From greater savings to protection, an IPP offers more for Canada’s high-income professionals Most people are familiar with an RRSP (Registered Retirement Savings Plan). While an RRSP is ideal for many, an IPP offers unique advantages for dentists. The IPP is custom-designed and takes into account each participant’s needs and personal situation. The contributions required … Read more
Covid has resulted in many costly and some argue necessary government programs. Pundits suggest the top 1%, including dentists, will end up paying for these programs. How? Speculation is rife that tax breaks and/or tax rates will rise for this 1%. The next federal budget, which will be unveiled on April 19, 2021, might increase … Read more
Estate planning is not a single, simple task. It can include a wide range of options and actions that you must implement to accomplish your goals. We will highlight some of the key options available to you and then prioritize the actions that you will need to take to develop your estate plan. What Are … Read more
COVID has fundamentally changed how we live and how businesses operate. It has taught us the importance of being resilient and to look for opportunities even in dire situations. As a result of COVID, many dentists have experienced: Working from home and providing teledentistry Renovating their home to facilitate a home office Buying personal protection … Read more
Most dental offices across Canada were severely affected by the pandemic lockdown period. However, although most are doing fairly well in the first 3 months after being reopened, there are lessons learned that are important to prevent future financial crises during these trying times. Cross our fingers that it doesn’t happen, but it is possible … Read more
McDonald’s is famous for inventing (and continuously re-inventing) the fast-food industry. What most people don’t understand, however, is that the majority of their profits isn’t from the burger-flipping business, but from the commercial real estate business. Dentists, although known for drilling, filling, and billing, can learn a thing or two from this restaurant chain. It … Read more
As provincial economies begin to re-open in the wake of COVID-19, dental employers are preparing for the re-opening of clinics. However, the re-start of operations brings with it an abundance of employment law issues that must be carefully addressed in order to avoid employer liability. To help employers, we have summarized many of the most … Read more
With COVID-19 shutting down many dental practices across the country, the government has introduced new benefits to help businesses weather this storm. Here is an overview of what’s available for dentists and some ways to optimize the benefits for you and your team. Canada Emergency Wage Subsidy (CEWS) – This benefit provides a subsidy of … Read more
1/3 The Experienced Dentist Pocketbook — A Three Part Series Dwight D. Eisenhower said, “In preparing for battle I have always found that plans are useless, but planning is indispensable.”, throughout our adult life, retiring seems fairly far away. It might be argued that our adult life is too busy and overwhelming, one does not … Read more
Happy New Year! Now that 2020 has arrived, it is a perfect time to reflect on the highlights of the past decade and plan for the future. I realize that planning is likely low on the list of fun things to do but, before you turn on that Netflix series, know that the effort spent … Read more
Yes. I’m still writing poetry. I hope you liked my other two poems (see Michael Carabash, “A Love Affair: DMC’s 2019 Grenada Dental Mission Trip”, Oral Health Magazine, October 2019). Now, this poem is about the tease. You know – the expectation and anticipation that just drives us absolutely nuts when we want something very … Read more
As a practicing dental hygienist, I focused on the delivery of patient-centred care, avoided the financial and operational aspects of a dental practice, and had no need for business acumen. Over time working in dental clinics, my interests and horizons expanded, and I became more and more fascinated by the economic underpinnings of an oral … Read more
Dental students and associates are a busy bunch. With long hours and a hectic schedule, figuring out your tax filings can slip down your priority list. This group typically asks about five topics: deductions against your income, moving expenses, impact of extra income, reducing taxes on salary and the benefits on incorporation. Let’s look at … Read more
Graduating from dental school can be bittersweet. You’ve climbed the mountain that is dental school and at the summit you find a taller mountain of debt and an avalanche of interest and bills to come. That’s the harsh reality for many dental school graduates. Overcoming this challenge isn’t impossible and can be made easier with … Read more
With rising interest rates, a stagnating economy, significant tax rule changes for professional corporations and increased revenue pressures, 2018 was another low point in a string of troublesome years for Canadian dental practitioners. No single event more clearly echoed the growing tension than the Core Dental Partnership’s unexpected receivership in Edmonton, Alberta on December 21. … Read more
There comes a time in the life of every dentist/owner when the moment to sell their practice is upon them. It can be a difficult decision. Your practice is “your baby”…your life’s work. For most, it will be their most valuable asset. And they often feel the years of hard work they have put into … Read more
Beep beep beep. You reach over and push the snooze button. Beep beep beep. This time you reach over and slap it. When you wake up half an hour later, you realize that you’re late for work! Panic sets in. Running around the bathroom, you’re putting on one pant leg and brushing your teeth at … Read more
April is here – and so is tax time. It’s when we’re all reminded of our civic duty to contribute to society through taxes, which often leaves our wallets feeling a little lighter as we pass the April 30 tax filing deadline. Unfortunately for many Canadian dentists, this tax season could be the worst one … Read more
The business community, including dental professionals and other incorporated professionals were shocked by the tax measures introduced on July 18, 2017 by the Federal Government. The package of reforms aimed at closing perceived loopholes relating to Canadian Controlled Private Corporations (CCPCs) shocked the business community and led to a relatively successful lobbying campaign to dilute … Read more
Tax and Business Measures Federal Accelerated Investment Incentive – Dentists will be allowed to write-off capital assets (i.e. equipment, leaseholds, computers, software etc.) faster for purchases made after November 20, 2018. Provincial Proposed new Low-Income Individuals and Families Tax Credit (LIFT) to eliminate provincial personal income tax for low income taxpayers with employment income starting … Read more