Articles

A Dental Practice Owner’s Guide to Multiplying Capital Gains Exemption

Get answers to your questions about capital gains exemption and how to effectively multiply its outcome when factoring family members over the age of 18. Most dental practice owners understand the dynamics of a capital gains exemption. However, most dental practice owners may not know that there is a lifetime capital gains exemption (LCGE) available for each family member (including their parents).  Now if your parents owned a business and it has been sold, they may no longer have their Capital Gains Exemption. Now, the dentist then will be allowed

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CEBA Loan Q&A For Dentists

Effective April 9, 2020 the application for Canada Emergency Business Account (CEBA) became available and practices have the ability to apply for Government relief online. Effective June 26, 2020 additional measures have rolled out to allow for newer practices and even associates who previously didn’t qualify to now access this program. Here are the details to see if you qualify for it: What is the CEBA Program? The Canada Emergency Business Account is a government guaranteed loan of up to $40,000 that is interest-free until December 31, 2022. The loan

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Taking a Bite Out of Employment Law

What to look for when transitioning employees between practice owners Dentists usually preach good oral hygiene to prevent gingivitis and tooth decay, but preventative maintenance applies equally to employment law and, in particular, buying or selling a practice. Strategic planning, enforceable contracts, effective workplace policies, and properly implemented procedures are the employment-law equivalent of brushing and flossing, and can be tremendously beneficial in avoiding legal claims from employees.  This is true of both day-to-day practice operations and practices in transition. The sad reality is that in many, if not most, cases

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Is Your Dental Practice Ready For Sale

Your practice value is worth more than just numbers, it represents your life’s work. It’s more than just knowing what your practice is worth when you are ready to retire.  The reason you should know your current practice value is to be prepared for planned and unexpected events that may occur at any time of your practice cycle/career.  Your practice should always be in a maximum value position.  We cannot see into the future and you never know when a practice transition may occur.  Here are just a few reasons

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