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About Ostracized

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  1. I'm a dentist. 8 years out. I've been off work since March 13. It is my belief that I won't be working as a dentist again in the year 2020. Dental offices are just about the worst place for the transmission of Covid. Even after the shut down is eased up, it will be a long time before we can practice in semi-normality. You can't compare us to other businesses like nail salons or furniture stores or even restaurants. We spread salivary aerosols as part of the job. People will need dental care. That's a fact. How will we balance the need for dental care, the need for the safety of staff and patients, and the need to make a living and pay the bills? I certainly don't know the answer to that. But if we cannot meet those three needs in an equilibrium, then there will be no dental care and no dental profession at all. Fortunately for me, I have always been a saver by nature. I will be 'ok' for a year or even maybe 2 years with no income or greatly reduced income. But it will certainly push my theoretical retirement back by a long long time.
  2. There is no such thing as a co-pay for ODSP or similar programs. They are considered to pay 100% of the fee, even if they only pay 30%. It is fraudulent to try to collect anything additional from such a patient. I believe that's always been the case. Also, it's been more than a few years since fees were around 80%. I think more like 20 years.
  3. Who would do something about it? The dental associations are powerless and afraid of coming off as protectionist. The regulators explicitly don’t serve the interests of dentists. Politicians see dentists as fat cats and love to see new immigrants working in professions.
  4. This shows how much dental schools over-complicate the topic of RPD design. I also found it very confusing as a student but it really isn’t rocket science. The design is more about clinical judgement and treatment planning than it is about ‘engineering’. You need enough retention to keep it in place (1-2 clasps per side) and potentially an anti-rocking mechanism (eg indirect retainer). All the other choices about clasp design, framework design, material options, etc will be based on your preference and experience and the patient’s individual situation.
  5. My schedule in Toronto is 1-9 on M,Tu,W and 9-4 on Sat/Sun. It’s crummy lifestyle schedule. But weekends are the busiest times.
  6. It's not difficult to give dental coverage to every citizen. Just make the fee schedule extremely low. That's how the Ontario government operates with its publicly funded dental programs. Making it sustainable and equitable is the challenge.
  7. Maybe! I’d really have to do my research and crunch the numbers.
  8. A few months ago my wife and I were out for dinner at a restaurant and there was a dentist there who worked in the same plaza as the restaurant. In between eating her dinner she went from table to table soliciting for new patients. 'Oh you're children are so cute, do they have a dentist yet?' I thought it was embarrassing and rather depressing but sadly not surprising. She's the new owner of an old, likely dying practice that's hidden on the second floor of a strip-plaza with barely any signage. In Toronto. I was reminded of this today when I saw an advertisement for her office stapled to my neighbourhood park's community bulletin board. She's really pounding the pavement for patients. I guess my point is, a lot of people think that practice ownership is better than associating. I think probably in most cases it is, but definitely not 100% of the time. Dental offices are extremely expensive to run and your costs are fixed. Its perfectly conceivable that you could have a day or week or month or year when your revenue doesn't even cover your expenses. This is of course dependent on a lot of factors, but you won't see me doing a start-up or reviving a dying practice in Toronto.
  9. As a predent, how will this affect my ability to repay my $600,000 loan from NYU? /S Interesting also - we are now licensing more foreign-trained dentists than domestic-trained for probably the first time ever.
  10. I mean, I live in North York and I’m a licensed dentist. I think I would be out of your price range. I don’t see myself tutoring for less than $80/hour as that’s already a significant pay cut to simply working. I can ask a hygienist I work with as well if you give me more info. (Best if you can figure out how to private message me).
  11. What subjects do they need help with? Dental school is a deluge of information but none of it is very complicated. The most important thing to learn is good study habits.
  12. Basically, you can use your Corp as a retirement fund, with semi-deferred taxation. Not that different from an RRSP, but with an unlimited yearly contribution limit. So if you happen to have 6-figures of cash left over at the end of the year that you want to invest for the future, leaving it in your corp could save (actually defer) you tens of thousands of dollars in taxes compared to taking it all out and maxing your RRSP. But it only really makes sense if you know that you want to save a lot and spend a limited amount on living expenses. It comes down to a personal lifestyle and financial plan. It’s definitely less flexible than the alternative. Make sure you discuss this with a knowledgeable accountant who does a lot of professional corps.
  13. It mostly depends on the differential between your gross income and your personal expenses. If you’re making >$200,000 but you only need $75,000 to live on, then incorporation would be pretty good for you. That $125k in retained earnings would be taxed at ~15% rather than ~50%, saving you around $40,000 per year in taxes. The actual costs of incorporating are a pittance compared to that. Granted it’s a bit more complicated than that and it requires a lot of thought and long term planning.
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