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Selling Your Practice Tip: Increase Revenues — Don’t Slow Down Just Because You Are Selling

Buyers will not care how much revenue you made over the past 15 years. They, and their advisors, will focus on your last few years’ gross revenue, net profit, and positive cash flow. More importantly, they will show special interest in the practice’s … [Read more...]

The “Surplus Strip”: Income Split with your Family

Many dentists are taking advantage of a tax strategy of converting the regular dividends from their corporations into a capital gain generating huge savings. To illustrate, the capital gains tax on $200,000 of income from the corporation is about … [Read more...]

Multiply the Capital Gains Exemption

You cannot start too soon getting prepared for the eventual sale of your practice. Currently there is $971,000 of the capital gains exemption available per individual. However, as many practice sales exceed this price having one dentist as the … [Read more...]

The Government’s Inflation Adjustment Means Big Tax Savings for 2023

The federal government’s annual indexation adjustment for personal income tax and benefits, which is based on the rate of inflation, will be 6.3% for 2023, compared to 4% in 2022 and 1% in 2021. You can earn $53,359 in 2023, compared to $50,197 in … [Read more...]

The foreign buyers’ ban on purchasing Canadian real estate

Starting January 1, 2023, non-Canadians and non-permanent residents will be prohibited from purchasing residential property in Canada for two years. The Act will be repealed on January 1, 2025.  The new law does not apply to commercial real … [Read more...]

The First Home Savings Account (FHSA). What you need to know.

Starting in April 2023, the new First Home Savings Account will allow prospective homeowners at least 18 years of age to save up to $40,000 for their first home. You can contribute up to $8,000 each year to the FHSA. You must use these funds within … [Read more...]

Tax Court decision denies dentist GST refund

The Tax Court of Canada denied dentist Dr. Axelrod claiming a GST refund on Input Tax Credits (“ITC’s”) claimed on his GST return. The supply of artificial teeth is considered a zero-rated supply meaning although no GST is charged to the patients, an … [Read more...]

Key Takeaways when looking to buy a practice

There is a limited inventory of dental practices for sale. You may need to look at other options (e.g., starting your own practice or becoming a partner). The longer you have to wait for the perfect practice to come up for sale, the more your … [Read more...]

The Multigenerational Home Renovation Tax Credit

If you have seniors or adults with disabilities living in your home, you will appreciate the new refundable tax credit. The new refundable tax credit would provide financial support when constructing a secondary suite for an eligible person to live … [Read more...]

Exchange-traded funds (ETFs) are ideal for the tax loss-selling investor

Many investors love ETFs because of their low cost and liquidity. The ETFs are also suitable for those who engage in tax loss selling. Losses on the sale of ETFs are treated like losses on share sales, generating capital losses. However, when you … [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 info[at]purtzki.com to request a free consultation.
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