It seems like it has been forever since we could turn on the news and see anything remotely positive. All we have heard about for the last couple of years has been the pandemic, supply shortages, skyrocketing home prices, Russia invading Ukraine, more supply shortages and now…inflation like we have not seen in decades! And … Read more
Dentists want to know their Financial Independence Target (FIT#TM) ‘How much do I need to retire?’ is a common question we are frequently asked at TMFD Financial. Every situation is different depending on the time horizon to retirement, the value of the dental practice, and starting Net Worth comprising all financial assets less liabilities. At … Read more
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
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
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
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
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
In this episode of Weekly Wisdom, David Chong Yen CPA, CA, CFP discusses kinetic vs static energy and how the concept relates to the business of dentistry. Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight to your inbox each week!
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
In this episode of Weekly Wisdom, David Chong Yen CPA, CA, CFP shares what you should be prioritizing from a financial perspective. Should you buy your practice or your home first? Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight to your inbox each week!
Have you sat down with your accountant yet to review your 2020 financial statements? Now is the time of year many of you are doing just that! And let’s face it…looking at those numbers after a year of Covid is not likely to help chase away the February Blues…even as we move into March! Some … Read more
Weekly Wisdom: David Chong Yen shares the message that “the cost of fearing to fail is much greater than the lessons learned from failing.” Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight to your inbox each week! Sponsored by Carestream Dental offers solutions for dental practitioners, including … 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
In this week’s episode of Weekly Wisdom, David Chong Yen returns to discuss what to keep in mind when making major decisions for your practice. Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight to your inbox each week! Sponsored by Carestream Dental offers solutions for dental practitioners, including … Read more
In this week’s episode of Weekly Wisdom, Alex Zlatin gives financial advice and reveals the truth behind increasing your revenue and eliminating expenses. Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight to your inbox each week! Sponsored by Carestream Dental offers solutions for dental practitioners, including 3D … Read more
In this week’s episode of Weekly Wisdom, David Chong Yen, CPA, CA, CFP tells us why you should always be betting on yourself as a dental practice owner. Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight to your inbox each week! Sponsored by Carestream Dental offers solutions … Read more
An important consideration during the sale of a practice is the amount of taxes arising from realizing a capital gain – the underlying asset primarily being the patient list, i.e., goodwill. While the seller can avail of the lifetime capital gain exemptions as a reduction to the capital gain tax, there are opportunities for a … 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
In the past, our clients have frequently enquired about claiming tax deductions for car expenses and home office expenses. Let’s review how the COVID-19 pandemic may affect these potential tax deductions for you. If you are not yet incorporated (i.e. operating as a sole proprietor), you are allowed to claim a portion of your car … Read more