
As part of Joule’s new partnership with IIT Reacts, CMA members now have access to a 90-day free trial of this remote collaboration and education tool. Learn more about Reacts and the new CMA member exclusive offer here.
Encourage your members to take the Joule Clinical Case!
On November 6, members will have received an email to take a quiz and access DynaMed Plus to get answers to your clinical questions quickly with evidence-based summaries covering more than 5,000 topics. Learn more
Reminding members about access to clinical resources available through membership
A call-out campaign is currently underway to highlight valuable point-of-care tools that are complimentary with CMA membership, specifically ClinicalKey and DynaMed Plus. To learn more about these tools, please visit joule.cma.ca/evidence
How to make a real difference with Charitable Giving
As 2017 comes to a close, many of us are thinking about giving to charity. In fact, an incredible 40% of Canadians donate in the last six weeks of the year, as the holiday season is gearing up.
To encourage charitable giving, the government offers a tax benefit for donations. In Canada, charitable donations of $200 or more qualify for a non-refundable tax credit equal to 40% to 50% of the donation, depending on your province or territory of residence.
Donations in kind of qualified stocks and mutual funds (with unrealized capital gains) can deliver even greater tax efficiencies. Non-refundable tax credits for donations are limited to a maximum of 75% of your net income.
Giving in a meaningful way
Many of us give randomly to charities — $100 here, $200 there. While these do add up, it can feel like our donations are not making much of an impact on any particular charity.
More and more, people want to focus their volunteer time and money on charities that are close to their hearts, and they want to know that their gifts are making a difference.
Canadian physicians are no different. They want to give in a meaningful way while benefiting from tax savings and integrating their giving into their financial plan.
CMA Foundation Donor Advised Funds
Canadian physicians may be particularly interested in donating to charities that support the causes they care about through CMA Foundation Donor Advised Funds.
Donor advised funds are an effective way to streamline your charitable giving. You can set up a CMA Foundation Donor Advised Fund with an initial minimum donation of $25,000, for which you receive a tax receipt. Donating in kind with qualified securities or mutual funds can be even more advantageous.
After setting up your fund, you can choose the charities you’d like to support. You can also name your fund, either after yourself or to honour a loved one. The fund disburses in perpetuity to the charities and causes that are important to you.
CMA Foundation Donor Advised Funds are a great way for Canadian physicians to give to charities that are important to them in a way that complements their financial and estate plan — and helps them give back to their community.
For more information about CMA Foundation Donor Advised Funds, please contact Alison Forestell at email@example.com.
The information contained in this document is not intended to offer foreign or domestic taxation, legal, accounting or similar professional advice, nor is it intended to replace the advice of independent tax, accounting or legal professionals. Incorporation guidance is limited to asset allocation and integrating corporate entities into financial plans and wealth strategies. Any tax-related information is applicable to Canadian residents only and is in accordance with current Canadian tax law including judicial and administrative interpretation. The information and strategies presented here may not be suitable for U.S. persons (citizens, residents or green card holders) or non-residents of Canada, or for situations involving such individuals. Employees of the MD Group of Companies are not authorized to make any determination of a client’s U.S. status or tax filing obligations, whether foreign or domestic. The MD ExO® service provides financial products and guidance to clients, delivered through the MD Group of Companies (MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited). For a detailed list of these companies, visit md.cma.ca. MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. MD Financial Management Inc. is owned by the Canadian Medical Association.
Upcoming events in your province or territory
|16-Nov||Proposed Changes to Incorporation and Tax Planning||Edmonton||Alta.||Seminar|
|16-Nov||University of Calgary – Anesthesiology - Transition to Practice Seminar||Calgary||Alta.||Seminar|
|17-Nov||University of Ottawa – Practice Management Curriculum||Ottawa||Ont.||Seminar|
|17-Nov||Proposed Changes to Incorporation||North York||Ont.||Seminar|
|20-Nov||University of Calgary - Neurosurgery – Transition to Practice Seminar||Calgary||Alta.||Seminar|
|21-Nov||University of Saskatchewan - Introduction to Financial Planning – Third Year Medicine Seminar||Regina||Sask.||Seminar|
|21-Nov||Proposed Changes to Incorporation||Kingston||Ont.||Seminar|
|21-Nov||Proposed Changes to Incorporation||Nanaimo||B.C.||Seminar|
|21-Nov||Proposed Changes to Incorporation||Edmonton||Alta.||Seminar|
|22-Nov||Université de Montréal – Trivia Night||Montreal||Que.||Seminar|
|22-Nov||Proposed Changes to Incorporation||Scarborough||Ont.||Seminar|
|22-Nov||Proposed Changes to Incorporation||Sault Ste. Marie||Ont.||Seminar|
|22-Nov||Proposed Changes to Incorporation||Calgary||Alta.||Seminar|
|23-Nov (Tentative)||University of Calgary - Info Brew – Brewery Tour||Calgary||Alta.||Appreciation, Networking & Workshop|
|23-Nov||University of Calgary - Family Medicine Residents Fall Academic Conference||Calgary||Alta.||Networking|
|23-Nov||Brian Peters & Daniel Labonte Visit||London||Ont.||Appreciation & Networking|
|23-Nov||Proposed Changes to Incorporation||Halifax||N.S.||Seminar|
|23-Nov||Proposed Changes to Incorporation||Red Deer||Alta.||Seminar|
|23-Nov||Holiday Cheer! – Laurel Packinghouse||Kelowna||B.C.||Appreciation & Networking|
|24-Nov||University of Ottawa – Presentation to Genetics Residents||Ottawa||Ont.||Seminar|
|25-Nov ||Université Laval – CaRMS Mock Interviews||Québec||Que.||Seminar|
|25-Nov||Play & Learn at Science North||Sudbury||Ont.||Appreciation, Workshop, Seminar |
|27-Nov||Client Appreciation||Quebec City||Que.||Appreciation|
|28-Nov||Proposed Changes to Incorporation||Wolfville||N.S.||Seminar|
|28-Nov||Proposed Changes to Incorporation||Surrey||B.C.||Seminar|
|28-Nov||Proposed Changes to Incorporation||Edmonton||Alta.||Seminar|
|29-Nov||Perspectives on Market Performance & Client Appreciation ||Oshawa||Ont.||Appreciation & Seminar|
|29-Nov||Proposed Changes to Incorporation||North Bay||Ont.||Seminar|
|29-Nov||Proposed Changes to Incorporation||New Westminster||B.C.||Seminar|
|29-Nov||Proposed Changes to Incorporation||Kamloops||B.C.||Seminar|
|29-Nov||McMaster University – Resident Speaker Series||Hamilton||Ont.||Seminar|
|1-Dec||Université de Sherbrooke – Practice Management Curriculum||Sherbrooke||Que.||Seminar|
|2-Dec||University of Alberta – Curling Bonspiel||Edmonton||Alta.||Networking|
|2-Dec||Université de Montréal – CaRMS Mock Interviews||Montreal||Que.||Seminar|
|6-Dec||Proposed Changes to Incorporation||Richmond Hill||Ont.||Seminar|
|7-Dec||University of Alberta – Family Medicine Practice Management Curriculum||Edmonton||Alta.||Seminar|
|8-Dec||University of Alberta – PARA & RPAP Transition to Practice Tradeshow||Red Deer||Alta.||Networking|
|9-Dec||Queen’s University – CaRMS Mock Interviews||Kingston||Ont.||Seminar|
|9-Dec||Université de Sherbrooke – CaRMS Mock Interviews||Sherbrooke||Que.||Seminar|
To find out more contact Rebecca Ryan.