Busy three lane motorway at dusk

How Dentists Can Save $4,340 in Tax Every Year

Tax Savings Using Your Car Find an average of $4,340 in tax savings per year on your car.  Most dentists use their car for business. Whether it is… …associates driving to multiple practices …practice owners driving to their multiple practices …driving to dental conferences …driving to attend CE courses …driving to visit your professionals (accountant, lawyer, etc.) …the list goes on You’re Missing out on Tax Savings But the reality is, most dentists… …don’t track the mileage driven …don’t organize car expenses …don’t know what classifies as a valid business

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Close-up of patient's bill for dental services

How Dentists Can Save $4,002 in Tax Every Year

Save on Tax with Medical Expenses Do you pay for any medical expenses out of pocket? If so, here is how you can save $4,002 in tax this year. Our client, let’s call her Sandy (name changed), had to pay for her daughter’s braces this year, which cost $7,500. With group benefits, that would never be covered 100%. In fact, her plan doesn’t even offer orthodontics. There are two ways Sandy could have paid for her daughter’s braces: Pay personally Pay via your corporation Pay Personally With a marginal tax

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Mask-wearing dentist offering two toothbrushes to patient

Moving Your Practice to Non-Assignment is Easier Than You Think

In the dental profession, it is generally understood that dental benefits are merely a subsidy intended to defray the costs of treatment. Yet the terms and parameters of a benefits plan can have a strong influence on a patient’s treatment decisions. How often do you hear the question, “Is this going to be covered by my insurance?” Dental teams struggle trying to convince patients of the need for treatment when it is not covered under a benefits plan. To provide the best possible care for your patients, your practice should

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Young mother and father holding hands with their daughter on the beach

Save for your Retirement inside your Corporation Tax Free

How to Still Save for your Retirement in your Corporation Tax Free What’s the most tax-efficient way to save for retirement and access those funds in your leisure years for a dentist?  Many would say Registered Retirement Savings Plans or a Pension Plan. RRSP’s are certainly an efficient way to reduce your personal taxes as contributions are deductible from your income, and they have the ability to grow your savings on a tax deferred basis, but their usefulness for business owners earning a high income is limited. Registered plans work well for two

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Passenger on crowded subway reviewing Individual Pension Plan on phone

Save Over $800,000 Inside an Individual Pension Plan (IPP) vs. RRSP

Are you a practice owner? If so, then this article is for you. Practice owners don’t have the opportunity to participate in a group pension plan like staff at other companies do. Don’t be sad, though, because this article is for you: a pension plan customized to you, the owner. Think of a group pension plan as an off-the-rack suit. Sure, it looks great and fits OK but doesn’t quite have exactly what an Individual Pension Plan (IPP) is: a bespoke pension plan. What is an Individual Pension Plan? Considered

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