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...]
Just for Dentists Newsletters
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...]
9
Mar, 2023 Multiply the Capital Gains Exemption
March 9, 2023 by
You cannot start too soon getting prepared for the eventual sale of your practice. Currently there is $971,000 of the capital gains exemption available per individual. However, as many practice sales exceed this price having one dentist as the … [Read more...]
6
Feb, 2023 The Government’s Inflation Adjustment Means Big Tax Savings for 2023
February 6, 2023 by
The federal government’s annual indexation adjustment for personal income tax and benefits, which is based on the rate of inflation, will be 6.3% for 2023, compared to 4% in 2022 and 1% in 2021. You can earn $53,359 in 2023, compared to $50,197 in … [Read more...]
6
Feb, 2023 The foreign buyers’ ban on purchasing Canadian real estate
February 6, 2023 by
Starting January 1, 2023, non-Canadians and non-permanent residents will be prohibited from purchasing residential property in Canada for two years. The Act will be repealed on January 1, 2025. The new law does not apply to commercial real … [Read more...]
