Adam Tenaschuk

street sign to dentist - Dental practice

Importance of the Corporate Share Structure of a Dental Practice

The corporation share structure of a dental practice is important and can have a significant impact on how a dental practice operates. Key Takeaways Ownership Organization: A well-defined corporate share structure is vital for outlining ownership interests and responsibilities within a dental practice, ensuring clarity and transparency among shareholders. Tax Efficiency: Properly structured corporate share arrangements can offer tax advantages, including income splitting, capital gains, and access to corporate tax rates, helping to optimize tax planning and minimize overall tax liabilities. Liability Protection: Incorporating a dental practice and establishing a

Read More
writing note showing for sale business photo showcasing putting property house vehicle available to be

Maximizing Lifetime Capital Gain Exemptions: Strategic Insights for Dentists

Dental practice owners looking to sell their practices obviously want to make sure they get the most out of their sales. Part of this involves not paying more tax than absolutely necessary on the proceeds of the sale. There are tax strategies to help with this, as well as other situations when money is being taken out of a dental business. The Lifetime Capital Gains Exemption is one key tax benefit that can be leveraged to reduce the tax burden arising from these situations. Whether you are selling your practice

Read More
dental chair and other accessories during modern dental practice

Filing Annual Returns in Ontario for Dentists

In Ontario, as in many other provinces, businesses are subject to annual information filing requirements mandated by the Corporations Information Act. These obligations affect a wide range of businesses, including dental practices and individual dentists who operate their own practices. A dentistry professional corporation must comply with these requirements; this is crucial to maintain legal and financial standing, and it helps to ensure transparency and accountability in the corporate sector. Ontario dentists and dental practice owners with an incorporated business model should be aware of changes in filing annual returns.

Read More
close white tooth desk front man calculating bill calculator

Dental Business Tax Credits Canada

Dentists are hard-working professionals, with a significant investment in their profession and practices. Paying more tax than necessary can result in a significant loss of money in your pocket, so finding strategies to lower taxes is critical. It’s not just about keeping more of your hard-earned money, it’s about enabling smarter finances, so you are better able to pursue your personal and business goals without scrimping or going without. A bigger tax refund means you can use that money for sustainable growth without cutting back on other areas, hampering your

Read More
dentists in- heir surgery

Dental Clinic Financial Analysis

Running a successful dental practice requires more than just clinical expertise; it demands strategic business planning and meticulous financial analysis. For dental practice owners, understanding the intricacies of managing a clinic’s finances is crucial for long-term sustainability and growth. In this article, we will explore the key components of effective business planning and financial analysis for dental clinics. Why Is a Financial Analysis Important? Many dentists feel that if they simply focus on doing what they do best – providing excellent dental care – their practice will be successful and

Read More

Dental Practice Owners Can Benefit From a Tax Free Strategy, But Only Until December 31, 2023

For many high-earning dental practice owners, withdrawing money from the dental corporation for personal use triggers a heavy, and frustrating, tax liability. Surplus stripping is a valuable tool for high-income earners with professional corporations that enables the withdrawal of funds at a lower tax rate. However, with recent tax changes which come into effect on January 1, 2024, the benefits of surplus stripping will diminish. Dental practice owners, particularly those with incorporated businesses, should act promptly to capitalize on this strategy before December 31st, after which it loses its advantage.

Read More
Accountants work analyzing financial reports on a laptop in a cafe.

Tax Preparation and Regulatory Compliance

Regulatory compliance is at the core of Canada’s tax system, ensuring that individuals and businesses meet their obligations under the law. The regulatory framework for Canadian tax compliance has multiple components. The CRA enforces tax laws and regulations, which are continuously evolving. Staying compliant means not only accurately reporting income and expenses but also understanding the ever-changing landscape of tax regulations. For dental practices, regulatory compliance goes beyond accurate tax return filing. They must also ensure they are meeting various tax obligations throughout the year, such as payroll deductions, GST/HST

Read More
portrait happy graphic designer using tablet

The Dos and Don’ts of Dental Bookkeeping

Dental professionals invest significant time and effort in their dentistry skills, and are experts at what they do, but many have difficulties with the accounting aspects of their dental practice business, including the bookkeeping. However, effective dental bookkeeping is essential for financial stability, legal compliance, and informed decision-making. Here are some important “dos” that successful dental practice owners follow, as well as some common mistakes, or “don’ts” Do Follow These Best Practices: Keep a Good Chart of Accounts A comprehensive chart of accounts creates a strong foundation for efficient dental

Read More
power supply connect electric vehicle charge

Canada EV Rebate

Dentists purchasing an electric vehicle does involve a significant upfront cost, although saving on fuel expenses and reducing carbon emissions is tempting. To make them more affordable, the Canadian government has implemented various incentive programs to make zero-emission vehicles, such as electric cars, plug-in hybrids, and hydrogen fuel cell vehicles. The Federal Incentives for Zero-Emission Vehicles (iZEV) Program, launched in May 2019, aims to help Canadian individuals and businesses in acquiring or leasing zero-emission vehicles. In addition, several provinces have introduced their own programs to incentivize zero-emission vehicle adoption, which

Read More
A dental office with professionals reviewing patient records, financial documents, and compliance procedures, illustrating the process of a dental practice audit, ensuring adherence to regulatory and financial standards.

Preparing For a Dental Practice Audit

If your dental practice has been selected for an audit, you may be wondering about the audit process and how to prepare for it. Even if you haven’t been audited yet, you should assume that you could have one at any time, and be prepared. Dental insurance claims audits are becoming more frequent, so dental professionals should be familiar with what a dental insurance audit involves, and how to be ready. Dental Insurance Audit It helps to understand what an insurance audit is, as well as what might trigger one.

Read More