Accounting

  • David Chong Yen

    Rising Interest Rates – What To Do?

    September 21, 2017 by David Chong Yen

    All parties must come to an end. The low interest rate party hasn’t completely ended, but the music is slowly being turned down. After seven years of historically low interest rates, the Bank of Canada has raised interest rates by […]

  • David Chong Yen

    Ticking Time Bombs – Taxes

    June 20, 2017 by David Chong Yen

    Our parents may have told you to spend within your means. If you make $250,000, don’t spend $500,000. Your accountant should, and probably did, tell you that your Professional Corporation (PC) is a separate entity from you as an individual. […]

  • David Chong Yen

    Costly Tax Mistakes to Avoid/Seizing Tax Saving Opportunities

    April 19, 2017 by David Chong Yen

    As another tax filing deadline approaches, by reflecting on the past year, avoiding mistakes and seizing tax savings opportunities, you can reduce your tax bill. Here’s a list of tax mistakes that could prove to be costly. Closing the door […]

  • David Chong Yen

    Tax Traps When Selling Your Dental Practice to Your Children

    February 23, 2017 by David Chong Yen

    There’s a special sense of pride when your child decides to follow in your footsteps and pursue the same career path as you. For dentists whose children are in dental school or are considering pursuing a career in dentistry, there […]

  • David Chong Yen

    Salaries Versus Dividends: Which is Right for You?

    November 21, 2016 by David Chong Yen

    One of the most common questions dentists with professional corporations ask is “how should I pay myself?” While there is no simple answer, in general there are three options: 1) Salaries only 2) Dividends only 3) Salaries + dividends The […]

  • David Chong Yen

    Selling Your Practice May Be More Expensive Next Year

    September 21, 2016 by David Chong Yen

    For many practice owners, the decision to sell your practice is a long process which requires you to consider many different factors. The Liberal government has compounded this issue by introducing a new tax change which could result in a […]

  • David Chong Yen

    Use Your Family to Relieve Your Tax Burden

    June 20, 2016 by David Chong Yen

    For high income earners such as dentists, taxes can be the single largest expense you have. With the help of your family, and the strategies listed, you could save enough money to take the family out for a vacation or […]

  • David Chong Yen

    Estate Planning: Anticipating Hidden Liabilities

    April 20, 2016 by David Chong Yen

    Many dentists believe they will have no liabilities when they retire. They often forget the largest hidden liability; taxes. Here are two common areas where hidden liabilities could arise. Registered Retirement Savings Plans (RRSP) For dentists who contribute the maximum […]

  • David Chong Yen

    Interest: Good, Bad and Ugly Side of Debt

    February 23, 2016 by David Chong Yen

    For many dentists, loans are a necessary part of your career. Whether it is a student loan, car loan, home mortgage or a practice loan, at some point in your career you are likely to take out a loan, which […]

  • David Chong Yen

    Making Lemonade from Losses

    November 18, 2015 by David Chong Yen

    Not every business or investment decision you make will turn out to be a winner. That doesn’t mean you can’t salvage some value from your losses. Understanding what losses are available and how to use them will allow you to […]