Over the last year we have been working with many dentists to minimize the drastic increase in personal taxes as a result of the Tax On Split Income (TOSI) rules. Here are four strategies that allow you to still income split with family members in … [Read more...]
Just for Dentists Newsletters
17
Dec, 2018 Pay off Your Debts Quickly and Start Living
December 17, 2018 by
“Always live within your income, even if you have to borrow money to do so”. - Josh Billings Bank loans and mortgages are a fact of life for most of us, and dentists are no exception. Most young dentists start their career with no … [Read more...]
12
Dec, 2018 Making the Phone a Practice Builder
December 12, 2018 by
Many dentists don't realize how important it is to have the proper phone etiquette. It is hard to believe some offices still don’t staff phone lines during business hours, opting instead to shunt patients to voice mail. Others allow inexperienced … [Read more...]
3
Dec, 2018 Year-end tax planning checklist
December 3, 2018 by
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...]
3
Dec, 2018 Don’t let the CRA Grinch ruin your Christmas party
December 3, 2018 by
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...]
19
Nov, 2018 Cash flow up, Stress down? Thank Pareto!
November 19, 2018 by
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...]
19
Nov, 2018 Why you should give your practice a facelift
November 19, 2018 by
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...]
19
Nov, 2018 Don’t miss out on the capital gains exemption
November 19, 2018 by
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...]
5
Nov, 2018 Why you need debt to build wealth
November 5, 2018 by
Even if you hate being in debt, it’s impossible to live without it. So why not accept the fact that you are likely to be in debt throughout your career. There will be student loans and a home mortgage at the beginning, practice purchase loans at … [Read more...]
5
Nov, 2018 Navigating the new income splitting rules
November 5, 2018 by
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...]
