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Capital Gains Tax is Back to Normal: What Canadian Investors Need to Know in 2025

After months of speculation and preparation, it looks like changes to Canada’s capital gains tax won’t happen. This is one of many last-minute pivots from the ruling Liberal government as it prepares for an upcoming federal election. With career economist Mark Carney at the helm, priorities and policies across the board have been revised – and arguably dialed down in aggressiveness – to better align with moderate voters. Axing the original plan for capital gains taxes won’t come without implications, though. Numerically, the move means passing up $19.4 billion in

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Financial Reporting for Dental Practices: A Comprehensive Guide

It doesn’t matter whether the context at hand is financial reporting for dental practices, convenience stores, or laundromats – balanced books pay long-term dividends in business sustainability. Of course, processes differ between industries. Oral healthcare professionals are challenged with uniquely complicated billing systems, insurance claims, patient co-pays, and various procedure codes. Add in specialized equipment investments, regulatory compliance requirements, and staffing considerations unique to dental clinic settings, and the financial landscape becomes even more complex.  As a dental business owner, you need more than just general accounting best practices –

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Choosing the Right Accounting Software for Dental Practices

From managing insurance claims and patient billing, to tracking procedure-specific costs and revenue, dental offices face unique financial workflows that generic software simply wasn’t built to handle. You’ll save yourself lots of time – and money – with a market-specific solution. In this article, we’ll explain the key considerations that go into choosing the right accounting software for dental practices big and small. Accounting Software for Dental Practices is Worth the Investment Before making the case for industry-specific solutions or discussing what goes into choosing the right accounting software for

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Payroll and Employee Benefits for Dental Practices

Discussions about dental benefits often focus on the client side – coverage patients get from their insurance providers or employers. However, equally important is understanding how dental practices themselves handle benefits and payroll for their own staff. From hygienists to front desk personnel, managing payroll and employee benefits for dental practices requires industry-specific considerations. We take a deep dive into those considerations in this article. Payroll and Employee Benefits In Canada Every business in Canada is expected to provide its employees with the same basic employment rights and benefits as

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Fraud Prevention In Dental Practice Accounting: Strategies and Tips

Dental practice accounting isn’t unlike other types of accounting in that it’s susceptible to fraud. Add money into any equation and people will find opportunities for dishonest behavior. Whether it’s skimming cash payments, falsifying insurance claims, or manipulating financial records, dental clinics are vulnerable on the inside and out. In this article, we’re highlighting some of the greatest risks to be aware of as a dental business owner along with must-know tips for fraud prevention in dental practice accounting. Common Fraud Schemes In Dental Practices As mentioned above, dental practices

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Cash Flow Management In Dental Practices: Essential Techniques

You know what they say – money makes the world go round. In the business of running your own business, it’s what keeps employees paid and doors open to customers. Dental practice owners understand the value of having funds on hand better than anyone. Should equipment repairs become necessary or staffing changes occur, working capital insures against the possibilities of losses and loans. This article will explore the nuances of cash flow management in dental practices and share five essential techniques worth implementing for your own. Why Cash Flow Matters

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Use Bookkeeping Software

6 Bookkeeping Best Practices for Dental Practices

Whoever said trips to the dentist aren’t fun clearly never had to deal with business taxes. For dental professionals, the process can be especially tedious, with expenses, services, and write-offs often far from straightforward. A smooth tax season depends heavily on organized recordkeeping and strategic planning. In this article, we’ll explore six essential bookkeeping best practices to help dental practices keep their financial reporting in perfect health—no cavities included. 1. Use Bookkeeping Software This first item on our list of bookkeeping best practices for dental practices seems obvious, but it’s

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New tax to-do list for Canadian dentists

2025 Tax Changes: What Dental Professionals Need to Know

With this new year comes a new tax to-do list for Canadian dentists. Policy changes, program expansions, and plan roll-outs mean significant adjustments in everything from recordkeeping practices to reporting. This article outlines 2025 tax changes for dental professionals alongside other important updates worth prioritizing in the year ahead. Input Tax Credit (ITC) Claims Process to Complexify The Change The Canada Revenue Agency (CRA) is eliminating a significant tax arrangement that has benefited dental practices for years. Starting in 2025, dental professionals can no longer automatically claim 35% of their

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Dental Practice Accounting Basics

Dental Practice Accounting Basics: Essential Guide

Running a dental practice isn’t just about providing excellent care to your patients – it’s also about ensuring the financial health of your business, and sometimes, that starts with the basics, even if you’ve been up and running for a while.  Accounting can seem daunting at first, especially if you’re opening a new dental office, but understanding the basics is key to managing your practice effectively. Following a basic guide can help you build a strong financial foundation.  Professional Tax Planning Tax obligations for dental practices include income tax, payroll

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Essential Year-End Tax Tips for Dental Professionals to Maximize Deductions

Essential Year-End Tax Tips for Dental Professionals to Maximize Deductions

As the year comes to a close, dental professionals should take a proactive approach to their finances to minimize tax liabilities and maximize savings. By reviewing your financial records, planning strategically, and understanding available deductions, you can set yourself up for success both now and in the coming year. Top 10 Year-End Tax Tips Dental Professionals Can Utilize By proactively managing your finances and following tax tips tailored to your specific needs as a dental professional, you can make the most of your hard-earned income and ensure long-term financial stability. 

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