Articles

Maximizing retirement savings is crucial for dentists to ensure financial security in their later years. By saving as much as possible, dentists can better prepare for unexpected medical costs that may arise, protect themselves against economic downturns, support their legacy goals, and comfortably support themselves through their retirement years. One of the best ways dentists can save for retirement and reach their goals is with an individual pension plan (IPP).   What is an IPP?  An IPP is a type of retirement savings plan designed primarily for business owners, incorporated professionals,

Dental practice valuation is the process of determining the worth of your dental practice. The valuation takes into account various factors such as your revenue, patient base, equipment and assets, location and overall profitability. It’s essential to understand the true value of your practice before selling or acquiring a new one so you can make a well-informed decision about future plans, negotiate fair prices during acquisition, and ensure you’re getting a fair ROI. A professional dental accountant will play a vital role in helping you determine an accurate valuation of your

As a dentist, it is crucial to have a clear understanding of your practice’s finances to ensure its utmost success. A key aspect of successful financial management is expense tracking – by keeping a close eye on your expenses, you can easily identify areas where costs can be cut or revenue be increased. This can help you make informed decisions about the future of your dental practice and ensure that you are operating as efficiently as possible. Expense Tracking is Essential For Many Reasons Comprehensive management of your finances can

Canada’s 2024 Budget introduced a series of proposals that could significantly impact dentists and dental practice owners. While these are just proposals right now, they offer a glimpse into potential changes in tax policies, and dentists and dental practice owners may benefit from reassessing and adjusting their personal and business financial strategies. Lifetime Capital Gains Exemption (LCGE) The budget proposes an increase to the Lifetime Capital Gains Exemption (LCGE) by 25%, raising the limit to $1.25 million for sales occurring on or after June 25, 2024. This could be beneficial