Discussing Interest Rates and Inflation with Heaps and Doyle
Henry Doyle shares how dentists can manage the rising interest rates and inflation, and how Heaps and Doyle can help!
Finances
Make Oral Health Affordable for Your Patients with EP Care
Taylor Inglis, Senior Executive Vice President, shares how EP Care makes health and wellness more affordable and accessible for patients through in-house payment plans.
Episode 3: Tax Planning Tips
Newcom Media Inc · Episode 3 – Tax Planning Tips Subscribe: Read the audio transcript below: Dr. Luisa Schuldt (LS): Welcome to Brush Up, brought to you by Oral Health. I am your host for today, Dr. Luisa Schuldt. I am a periodontist and prosthodontist out of Font Hill, Ontario. Our guests today are David … Read more
How Dentists Can Protect Themselves Against Rising Tax Rates
As a dentist, you’re probably aware of the impact the Income Tax Act has on your life, considering tax is likely your biggest expense. With the average Canadian dentist paying personal tax rates of 43%–50%, taxes drag on dentists’ ability to grow their wealth over time. Understanding how to reduce this drag is crucial in … Read more
Profit and Loss / Where Do You Stand?
Practice overhead is one of the most critical metrics to track. What is your net profit? Where should it be? How you get this number is what truly matters. General practices should be at a net profit of 40% (higher is possible), yet reports show dentists are lucky to see 30% net profit these days. … Read more
What Can Go Wrong vs. The Concept of Recovery
When I speak about preservation planning, I often hear, “Paul, tell me what can go wrong. What could possibly be my critical event? I am financially secure, in good health and insured for negligent acts. Preservation planning is not on my radar.” That’s a tough question to answer; we do not have a crystal ball … Read more
Understanding CPP Sharing: The Complete Guide
Discover How You Can Share Your Canadian Pension Plan (CPP) with Your Spouse or Your Legal Partner in Six Simple Steps Married or common-law couples in an ongoing relationship may voluntarily share their CPP retirement pensions to help reduce their tax bill. Currently, the government allows you to share your CPP if you meet certain … Read more
Weekly Wisdom: Protecting Your Assets
In this episode of Weekly Wisdom, R. Paul Jacobson, K.C., shares the different ways you can protect your assets. Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight to your inbox every week!
Weekly Wisdom: Personal Assets = Exposure…What?
In this episode of Weekly Wisdom, R. Paul Jacobson, K.C., shares what he brings up when discussing net worth statements with his dental clients. Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight to your inbox every week!
Stop the F Word in Your Practice: FRAUD!
Fraud is on the rise now more than ever in the dental industry. Usually, seven percent of dentists’ monthly revenue is embezzled, and it happens to two-thirds of all dentists, so don’t ever think it can’t happen to you. Dentists are at high risk because they are usually in the operatory all day, generating revenue … Read more
Why Recession-Proof Your Practice Now?
Did you know that the price of a box of mac and cheese was about $0.99 before COVID and is now $2.50? The price of gas has gone up and down and up beyond anything we could have anticipated. And there you have it – the inflation of food prices and gas is happening and … Read more
Eight Traits of Successful Dentists
Dentists are facing what many perceive to be unprecedented times. Raging inflation, 8.1%, as of June 2022, vs. 1.1% in February 2021 and 11.91% in May 1982, staffing shortages, corporate dentistry, rising interest rates, prime rate 4.7% as of August 5, 2022, vs. 2.45% in February 2022 and 21.25% in September 1981. Government funded dentistry … Read more
Surviving and Thriving in a Challenging Market
Dentists have few ways to control or manage inflation. A major tool that dentists have to fight inflation is their ability to increase productivity and/or use money to buy tools that increase productivity/efficiencies. Dentists who upgrade and enhance their clinical skills may be able to bill more per hour. Dentists who buy tools such as … Read more
9 Questions Dentists Should Ask Their Financial Management Team
As a dentist, it’s very important to choose a financial management team who understands the intricate details of running a dental practice, and all the challenges that come with it. Ideally, the professionals managing your finances will have valuable experience in piecing together all the moving parts of a dental practice, selling a practice, and … Read more
7 Smart Strategies for Dentists to Pay Less Tax in Retirement
Retirement is when you want to spend more time enjoying life than worrying about taxes. That’s why it is important to have the right tax strategy during your retirement years. By understanding how you can lower your tax burden in retirement, you can keep more of what you have earned throughout a lifetime of saving … Read more
Financial Realities After Dental School & Six Principles to Follow
Graduating from dental school is a monumental accomplishment. It is usually accompanied with huge loans/debt ranging from $250,000 – $500,000 depending on if one graduated from a Canadian or foreign school. Panoramic Perspective Consider: If you wish to own your practice, when and where If you would prefer being a long-term associate or leaning towards … Read more
Considerations for Buying and Selling a Dental Practice During the Pandemic
It goes without saying that the COVID-19 pandemic has been an unexpected and unprecedented period in Canada and beyond. And while you might think that would hinder dental professionals from buying or selling a practice, think again. Over the last few years, the healthcare industry has undergone an unrivaled rate of change but particularly during … Read more
Dentist Financial Checklist: 10 Simple Steps to Financial Security and Wealth Building
While you work on your dental practice, you also want to make sure that your money is put in the right place. With the proper plan, you can not only ensure financial security, but also build sustaining wealth that can last for generations. Here’s a look at 10 simple financial steps you can start taking … Read more
Tax Court Win Means Dentists Can Qualify for HST Refunds
A recent tax court victory for the Davis Dentistry Professional Corporation case has paved the way for dentists and orthodontists to qualify for HST refunds. This doesn’t mean everyone will be getting cheques from CRA, but those offices which have a significant orthodontic component and/or an in-house lab/CEREC/E4D may be able to get some money … Read more
Canada Emergency Wage Subsidy: A Financial Vaccine With a 90% Success Rate
It’s been over a year since COVID-19 shutdown the world. The closures left many dentists uncertain about their future and finances. In response, the government introduced several financial vaccines, including the Canada Emergency Business Account (CEBA), Canada Emergency Commercial Rent Assistance (CECRA), Canada Emergency Recovery Benefit (CERB) and the Canada Emergency Wage Subsidy (CEWS). A … Read more