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The revised CEWS: How do the new rules work?

The government released draft legislation regarding a redesigned Canada Emergency Wage Subsidy (CEWS). Here are the highlights of the key changes. The CEWS was extended to November 21, 2020 with a potential further extension to December 31, … [Read more...]

Contributing to the CPP past age 65

If you work until age 65, you have no choice but contributing to the CPP. If you are 65 to 70 years of age and you continue to work you can choose not to make CPP contributions. If you continue to work after age 65 while receiving the CPP retirement … [Read more...]

You need proof of total km driven when you claim auto expenses

When CRA audits your auto expenses, you not only need proof for the expenses incurred but you also have to substantiate the total kilometres driven. This fact was highlighted in a Tax Court of Canada case. The taxpayer, Ms. Wallens, used her … [Read more...]

Three Ways To Boost The Value Of Your Practice

Hygiene. Increase the hygiene component to ideally 35%- 40% of total practice revenues. Nothing moves the practice value needle more than a productive hygiene department. Many purchasers pay twice for the goodwill of hygiene revenues than dentist … [Read more...]

It’s Christmas in July for Our Seniors

If you are a senior eligible for the OAS pension you will receive a payment of $300 and those of you who are eligible for the GIS will receive an additional $200. This is a special one-time tax-free payment from Santa in Ottawa that will be delivered … [Read more...]

The 1.99% five year fixed mortgage rate is here!

HSBC is offering a 1.99% fixed mortgage rate for default-insured mortgages. The uninsured five-year fixed rate is about 2.29%. You only need a down payment of 20% of the purchase price. Compared to the 2.99% rate in the market today, a $1 million … [Read more...]

CRA loan interest of 1% will boost income splitting loans

Effective July 1, 2020, the prescribed rate of interest will drop from 2% to 1%. The 2% rate was established on April 1, 2018. It is fantastic news for those in a high tax bracket who want to transfer investment income to family members in a lower … [Read more...]

Tax tips for employees who work from home during COVID-19

If you are working from home, you are eligible to deduct home office expenses, if you meet at least one of the following conditions: The home office space is where the employee principally does the work (meaning more than 50% of the time), or … [Read more...]

The Current State of Dental Transitions

The COVID-19 crisis has a particularly big impact on dentists 65 years or older as they are now forced to reassess their exit strategy. The retirement age of dentists has been creeping up over the years and is now at 69.4 years of age. A dentist … [Read more...]

Not Many Takers of the Commercial Rent Relief Program

Only 16,000 of Canada’s 1.2 million small businesses have applied for the Canada Emergency Commercial Rent Assistance (CECRA) in the first week. A survey by the Canadian Federation of Independent Businesses found that 40% of Canadian small … [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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