Dental practice owner reviewing RRSP graph on tablet

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

Dental Tax August 6, 2020

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

Father lifts young daughter above his head in shadows at sunset

How to Keep More Money In Your Pocket

Dental Tax August 5, 2020

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

How Dentists Can Save $4,340 in Tax Every Year

Dental Tax August 5, 2020

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

Close-up of patient's bill for dental services

How Dentists Can Save $4,002 in Tax Every Year

Dental Tax August 5, 2020

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