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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

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