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If there’s one thing everyone can count on in life, it’s taxes. Businesses aren’t immune to the responsibility – if anything, they face an extra burdensome process. Riddled with forms, rules, exceptions, deductions, and of course, risk, springtime financial review isn’t something you want to go alone. Look no further than the following guide on tax planning and compliance for dental practices as this year’s deadline nears. In it, we unpack the unique challenges dentists face and how to structure your practice to maximize tax efficiency without raising red flags

Financial management for dental practices is a full-time job. You can have a great team of care providers, but their work will only pay off if and when budgeting, cash flow, and more are managed effectively. This guide explores the essential components of dental practice financial management, providing actionable insights for practitioners seeking to optimize their business performance while maintaining clinical excellence. Budgeting, Defined A budget is a financial plan that outlines expected income and expenses over a specific period. It serves as a roadmap for money management by tracking

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

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 –

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

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. Canadian Payroll and Benefits: What Employers Need to Know Every business in Canada is expected to provide its employees with the same basic employment rights

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

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

Budget 2024 announced many changes, one of which included changes to the Home Buyers’ Plan (HBP); a program in Canada that allows dentists who are ready to be first-time homebuyers withdraw money from their Registered Retirement Savings Plan (RRSP) to purchase or build a (qualifying) home. The government created this program to help Canadians enter the ever-changing and challenging real estate market and finally achieve homeownership. Are You Considered a First-Time Homebuyer? In order to qualify for the Home Buyers’ Plan, dentists and other individuals must be considered first-time homebuyers,

Dentists purchasing an electric vehicle does involve a significant upfront cost, although saving on fuel expenses and reducing carbon emissions is tempting. To make them more affordable, the Canadian government has implemented various incentive programs to make zero-emission vehicles, such as electric cars, plug-in hybrids, and hydrogen fuel cell vehicles. The Federal Incentives for Zero-Emission Vehicles (iZEV) Program, launched in May 2019, aims to help Canadian individuals and businesses in acquiring or leasing zero-emission vehicles. In addition, several provinces have introduced their own programs to incentivize zero-emission vehicle adoption, which