As we initially reported in our March 14, 2023 newsletter the government requires Canadians to file UHT returns for residential property held inside a private corporation, partnership or via a trust (including a bare trust). For the 2022 taxation … [Read more...]
Just for Dentists Newsletters
19
Oct, 2023 Reminder to File Your Underused Housing Tax (“UHT”) Forms by October 31, 2023
October 19, 2023 by
19
Oct, 2023 GAAR Changes to End Surplus Stripping?
October 19, 2023 by
The 2023 Federal Budget released draft legislation amending the General Anti-Avoidance Rules (“GAAR”) that would significantly impact any transactions the government finds abusive. After an initial consultation period, updated draft legislation was … [Read more...]
31
Mar, 2023 The Federal Budget 2023 in a Nutshell
March 31, 2023 by
The 2023 federal budget was released with great anticipation for some possible harsh tax measures to counteract previous government over spending. However, with a projected federal deficit of over $40 billion it seems the government is keen to double … [Read more...]
14
Mar, 2023 The Tax Season is Here!
March 14, 2023 by
In order to get a head start on tax filing, below is a list of information that may be required to complete your 2022 personal income tax returns: T4 Employment Income slips T4A Other Income slips T4A BCMA slip T4A(P) Canada Pension slip … [Read more...]
14
Mar, 2023 Measuring practice performance
March 14, 2023 by
Imagine for a moment you are driving a car with no GPS to direct you, no instruments to tell you the speed and no fuel gauge or indicator light warning you the engine is running out of oil. It is unthinkable; you would never get into a car without an … [Read more...]
14
Mar, 2023 Are your investments down? Good time for an estate freeze!
March 14, 2023 by
What is an estate freeze? An estate freeze refers to transferring the future growth of your corporate investments into your children's hands. An estate freeze limits the value of your estate reflected in your corporate holdings when the freeze is … [Read more...]
14
Mar, 2023 File Your Underused Housing Tax Form Before April 30 To Avoid $10,000 Penalty!
March 14, 2023 by
The Federal Government has finally jumped on the band wagon of requiring certain property owners to declare the use of their property. Some may be familiar with the Empty Homes Tax (city of Vancouver) or the Speculation Tax (province of BC). Now it’s … [Read more...]
9
Mar, 2023 Buying a practice: Due Diligence Audit
March 9, 2023 by
Financial Review Ask your CPA (choose one with experience in dental practices) to obtain copies of the tax returns and financial statements for the clinic’s previous four years. Use these to identify revenue and expense trends. Ask your CPA … [Read more...]
9
Mar, 2023 Selling Your Practice Tip: Increase Revenues — Don’t Slow Down Just Because You Are Selling
March 9, 2023 by
Buyers will not care how much revenue you made over the past 15 years. They, and their advisors, will focus on your last few years’ gross revenue, net profit, and positive cash flow. More importantly, they will show special interest in the practice’s … [Read more...]
9
Mar, 2023 The “Surplus Strip”: Income Split with your Family
March 9, 2023 by
Many dentists are taking advantage of a tax strategy of converting the regular dividends from their corporations into a capital gain generating huge savings. To illustrate, the capital gains tax on $200,000 of income from the corporation is about … [Read more...]
