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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

As a dentist, you specialize in taking care of your dental clients’ oral health – you aren’t an accountant or tax specialist. Most dentists are unaware of all of the tax credits they are eligible for, and don’t have a financial plan to maximize their tax return. To help you avoid some pitfalls, below are 5 common tax mistakes dentists make. 1. Not Realizing the Impact of Tax Dentists have the potential to become high earners; the downside of this is that they can end up paying high income tax.

You’ve been the owner of a successful dental practice for a number of years now, and you’re feeling satisfied. You’ve hired lots of amazing employees, increased your profits and kept your patients happy, but now you’re thinking about retiring. You’ve come to the conclusion that it might be best to sell your dental practice and that’s okay! You deserve it. As the owner of a profitable dental practice, you have a lot of industry knowledge, but when it comes to selling it, do you even know where to start? This