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Year-end tax planning checklist

There are only three weeks left until Dec. 31, and there is no better time than now to compile your annual checklist of tax saving strategies, designed to reduce your income tax bill for 2018. Convert dividends to capital gains. If you took … [Read more...]

Your Dental Practice in Transition

Dentists are experiencing a period of accelerated change in their profession. Over the next five years, many dental materials now in use every day will to a large extent, disappear. And the use of digital technology will continue to expand, … [Read more...]

Don’t let the CRA Grinch ruin your Christmas party

Before you uncork the Dom Perignon champagne to celebrate another successful year with your employees, you need to check the rules regarding taxable employment benefits for staff. Basically, CRA’s position is: “If you provide a free party or other … [Read more...]

Cash flow up, Stress down? Thank Pareto!

In 1906, the Italian economist Pareto astutely observed 20 per cent of the people owned 80 per cent of the country's wealth.  The principle that 20 per cent of something is always responsible for 80 per cent of results is known as the Pareto … [Read more...]

Why you should give your practice a facelift

The layout of dental clinics has not changed much over the years. The design goal has always been to meet the needs of the dentist and staff in terms functionality, efficiency and comfort. The needs of the patient are not considered much past giving … [Read more...]

Don’t miss out on the capital gains exemption

It is never too early to begin to prepare for the eventual sale of your practice. Begin straight away by ensuring you have the full $848,000 entitlement of capital gains exemption available to you when the time comes.  If you expect the sales … [Read more...]

Why you need debt to build wealth

Even if you hate being in debt, it’s impossible to live without it. So why not accept the fact that you are likely be in debt throughout your career. There will be student loans and a home mortgage at the beginning, practice purchase loans at … [Read more...]

Navigating the new income splitting rules

Dentists are braced for a steep hike in personal taxes this year when they are no longer able to split income with family members the way they used to. On January 1, 2018, the “tax on split income” (TOSI) rules became effective. This severely … [Read more...]

Pay tax on only 50% of your practice income

No longer able to sprinkle company dividends amonamily members in the low tax bracket, many dentists are bracing themselves for a big hike in personal taxes on their dividend income from their corporations. There is a tax strategy that lets … [Read more...]

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