Eric Pook from Cirrus Consulting Group joins Dr. Jordan Soll to discuss the complexities of dental office lease agreements and how lease agreements are often overlooked, despite being a significant financial commitment and impacting practice value. He advises dentists at all career stages to seek professional help to protect their assets and ensure smooth transitions. … Read more
It is a privilege to have served the dental profession for many decades. There are many lessons to impart when one has experienced dentists thriving in spite of challenges including interest rates of 20% during the early 80’s, real estate melt downs, including that of the early 90’s, SARS, 9/11, dotcom bust, Covid, etc. Consider … Read more
Michael Carabash, lawyer with DMC, shares what you need to do in order to save money when selling your dental practice. Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight to your inbox every week!
Let’s review where your practice stands compared to others across Canada. Nearly half of dentists reported having between 1000-2000 active patients at their practice with the average revenue per patient being $1,189. Does that match your office or are you in the percent with less patients and lower revenue? Nearly 40% of dentists have an … Read more
For many Canadian dentists, the ultimate goal goes beyond the practice – it’s about building wealth for a secure future. One of the most effective ways to achieve this is through real estate investing, a lucrative sector known for its wealth-generating potential. Here, we delve into five promising real estate investment strategies that can help … Read more
A dentist sells their dental practice for (hopefully big) money. A significant chapter of their life has ended, and another one has just begun. But now what? In this article, we look at what dentists may want to do if they did an ASSET sale – meaning their dentistry professional corporation (“corporation”) sold the dental-specific … Read more
When government budgets are announced, they generally try to answer two questions: 1) How do we raise taxes? 2) Who will pay for these taxes? The “Who” part is easy: It’s the rich and wealthy or those perceived as rich and wealthy (e.g. dentists.) The answer to the “How” is less certain. In 2016, they … Read more
Embarking on the journey to buy your first home as a dentist in Canada is an exciting milestone. This article aims to cover crucial aspects like down payment requirements and leveraging unique income programs tailored for dentists. Down Payment Requirements The minimum down payment varies based on the home’s purchase price. For homes priced: For … Read more
Talking to new dentists or even dental students, the vast majority will bring up income properties as one of their goals. To start 2023, in the first quarter alone, investors made up 30% of home purchases according to the Bank of Canada. Despite higher interest rates there remains a lot of interest around real estate … Read more
At some point, dental professionals question why they do what they do and wonder if the grass is greener on the other side. Higher interest rates, shortage of staff, more competition and daily stress take their toll. Dentists sometimes need a compass. The guide below may help dentists when they get to the fork in … Read more
Gurtej Varn, leading Wealth Advisor for dentists in Canada, shares the financial aspects dentists need to consider when looking to buy and own a clinic. Newcom Media Inc · Episode 12 – Financial Path to Clinic Ownership Read the audio transcript below: Dr. Luisa Schuldt (LS): Hi, everyone. Welcome to Brush Up, presented by Oral … Read more
Many successful dentists begin their journey at an international accredited program. What’s often misunderstood is the cost and time associated with pursuing an out-of-country education overseas. It should come as no surprise that the cost is great but the outcome is equally so. Many students who attend these universities do so without much financial assistance … Read more
Navigating the intricate world of financial planning can be a challenge for dentists. This article provides a brief overview of the financial structures that dentists can leverage to protect their assets, reduce tax liabilities, and efficiently transfer wealth to future generations. Dentistry Professional Corporation (DPC) Establishing a DPC entails transitioning from an individual to a … Read more
”Can you believe the year is almost over?” This is the question we always ask ourselves as we make our way to the final weeks of the year. And, of course, we wonder what the next year will have in store for us. Economically, we can certainly expect a bumpy ride. With total GDP falling … Read more
Saving taxes involve planning and taking action before the tax savings window closes. Trying to save taxes when completing your personal or corporate tax returns is often too late, like closing the barn door after the horses have left. There are tax planning and saving ideas dentists should consider implementing before 2024. 1. Alternative Minimum … Read more
Newcom Media Inc · Episode 9 – Protecting Your Practice From Embezzlement Read the audio transcript below: Dr. Luisa Schult (LS): Hi, everyone. Welcome back to Brush Up, presented by Oral Health Group. The dental podcast where we speak with industry experts to discuss a variety of topics such as technology, finance, and practice management. … Read more
Breaking Bad fans are well-acquainted with Walter White’s drastic transformation from a high school chemistry teacher to a meth kingpin after his cancer diagnosis. Had Walter been properly insured, the entire plot of Breaking Bad would never have unfolded. This example paints a vivid picture for dentists on the importance of insurance in protecting themselves … Read more
The opportunity today is that Canadian borders do not bind you, and you don’t have to only go to your local dental school. Prospective dental students today can pick from domestic and accredited international programs and return to Canada to practise dentistry. But this poses new and costly concerns of a financial nature whereby they … Read more
The exhilaration of receiving your first paycheck as a newly minted dentist is an unforgettable milestone. After years of rigorous training and sacrifices, you finally reap the rewards of your dedication. However, to truly flourish financially and professionally, developing a comprehensive financial blueprint is essential. Here, we explore seven critical steps to navigate your financial … Read more
Newcom Media Inc · Episode 6 – Prepare Your Estate Before It's Too Late Read the audio transcript below: Dr. Luisa Schuldt (LS): Hello everyone! Welcome to the latest edition of Brush Up, presented by Oral Health Group: The Dental Podcast where we speak with industry experts to discuss a variety of topics such as … Read more