Wow! It has been a little more than a year since Covid-19 began to wreak havoc amongst Canadians. If I had to choose one word to describe last year, it would be chaos. The impact of this virus on our lives seemed to follow the “chaos theory” - random or unpredictable behaviour occurring in systems governed by deterministic laws. While we may not have completely outsmarted the confusion that Covid-19 continues to create, we have altered and adapted our behaviours to bring order back to our lives. Similarly, our group of experts at The Professional Advisory also helps you to make sense out of the chaos and its effects on us, professionally and personally.
In David Rosenthal’s article, “Associate Agreements – The Associate’s Perspective”, we are reminded of the importance of this legal contract. Defining the relationship between principal and associate, as well as outlining the details concerning remuneration are essential in preventing future misunderstandings which could potentially interrupt patient services.
While the first article looks at the beginning of a relationship between two dentists, Mark McNulty’s interview with a seasoned dentist looks at the ending of an illustrious career and the decisions that guided his choice. This second article, “38 Years in Dentistry – An Interview with Dr. Cameron Ellis”, is a must-read for dentists that may be considering and planning ahead for a smooth transition into retirement.
As we all know, the last year has been rife with challenges for tenants and landlords. Ian Toms outlines the challenges and changes that have presented in these chaotic times in his article, “Pandemic Tenancies – What’s Going On?”. The title sums it up quite nicely.
Dr. Weintraub clarifies the confusing and interchangeable use of clients and patients in dentistry in, “Patient vs Client: On the Psyche of Public and Practitioner”. The article explains the difference in the two terms and how it impacts the relationship between the dentist and person seeking his/her services.
Given the government spending we have witnessed over the last year, we can expect tax breaks and/or tax rates to change. The article, “Next Federal Budget: Dentist’s Tax Nightmare or Not?”, by David Chong Yen highlights significant changes that may be made to the Lifetime Capital Gains Exemption (LCGE). It discusses potential impacts to you and your family as well as strategies to mitigate them.
Lastly, Colin Ross’ article, “One Year Later”, demystifies the expectations versus the realities of dental practice sales in the current market. Thankfully, dental practices are still solid investments despite the challenges of the last year.
Overall, as a profession we worked well through the organized chaos of 2020. We still face new challenges but, with the help of our advisors and colleagues, we are in a much better situation than we were at this time last year. Fortunately, the future looks brighter with the promise of vaccines that will minimize the spread and impact of Covid-19. Hopefully, we will reset to a “new normal” very soon.
