Purchasing a dental practice is one of the biggest decisions a dentist will have in their career. We have seen dentists rush into purchasing a practice later realizing it was a mistake. Below is a sample of a due diligence checklist to ensure you get … [Read more...]
Just for Dentists Newsletters
5
Mar, 2025 Practice Sale Checklist
March 5, 2025 by
If you want to sell your practice for more than you ever imagined, it’s easy, just focus on the following transition planning checklist. Remember it is never too early to start. As the Chinese proverb says, “The best time to plant a tree was 20 years … [Read more...]
5
Mar, 2025 Multiply the Capital Gains Exemption
March 5, 2025 by
You cannot start too soon getting prepared for the eventual sale of your practice. Even if a sale is many years away, you don’t want your family stuck with a significant tax bill in the unfortunate event of a forced sale, for example from the result … [Read more...]
5
Mar, 2025 CDA Strip – How Triggering a Capital Gain Can Actually Save Tax
March 5, 2025 by
2024 was a year of uncertainty surrounding the potential increase of capital gain inclusion rates from 50% to 66.7%. Many clients were struggling with the decision of whether or not to trigger capital gains prior to the proposed June 25, 2024 … [Read more...]
13
Dec, 2024 Income Split Your Corporate Investment Income
December 13, 2024 by
Most dentists are familiar with the Tax on Split Income (“TOSI”) rules that limit the ability to split income with spouses or other family members. There are a few common exemptions where TOSI does not apply such as when the family member worked more … [Read more...]
13
Dec, 2024 Five Tax Planning Tips before December 31
December 13, 2024 by
The end of 2024 is near, however there is still time to take care of some tax planning items to ensure you don’t miss out on year-end tax savings! Capital Gain Loss Harvesting In previous years, a common tip was to consider selling any stocks … [Read more...]
13
Dec, 2024 CRA Revokes Administrative Position for Dentist & Orthodontists GST refunds
December 13, 2024 by
The CRA has released GST Notice 339, revoking a long-standing administrative position that simplified dentists (and orthodontists) GST filings. Previously CRA had allowed dentists to claim a refund of GST paid on expenses based on an estimate of up … [Read more...]
13
Jun, 2024 Capital Gain Tax Changes Coming June 25th Pass Vote
June 13, 2024 by
On Monday the Liberal government introduced a Notice of Ways and Means Motion to implement the proposed capital gains tax changes announced in the Spring Federal Budget. The motion passed with the support of the NDP and Bloc Quebecois. The … [Read more...]
17
May, 2024 Planning for the Capital Gains Tax on your Real Estate Holdings
May 17, 2024 by
This is the final article of our three-part series on planning for the increased capital gains tax. Our first article outlined the upcoming changes to the capital gains tax and considered if you should pay that tax now or defer it into the … [Read more...]
16
May, 2024 Accessing the Tax-Free Capital Dividend Account
May 16, 2024 by
This is part two of our three-part series on planning for the increased capital gains tax. Our last article outlined the upcoming changes to the capital gains tax. We considered whether or not you should pay that tax now at the lower 25% rate or … [Read more...]
