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DennisCPA

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About DennisCPA

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  1. That is standard from what I've seen in the industry. I would suggest Scotia or RBC as they have a dedicated team for healthcare professionals. The rules have changed, in past Scotia and RBC would transition your student LOC to a professional LOC. Now with RBC, when you graduate the LOC will be converted to a loan and a small portion of that can be kept as a LOC. With Scotia, they are offering to convert the student LOC to a professional LOC upon graduation, however, they will charge a monthly fee on the LOC. The banks always change their policies to stay competitive. The few months before you graduate, see which bank will give you what you want (I would prefer having a prof. LOC), and go with them. Switching banks is very easy for doctors, they all want your business.
  2. Did you know during your first year of associateship, it is unlikely you will owe any taxes? Due to the large amount of tuition credits you have earned throughout your years of school, these may cover the amount of taxes due in your first year. So instead of putting money aside for taxes, focus on paying down your student debt or investing your excess cash in your first year. By year two you may still have tuition credits remaining to cover some of the taxes due for the year. Based on the remaining credit, your accountant will be able to tell you if you will need to put money away for your taxes. Regarding instalments, if you owe more than $3,000 in taxes for a given year, you will be required to make quarterly instalment payments to CRA the following year. These quarterly instalment amounts are based on your prior years taxes owed. (i.e. If you owed $4,000 in 2016, your quarterly instalment payment will be $1,000 for 2017). Each instalment will be due by the end of March, June, September, and December.
  3. Thank you for your input, I will definitely address the issues you have brought up and hopefully others will be able to benefit from this thread
  4. Did you know your hobbies could help you save taxes? Keeping all your receipts related to your hobby such as photography or baking for example, maybe used when it comes time to preparing your tax return.
  5. That is correct, you will get a tax credit on the interest you pay on the government student loan. The interest relating to the LOC will not be tax deductible. Generally, after you graduate, you should repay loans which generate non-deductible interest as soon as possible, IE LOC.
  6. Agreed but that information will only be available when you are doing the due diligence on the practice which is the next step after you put in an offer and it is accepted. The first step is getting the appraisal, reviewing specific details of it, assessing if it is under-performing or reasonably valued, and then deciding to move forward with the deal or not.
  7. Listing prices have been a lot higher than the appraised value for many years now. It is a vendor's market. It is like the housing market in the GTA. Also another issue is certain banks are not willing or making it more difficult to finance the entire amount above the appraised value so you may need to find alternative methods to finance the difference.
  8. Typically I notice that in your first two years of your associateship, your average gross earnings should be in the range of $ 90,000 to $240,000 depending on the location of the practice(s). The average amount paid to an associate after lab fees ranges from 35% to 50%. Once you hone your clinical skills (0-2 years), consider opening or buying a practice. Your average gross earnings are likely to be in the range of $150,000 to $600,000. Again, this depends on where you practice and whether you are a general practitioner or specialist. As in many things, supply and demand can greatly impact one’s financial success. Under serviced areas outside metropolitan hubs where demand for dental services exceeds supply, are often times lucrative. In Ontario, these include Ottawa, Sarnia, Fort Erie, Kitchener, Waterloo, Cambridge, Guelph, Barrie, Orillia, Alliston, Milton, Orangeville and Bowmanville.
  9. Also the mentality of many new grads is to pay off student debt and then purchase a home. If you plan on opening a practice in the next 4 to 5 years, you may want to consider delaying the home purchase until after you setup your practice as taking on a mortgage will limit your borrowing capacity to purchase a practice or start one from scratch.
  10. My experience with general dentistry clients have shown that those who start off in general dentistry still have the opportunity to perform specialized procedures by taking professional development (PD) courses. By taking PD courses it will allow you to perform more specialized procedures (i.e. implants, grafting), without having to commit to a specialization if you are unsure which route to take. Also consider the ratio of general dentist vs. specialist in the area of where you want to practice. This may impact job opportunities available upon completion of your program. I hope this helps, best of luck!
  11. It is important to keep organized records of your income and expenses for the year. This will ensure you do not miss out on any deductions and keep your accounting fees down. Be ready for the 2016 tax year. Follow the link below for a complimentary Tax Organizer: https://www.dropbox.com/s/ewquwc1qwaz14ns/Bookkeeping%20%20template%20-%20Associate.xlsx?dl=0
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