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…

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…

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…

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…

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.…

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…

April 3, 2020 Feature Oral Health OfficePractice Management

Dentists’ Tax Saving Tips & Strategies

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

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…

November 28, 2019 Feature Oral Health OfficePractice management

Year-End Tax Tips To Avoid Tax Headaches In The New Year

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

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…

October 31, 2019 Feature Dental FAQDental StudentsFinancesNew dentistsNew gradsOral Health

5 Burning Questions For Dental Students & Associates

by Melanie Langevin, CPA, CMA

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…

July 29, 2019 News News

Former Cambridge Dental Business President Fined $230,000 For Tax Evasion

by The Record

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…

May 2, 2019 Feature FinancesOral Health OfficePractice managementPractice Management

Preparation is Key to Achieve Your Retirement Goals

by Lana Sanichar

Beep beep beep. You reach over and push the snooze button. Beep beep beep. This time you reach over and slap it. When you wake up half an hour later, you realize that you’re late for work! Panic sets in.…

March 31, 2019 Feature FinancesOral Health OfficePractice management

April Tax Woes and the Path Forward

by Nick Korhonen, MNP

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…