Doctor Invests in Real Estate to Help His Son
Our client, a medical doctor in North York, had a son who was following his footsteps into the medical profession, and was working as a medical resident in downtown Toronto. The son’s hour long commute from the family home to the various hospitals where he worked meant he was constantly exhausted from working and commuting, and had very little social time with family and friends.
With our help, our client was able to find a tax-effective way to extract money from his medical professional corporation (which we had previously helped him set up), to purchase a condo in downtown Toronto. Living in the condo, his son was within walking distance of all the hospitals, and was able to eliminate the long commute, spending the time instead on his social and family life as well as his work.
This solution gave our client the pleasure of helping his son live a less stressful life, without incurring significant tax liability for himself.