It’s Now or Never

Perhaps “Never” is a bit strong, however I am reminded of the flood story.  A devote man is trapped on the roof of his house during a flood – I know you’ve heard this one, but in case you haven’t . . .  Being a good man, he prays to God to save him and he has total faith that God will save him.  After a while someone comes along in a row boat…

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Outside of the Box Strategies #4 – Turn Earned Income into a Capital Gain

Even though CRA is doing all that it can to prevent professionals from using all of the tax benefits that professional corporations can, or once could, use to minimize income tax, there are still a few strategies left for minimizing your income taxes. The Hill Kindy Out of the Box Strategy #4 allows you to turn some income into a capital gain. This is a strategy that works for dentists who are selling their…

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TAX ALERT! TAX ALERT!

Finance Minister Bill Morneau announced on Tuesday July 18th that the Liberal government has released draft legislation and a consultation paper for the purpose of amending the Income Tax Act.  The objective of the draft legislation is to target tax benefits enjoyed ultimately by the shareholders of private or professional corporations, as in Dentistry Professional Corporations (DPCs).  The Liberal government campaigned on a platform which labeled the tax benefits given to these shareholders as…

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Beware of New Listing Fairy Tales

Dentists are consistently being provided with “new listing” emails and messages from the various dental brokerages.  In today’s highly competitive sellers’ market, it conjures up visions of shark hunters chumming the waters to create a feeding frenzy.  For the most part it works, creating a practice feeding frenzy and leading to multiple bidders.  Unfortunately, this frenzy may not be doing either the seller or the buyer any favours; consider the listing information, as shown…

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Does Win/Win Really Exist?

Over the course of your career, you have likely heard someone talk about the concept of a “Win/Win deal,” which for clarification purposes, is a transaction or situation that is advantageous to all parties involved.  In all likelihood, you have probably also wondered if a Win/Win deal is a deal that isn’t really good enough for at least one of the parties.  This is a common query, and a great question to answer to…

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But My Accountant Said I Don’t Need A Broker…

Selling your practice through the auspices of an accountant may sound like a great idea, however, it can actually cost you a lot of money and wasted time.  It is true that some accountants have great access to many younger dental clients looking to buy; and it is also true that they won’t (or should I say legally can’t) charge you a commission.  However, accountants like anyone else, are in business for themselves and…

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Beware of the Tax Man

One of the questions that we get asked most often is “When should I sell my practice?” or “How will I know when it’s time to sell?”.  This is an excellent question and will ultimately be a function of a number of financial, professional, tax and personal matters.  Your decisions with respect to the personal and professional elements will likely be under your total control.  Assuming you can afford to sell, whether or not…

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What is Your Practice Really Worth?

Are You Getting the Right Advice?

Most dentists rely on advice from their accountants and financial advisors when it comes to speculating the value of their practices.  Under most circumstances this would seem reasonable, however, sometimes this blind faith can lead to disastrous results.  Let me outline two such scenarios that we have had to deal with in the last 12 months.

Scenario #1 – The Problem with Over Generalizations

We recently had a specialist who was…

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Your Voice Matters

The Dental Industry Association of Canada (DIAC) is an association of dental manufacturers, distributors, commercial dental laboratories and service providers committed to the highest standards of service to dental professionals in Canada, and Hill Kindy is a proud member of the team.

Our annual “Future of Dentistry Survey” is one of the most important sources of information and has recently been updated with questions that reflect the evolving dynamics of the Canadian dental profession. …

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