Oral Health Group

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Finances

July 27, 2022 Feature FinancesOral Health OfficePractice management

Surviving and Thriving in a Challenging Market

by David Chong Yen CPA, CA, CFP

Dentists have few ways to control or manage inflation. A major tool that dentists have to fight inflation is their ability to increase productivity and/or use money to buy tools that increase productivity/efficiencies. Dentists who upgrade and enhance their clinical

February 1, 2022 News FinancesNewsOral HealthPractice management

Paid 9 Questions Dentists Should Ask Their Financial Management Team

by TMFD Financial

As a dentist, it’s very important to choose a financial management team who understands the intricate details of running a dental practice, and all the challenges that come with it. Ideally, the professionals managing your finances will have valuable experience

December 22, 2021 Feature FinancesOral Health OfficePractice management

7 Smart Strategies for Dentists to Pay Less Tax in Retirement

by Jordan Schaffran, Silver Cedar Wealth Management

Retirement is when you want to spend more time enjoying life than worrying about taxes. That’s why it is important to have the right tax strategy during your retirement years. By understanding how you can lower your tax burden in

Financial Realities After Dental School & Six Principles to Follow
October 15, 2021 Feature Dental StudentsFinancesNew dentistsNew grads

Financial Realities After Dental School & Six Principles to Follow

by David Chong Yen CPA, CA, CFP; Eugene Chu, M.Acc., CA, CPA

Graduating from dental school is a monumental accomplishment. It is usually accompanied with huge loans/debt ranging from $250,000 – $500,000 depending on if one graduated from a Canadian or foreign school. Panoramic Perspective Consider:Advertisement If you wish to own your

Buying Selling Dental Practice
June 14, 2021 News BlogsDental OfficeFinancesNew dentistsPractice ManagementPractice Operations

Considerations for Buying and Selling a Dental Practice During the Pandemic

by Ken Arding, BDO Canada

It goes without saying that the COVID-19 pandemic has been an unexpected and unprecedented period in Canada and beyond. And while you might think that would hinder dental professionals from buying or selling a practice, think again. Over the last

June 4, 2021 Feature FinancesOral Health OfficePractice management

Dentist Financial Checklist: 10 Simple Steps to Financial Security and Wealth Building

by Jordan Schaffran, Silver Cedar Wealth Management

While you work on your dental practice, you also want to make sure that your money is put in the right place. With the proper plan, you can not only ensure financial security, but also build sustaining wealth that can

June 2, 2021 News DentistryFinancesNews

Tax Court Win Means Dentists Can Qualify for HST Refunds

by DCY Professional Corporation Chartered Professional Accountants

A recent tax court victory for the Davis Dentistry Professional Corporation case has paved the way for dentists and orthodontists to qualify for HST refunds. This doesn’t mean everyone will be getting cheques from CRA, but those offices which have

Canada Emergency Wage Subsidy
April 12, 2021 Feature Data Driven DentistryFinancesOHGdataPractice management

Canada Emergency Wage Subsidy: A Financial Vaccine With a 90% Success Rate

by David Chong Yen, CPA, CA, CFP, Louise Wong, CPA, CA, TEP, Basil Nicastri, CPA, CA and Eugene Chu, CPA, CA

It’s been over a year since COVID-19 shutdown the world. The closures left many dentists uncertain about their future and finances. In response, the government introduced several financial vaccines, including the Canada Emergency Business Account (CEBA), Canada Emergency Commercial Rent

March 29, 2021 News BlogsFinancesPractice Management

Why Dentists Should Consider an Individual Pension Plan (IPP)

by Jordan Schaffran, Silver Cedar Wealth Management

From greater savings to protection, an IPP offers more for Canada’s high-income professionals Most people are familiar with an RRSP (Registered Retirement Savings Plan). While an RRSP is ideal for many, an IPP offers unique advantages for dentists. The IPP

March 25, 2021 News FinancesNewsPractice management

The Next Federal Budget Could be a Dentist’s Tax Nightmare: Use it or Potentially Lose it

by DCY Professional Corporation Chartered Professional Accountants

Covid has resulted in many costly and some argue necessary government programs. Pundits suggest the top 1%, including dentists, will end up paying for these programs. How? Speculation is rife that tax breaks and/or tax rates will rise for this

Estate Planning for Dentists
January 29, 2021 Feature FinancesOral Health OfficePractice management

Estate Planning for Dentists

by Rick Goldring, BA, CFP, CLU, CHFC; John Moakler, BMath, CFP, CLU, CSC

Estate planning is not a single, simple task. It can include a wide range of options and actions that you must implement to accomplish your goals. We will highlight some of the key options available to you and then prioritize

Tax Deductions, Breaks and Planning in the COVID-19 Era
January 29, 2021 Feature FinancesOral Health OfficePractice management

Tax Deductions, Breaks and Planning in the COVID-19 Era

by David Chong Yen*, CPA, CA, CFP, Louise Wong*, CPA, CA, TEP, Basil Nicastri*, CPA, CA and Eugene Chu, CPA, CA

COVID has fundamentally changed how we live and how businesses operate. It has taught us the importance of being resilient and to look for opportunities even in dire situations. As a result of COVID, many dentists have experienced: Working from

The Financial Future of Your Practice
October 30, 2020 Feature FinancesOral Health OfficePractice management

The Financial Future of Your Practice

by Janice Wheeler, The Art Of Management Inc.

Most dental offices across Canada were severely affected by the pandemic lockdown period. However, although most are doing fairly well in the first 3 months after being reopened, there are lessons learned that are important to prevent future financial crises

commercial real estate
June 15, 2020 News BlogsFinancesPractice management

Hanging Out One’s Shingle: Why COVID Presents a Commercial Real Estate Opportunity for Dentists

by Bob Zariczniak, HBSc, DDS

McDonald’s is famous for inventing (and continuously re-inventing) the fast-food industry. What most people don’t understand, however, is that the majority of their profits isn’t from the burger-flipping business, but from the commercial real estate business. Dentists, although known for

employment law
May 29, 2020 Feature FinancesOral Health OfficePractice management

Re-Opening and Employment Law Obligations: A Q&A for Dental Employers

by Paul Martin, Wilton Martin Litigation Lawyers; Frank Portman, Wilton Martin Litigation Lawyers

As provincial economies begin to re-open in the wake of COVID-19, dental employers are preparing for the re-opening of clinics. However, the re-start of operations brings with it an abundance of employment law issues that must be carefully addressed in

COVID-19: Maximizing Government Benefits
May 1, 2020 Feature FinancesOral Health OfficePractice ManagementPractice Operations

COVID-19: Maximizing Government Benefits

by David Chong Yen*, CPA, CA, CFP, Louise Wong*, CPA, CA, TEP, Basil Nicastri*, CPA, CA and Eugene Chu, CPA, CA

With COVID-19 shutting down many dental practices across the country, the government has introduced new benefits to help businesses weather this storm. Here is an overview of what’s available for dentists and some ways to optimize the benefits for you

January 31, 2020 Feature FinancesOral Health OfficePractice management

Planning to Retire: The Most Important Planning of Your Life

by Alex Zlatin, Maxident

1/3 The Experienced Dentist Pocketbook — A Three Part Series Dwight D. Eisenhower said, “In preparing for battle I have always found that plans are useless, but planning is indispensable.”, throughout our adult life, retiring seems fairly far away. It

financial planning
January 3, 2020 Feature Finances

Planning for the Next Decade, and Beyond

by Dr. Wilson Chen BSc., DDS, CFP, FMA

Happy New Year! Now that 2020 has arrived, it is a perfect time to reflect on the highlights of the past decade and plan for the future. I realize that planning is likely low on the list of fun things

Associate Buy-ins
November 28, 2019 Feature Dental TeamFinancesOral Health OfficePractice management

Associate Buy-Ins: Why Won’t Those Lips Align?

by Michael Carabash, BA, LLB, JD, MBA, CDPM

Yes. I’m still writing poetry. I hope you liked my other two poems (see Michael Carabash, “A Love Affair: DMC’s 2019 Grenada Dental Mission Trip”, Oral Health Magazine, October 2019). Now, this poem is about the tease. You know –

business dental hygiene
November 19, 2019 Feature Dental HygieneDental OfficeFinancesHygienistsPractice Operations

The Business Of Dental Hygiene

by Jodie Cantarelli AAS, RDH, Dip.AdEd

As a practicing dental hygienist, I focused on the delivery of patient-centred care, avoided the financial and operational aspects of a dental practice, and had no need for business acumen. Over time working in dental clinics, my interests and horizons