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RRSP fees: from inside the RRSP or outside?

In a recent tax and estate planning report CIBC examined the question as to how best management fees for RRSPs should be paid. Should the fees come from inside the RRSP or be paid using outside funds? Intuitively, you might think that you would … [Read more...]

Harnessing the Power of Compounding

If you had to choose between a gift of $5 million today or one penny that would double in value daily for 31 days, which would you pick? If you chose the compounding penny option, you are the winner. That option would give you $10,737,418 in 31 days. … [Read more...]

The Perils of Buying Cash Value Life Insurance

Financial advisors are targeting high net worth individuals with a strong cash flow. The scheme is to make large deposits in a life insurance policy which creates an early cash surrender value (CSV). Then they arrange for a loan secured by the CSV. … [Read more...]

How to build a dental practice your employees will enjoy

Dental practices, like most companies, operate on a set of policies and operating procedures which include mandated vacation days, fixed working hours and annual performance reviews. But what happens when the practice looks less to control and … [Read more...]

Maximizing the Interest Expense Deduction

Here are some tax planning tips of making the most of your interest expense write offs. There are three tests you must meet in order to deduct the interest on borrowed money. There must be a legal obligation to pay the interest. This can … [Read more...]

A Portfolio With a Crazy Low Management Fee of 1/10 of 1 Per Cent

Management fees can take a big bite out of your investments. $100,000 invested for 20 years at 8% will yield $470,000. With a 2% management fee, the investment shrinks to $325,000, a drop of $145,000 or 30% of the portfolio. You are basically … [Read more...]

How Much Retirement Income Do You Actually Need?

In order to provide the best possible advice to clients, a financial planner needs to determine the following: What is the correct asset allocation for each client? How much income can a client safely withdraw to ensure investments do not run … [Read more...]

Practice Survey: Production is Top Concern

According to last year’s large-scale annual survey of dental practices by the Levin Group, increasing production remains the top priority of dentists surveyed. Most practitioners appear to be successfully growing their practices. In 2019, the … [Read more...]

Tax Changes Becoming Effective January 1, 2020

As part of the federal tax changes which came into effect January 1, 2020, there is an increase in the basic personal which is being phased in over four years until it reaches $15,000 in 2023. For 2020 the exemption amount increased to $13,229 … [Read more...]

Critical Illness Insurance – It’s Worth Another Look

You have good practice income, and you are well covered by life - and disability insurance. Any additional insurance does not seem necessary. Take a look at Critical Illness (CI) insurance. Once you learn more about it, the benefits become more … [Read more...]

Our New Dentist Program is designed to help new dentists start their career with a solid financial foundation.

What sets us apart from other dental CPA firms is our years of experience working closely with dentists. We offer an unmatched skill set that goes way beyond routine accounting and tax planning. From Practice purchase or Start up assistance and loan financing to practice management and financial/retirement planning, we will help you manage every aspect of the financial side of your dental career.

Call at 604-669-7558 or email us at purtzki[at]purtzki.com to request a free consultation.
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