Oral Health Group

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 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 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

March 1, 2021 News Blogs

What If It’s NOT All Covid’s Fault?

by Shawn Peers, DentalPeers

Have you sat down with your accountant yet to review your 2020 financial statements? Now is the time of year many of you are doing just that! And let’s face it…looking at those numbers after a year of Covid is

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

November 23, 2020 News BlogsPractice managementPractice Operations

Tax Deferral Options on Sale of a Practice

by Bal Katlai, PhD, CPA, CGA; Waji Khan, B.Sc., DDS, MBA, M.Ed., FICOI, FPFA, FICD, FACD

An important consideration during the sale of a practice is the amount of taxes arising from realizing a capital gain – the underlying asset primarily being the patient list, i.e., goodwill. While the seller can avail of the lifetime capital

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

July 22, 2020 News DentistryNews

COVID-19 Government Benefit – Update

by DCY

We would like to provide you with an update on changes to the Canada Emergency Wage Subsidy (CEWS). The following changes are based on the government’s legislation on July 21, 2020: WHAT CHANGES WERE ANNOUNCED? EFFECTIVE JULY 5, 2020, CEWS

July 3, 2020 News News

COVID-19 Offers Tax Savings Opportunities

by DCY Professional Corporation Chartered Professional Accountants

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

July 3, 2020 News DentistryNews

Three-Quarters of Dentists, Optometrists Worried About Financial Viability: CFIB

by Calgary Herald

Private-sector health professionals such as dentists, optometrists and naturopaths have been hit hard by COVID-19 and remain deeply worried about the future of their businesses, according to new research from the Canadian Federation of Independent Business. The CFIB surveyed businesses

June 12, 2020 News NewsOral Health

Addressing Financial Challenges as You Begin Re-establishing Your Dental Practice

by MNP

While the COVID-19 pandemic had been keeping practices shuttered, dentistry is now re-opening in Canada. Many practice owners are worried about how restarting their practice might look from a financial perspective. Now is the time to consider steps that will