Articles

The Disconnected Patient Treatment Plan

By admin-tmfd on 16 June 16 Tax Planning

A client of ours, Dr. Jennifer Chung *, recently learned that a patient of hers has been seeing other dental professionals, without her involvement. The patient, whom we will refer to as “Richard”, has being seeing hygienists at two different locations – one for cleaning and one for whitening. Richard gets a regular check-up from […]

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Dr. Riley Moore uses Whole Life to Reduce Taxes and Improve Retirement Income

By admin-tmfd on 31 May 16 Estate Planning

Chris Molloy, B.A.Sc.,  CFP, is Senior VP, Advisory Services at TMFD Financial. Chris has over 20 years of experience at TMFD Financial as a Financial Advisor working in the Ontario area. Chris specializes in tax, estate and investment planning for the dental profession. For a complimentary initial consultation with our team, we can be […]

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Mac & Cheese to Caviar! Your Transition from Dental School to an Associate

By admin-tmfd on 31 May 16 Tax Planning

Mike Lakhani, B.Comm, F.C.C.A., C.P.A., C.G.A., CFP, R.F.P. is the Founder and CEO of TMFD Financial (TMFD Financial). Mike has over 30 years’ experience working with dentists in the Ontario area. Mike specializes in tax, practice, and investment planning for the dental profession. You can contact him at 1-844-311-8633 or email info@tmfd.ca   Welcome […]

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Income Splitting with Family Members

By admin-tmfd on 29 April 16 Tax Planning

$30,000 of dividends tax free annually to family members with no other sources of income. In our previous issues of TMFD Financial, we discussed the benefits of the dental professional carrying on their practice in a professional corporation (PC). Some major benefits were a lower corporate tax rate of 19% versus 46% paid […]

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It’s All About Cash Flow, Taxes and Net Worth

By admin-tmfd on 28 February 16 Tax Planning

You work hard at your practice looking after patients and all the related office, staff and other issues to generate cash flow. This cash flow provides a desired lifestyle for you and your family for present needs as well as long term needs. Taxes take away a large portion of this cash flow at all […]

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Hygienist – Employee or Self-Employed?

By admin-tmfd on 28 February 16 Practice Management

To determine whether a hygienist is an employee or self-employed, the CRA has established criteria to analyze the factual working relationship between an employer and an employee. Over time, the courts have established four criteria to use during this process: CONTROL – This criterion looks at the right of the payer to exercise control over […]

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What Can Happen If You Die Without a Will?

By admin-tmfd on 5 February 16 Estate Planning

Dying without a Will is called “Intestacy” and can add a significant burden to your surviving family members and result in needless legal fees and court costs. The followingexample will show how dying without a will resulted in legal and court costs in excess of $60,000.00, foreclosure of a home, a minor child not having […]

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Tax Opportunity of a Lifetime

By admin-tmfd on 5 February 16 Tax Planning

See how a professional corporation resulted in tax benefits in excess of $300,000 for Dr. Laura Simpson during the first three years of incorporation. Dr. Laura Simpson and I first met at a tax planning workshop for dentists my team and I were hosting (the real name has been changed for confidentiality purposes). From our […]

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Good News for Dentists in the 2015 Federal Budget!

By admin-tmfd on 3 February 16 Tax Planning

Stive Farronato, CA, CFP, Senior VP, Advisory Services for TMFD Financial. He specializes in providing advanced tax planning strategies for clients. Stive graduated from the University of Toronto in 1989. He is a Chartered Accountant (CA) and a Certified Financial Planner (CFP). Prior to joining TMFD Financial. Stive worked in public practice from 1989 […]

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Dr. Joycey Prepares to Sell Her Practice

By admin-tmfd on 2 February 16 Practice Management

 Chris Molloy, CFP, is Senior VP, Advisory Services at TMFD Financial. Chris has over 20 year‘s of experience at TMFD Financial as a Financial Advisor working in the Ontario area. Chris specializes in tax, estate and investment planning for the dental profession. For a complimentary initial consultation with our team, we can be reached […]

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