Oral Health Group

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Finances

September 30, 2022 Feature FinancesOral Health OfficePractice management

Why Recession-Proof Your Practice Now?

by Janice Wheeler, President of The Art Of Management Inc.

Did you know that the price of a box of mac and cheese was about $0.99 before COVID and is now $2.50? The price of gas has gone up and down and up beyond anything we could have anticipated. And

Successful Dentists
September 2, 2022 Feature FinancesOral Health OfficePractice management

Eight Traits of Successful Dentists

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

Dentists are facing what many perceive to be unprecedented times. Raging inflation, 8.1%, as of June 2022, vs. 1.1% in February 2021 and 11.91% in May 1982, staffing shortages, corporate dentistry, rising interest rates, prime rate 4.7% as of August

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

March 3, 2022 News Oral Health

Paid How Much Do I Need to Retire?

by TMFD Financial

Dentists want to know their Financial Independence Target (FIT#TM) ‘How much do I need to retire?’ is a common question we are frequently asked at TMFD Financial. Every situation is different depending on the time horizon to retirement, the value

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

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 30, 2021 Video Dental VideoPractice management

Weekly Wisdom: Buying New vs Existing Practices

by Oral Health

  In this episode of Weekly Wisdom, David Chong Yen CPA, CA, CFP discusses kinetic vs static energy and how the concept relates to the business of dentistry.     Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered

March 2, 2021 Video Dental VideoNew dentists

Weekly Wisdom: Should You Buy Your Practice or Your Home First?

by Oral Health

  In this episode of Weekly Wisdom, David Chong Yen CPA, CA, CFP shares what you should be prioritizing from a financial perspective. Should you buy your practice or your home first?     Subscribe to Oral Health’s weekly e-newsletter to have

February 2, 2021 Video Dental Video

Weekly Wisdom: The Value of Failing

by Oral Health

  Weekly Wisdom: David Chong Yen shares the message that “the cost of fearing to fail is much greater than the lessons learned from failing.”     Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight to

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

January 5, 2021 Video Dental Video

Weekly Wisdom: Decision Making

by Oral Health

  In this week’s episode of Weekly Wisdom, David Chong Yen returns to discuss what to keep in mind when making major decisions for your practice.     Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight to

December 21, 2020 Video Dental VideoPractice management

Weekly Wisdom: How to Maximize Profits

by Oral Health

  In this week’s episode of  Weekly Wisdom, Alex Zlatin gives financial advice and reveals the truth behind increasing your revenue and eliminating expenses.     Subscribe to Oral Health’s weekly e-newsletter to have the latest episode delivered straight to your

December 8, 2020 Video Dental Video

Weekly Wisdom: Bet on Yourself!

by Oral Health

  In this week’s episode of Weekly Wisdom, David Chong Yen, CPA, CA, CFP tells us why you should always be betting on yourself as a dental practice owner.     Subscribe to Oral Health’s weekly e-newsletter to have the latest

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

October 26, 2020 News DentistryNews

Claiming Car and Home Office Expenses 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

In the past, our clients have frequently enquired about claiming tax deductions for car expenses and home office expenses. Let’s review how the COVID-19 pandemic may affect these potential tax deductions for you. If you are not yet incorporated (i.e.

August 11, 2020 Video Sponsored Dental Video

Paid Preparing Your Dental Practice For Sale: Retirement Readiness

by Oral Health

Episode 6 of 6  For most dentists, the sale of their practice will probably be the single largest financial transaction of their professional lives. And, the most complex because of the numerous tax, legal and emotional aspects involved, in addition