The Federal Government has finally jumped on the band wagon of requiring certain property owners to declare the use of their property. Some may be familiar with the Empty Homes Tax (city of Vancouver) or the Speculation Tax (province of BC). Now it’s … [Read more...]
Just for Dentists Newsletters
14
Mar, 2023 File Your Underused Housing Tax Form Before April 30 To Avoid $10,000 Penalty!
March 14, 2023 by
9
Mar, 2023 Buying a practice: Due Diligence Audit
March 9, 2023 by
Financial Review Ask your CPA (choose one with experience in dental practices) to obtain copies of the tax returns and financial statements for the clinic’s previous four years. Use these to identify revenue and expense trends. Ask your CPA … [Read more...]
9
Mar, 2023 Selling Your Practice Tip: Increase Revenues — Don’t Slow Down Just Because You Are Selling
March 9, 2023 by
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...]
9
Mar, 2023 The “Surplus Strip”: Income Split with your Family
March 9, 2023 by
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...]
9
Mar, 2023 Multiply the Capital Gains Exemption
March 9, 2023 by
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...]
6
Feb, 2023 The Government’s Inflation Adjustment Means Big Tax Savings for 2023
February 6, 2023 by
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...]
6
Feb, 2023 The foreign buyers’ ban on purchasing Canadian real estate
February 6, 2023 by
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 The Act will be repealed on January 1, 2025.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...]
6
Feb, 2023 The First Home Savings Account (FHSA). What you need to know.
February 6, 2023 by
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...]
6
Feb, 2023 Tax Court decision denies dentist GST refund
February 6, 2023 by
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...]
19
Dec, 2022 Key Takeaways when looking to buy a practice
December 19, 2022 by
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...]
