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…
Dental practice values are back up. Everyone’s hounding you to sell. Maybe you’re tired of the daily grind of running a dental practice – especially during COVID-19. You find yourself drifting off. You’re on a pristine beach, at your cottage…
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…
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…
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…
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.…
UTILIZE TAX LOSSES Tax losses generally fall into two categories: non-capital losses and capital losses. Non-capital losses arise from normal business operations (i.e. where deductible dental practice expenses exceed dental revenues). Capital losses arise when you sell assets such as…
1. Sharing is Caring/Saving Use family members in the tax savings game. Many dentists have a dentistry professional corporation (DPC). DPC’s if structured appropriately facilitate “sharing of income”. Family members may be eligible to receive dividends provided they work 20…
It’s that time of year to get in some late minute tax planning before it’s too late. Here are our ten tips for a tax-friendly holiday: 1. Pay yourself If your professional corporation’s (PC) or other income is expected to…
Dental students and associates are a busy bunch. With long hours and a hectic schedule, figuring out your tax filings can slip down your priority list. This group typically asks about five topics: deductions against your income, moving expenses, impact…
The president of a Cambridge dental supply business took over $400,000 from the company to pay for maid services, landscaping and cottage renovations, a court heard Monday. Robert Bolton charged personal expenses to company expense accounts, took cash from the…
April is here – and so is tax time. It’s when we’re all reminded of our civic duty to contribute to society through taxes, which often leaves our wallets feeling a little lighter as we pass the April 30 tax…
The federal government has sent another warning shot to dentists and other professionals who have been using private corporations (PC) such as professional corporations/ hygiene service corporations /technical service corporations and holding corporations as a tax savings vehicle. Below are…
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