Blog

Dental practice owner reviewing RRSP graph on tablet

8 Reasons Why Dental Practice Owners Should Stop Contributing to RRSPs, Do This Instead…

It’s RRSP season, the deadline of March 1, 2019 is quickly approaching! While many Dental Practice owners will make last-minute contributions, this might be your last. Many are not aware that there are far better and faster ways to save for retirement than an RRSP.  Do you want to retire in your 50’s without having to sell your dental practice? Do you want up to 65% more of a retirement nest egg compared to a personal RRSP and have the practice pay for the contributions? Do you want to save thousands

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Mask-wearing dentist offering two toothbrushes to patient

Dental Staff Bonuses Vs. Benefits – What Do They Really Prefer?

Hiring “the right people” can be tough work but it is arguably the most important function you will ever perform. You must have a top performing team in place to give you the peace of mind that your patients are being well taken care of and that you are able to do what you do best – practice dentistry. To attract and retain high quality staff, employee compensation must include fair practices and reward employees based on the merit of each individual’s performance. What happens if your practice has top

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Dentist and patient behind text reading "Is Your Practice In Maximum Value Position?"

Is Your Practice in Maximum Value Position?

Your practice value is worth more than just numbers, it represents your life’s work.   Your practice should always be in a maximum value position so you are  prepared for planned or unexpected events that may occur at any point of your practice cycle/career. Here are just a few reasons to be ready: Unexpected/sudden illness Family needs to relocate Another business opportunity arises (clinical/non-clinical) Bringing in an associate Bringing in a partner Going through a divorce -asset determination Considering selling and staying on yourself as an associate Considering selling and

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Top 10 Dental Office Management Solutions for Dental Offices

Harness the Power of Your Practice Have you tried being in two places at the same time? Running an efficient practice, while you are providing dental services is challenging, to say the least. It’s important to have the right business systems in place that are sustainable and easy to follow.  Dental teams need to have practical solutions in place that fit with their daily action plans and they need to enjoy their daily activities. Here are ten simple solutions to help your practice run efficiently: Empower your employees. Establish a

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Father lifts young daughter above his head in shadows at sunset

How to Keep More Money In Your Pocket

Let’s keep more of what you earn Corporate Estate Bond Strategy: With the new tax changes that have been implemented by our Liberal Government, we need to explore new avenues to defer or even eliminate tax so we can retire comfortably and then pass along the rest tax free to our loved ones. Like many dentists, you’ve worked hard and saved for retirement.  You find that you’ve got far more set aside than you and your spouse require.  Your thoughts now turn to maximizing your estate for your children and

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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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