Episode 6 of 6 For most dentists, the sale of their practice will probably be the single largest financial transaction of their professional lives. And, the most complex because of the numerous tax, legal and emotional aspects involved, in addition to the financial ones. The decisions taken at this crucial time will have life-long ramifications. … Read more
We would like to provide you with an update on changes to the Canada Emergency Wage Subsidy (CEWS). The following changes are based on the government’s legislation on July 21, 2020: WHAT CHANGES WERE ANNOUNCED? EFFECTIVE JULY 5, 2020, CEWS WILL NOW BE SPLIT INTO TWO COMPONENTS. 1) Base Subsidy – Up to 60% of … Read more
UTILIZE TAX LOSSES Tax losses generally fall into two categories: non-capital losses and capital losses. Non-capital losses arise from normal business operations (i.e. where deductible dental practice expenses exceed dental revenues). Capital losses arise when you sell assets such as investments for less than what they cost you (i.e. you purchased a stock for $100 … Read more
Private-sector health professionals such as dentists, optometrists and naturopaths have been hit hard by COVID-19 and remain deeply worried about the future of their businesses, according to new research from the Canadian Federation of Independent Business. The CFIB surveyed businesses in the health sector and found three-quarters are worried that the increased costs associated with … Read more
While the COVID-19 pandemic had been keeping practices shuttered, dentistry is now re-opening in Canada. Many practice owners are worried about how restarting their practice might look from a financial perspective. Now is the time to consider steps that will optimize your practice finances, preserve cash flow and protect your practice as you work toward … Read more
The federal government is rolling out a massive aid package for businesses affected by Covid-19, including billions in wage subsidies and credit. See the table below for a summary of the programs available to business owners during the pandemic. The Canada Emergency Business Account and loan programs listed are part of the government’s Business Credit … Read more
1. Sharing is Caring/Saving Use family members in the tax savings game. Many dentists have a dentistry professional corporation (DPC). DPC’s if structured appropriately facilitate “sharing of income”. Family members may be eligible to receive dividends provided they work 20 or more hours per week on behalf of the practice throughout the year. A family … 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
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
Our firm was recently asked by a bank to measure the return on investment of an Investor Dentist™ acquisition. Specifically, they wanted to know the annualized Return on Investment (ROI) for the absentee owner (hands-off) dental practice investment model. This request was due to a failure of an unrelated i-Dentist™ who was unable to meet … Read more
Account Manager, Eugene Chu, talking about buying a dental practice in this week’s Best Practices video. Eugene gives the 3 factors you MUST think about if you’re buying a dental practice. He’ll go into great detail about WHY Billing, Chart Lists and Recommendations are crucial elements to keep in mind while looking around. Watch last … Read more
Understanding your student debt from dental school is one thing, but do you understand what to do with it? Wilson Chen takes this video to explain your options for handling your student debt. Watch last week’s Best Practices video: Top 2 Tips for Buying a Dental Practice with David Chong Yen Get the basic information … Read more
In this financial video, David Chong Yen, chartered accountant, talks about two of his biggest tips when buying a dental practice: 1. Synergy and 2. Realizing Value. His biggest advice: “Control risk.” Watch last week’s Best Practices video: 3 Keys to a Successful Associateship Bought a new practice? Here’s how to make it successful: 7 … Read more
Are you a dentist suffering from financial stress? Want learn how to handle it better? As a dentist, everyone around you will know that you earn pretty well. What they might not know is that dentists, despite the notion that they have one of the best paying jobs, are also susceptible to financial stress. Here … Read more
There are over 9000 dentists practicing in Ontario. Each have built a loyal following of patients who think that she/he is the “perfect” dentist. Therefore, it can be a confusing exercise to choose a dentist that is right for you and your family. Finding the perfect financial advisor is much like finding the perfect dentist. … Read more
Today’s unpredictable, uncertain and rapidly changing world demands that more attention than ever be paid to you mental health, physical health and ”fiscal” health. Here are three steps you can follow to improve your fiscal health: 1. Responsibility – You have a certain amount of responsibility for your own financial wellness. No one can do … Read more