Grow Your Net Worth

Grey dental chair in a clean dental office

Is Your Dental Practice Ready For Sale

Your practice value is worth more than just numbers, it represents your life’s work. It’s more than just knowing what your practice is worth when you are ready to retire.  The reason you should know your current practice value is to be prepared for planned and unexpected events that may occur at any time of your practice cycle/career.  Your practice should always be in a maximum value position.  We cannot see into the future and you never know when a practice transition may occur.  Here are just a few reasons

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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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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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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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