Tax Planning

Morneau’s Tax* Fairness Plan?

By admin-tmfd on 1 November 17 Tax Planning

One hundred years ago in July 1917, Finance Minister Sir Thomas White shocked the nation by tabling a resolution in parliament calling for temporary income taxes, at very low rates, as a “war measure”. On July 18, 2017, one hundred years later, the current Finance Minister Bill Morneau dropped another tax-related bomb; this one directed […]

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Cross Border Tax Planning for the High Net-Worth Individual

By admin-tmfd on 1 February 17 Tax Planning

If you are a Canadian high net worth individual with a U.S. property, will your estate upon your death be subject to U.S. estate tax? U.S. estate tax applies where a Canadian passes away with real estate worth over $60,000 USD with a worldwide estate value over $5,490,000 USD as of January 1, 2017. Please […]

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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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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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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. John Peters Adds $3M to his Net Worth by Becoming a “Connected Dentist”

By admin-tmfd on 29 January 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 as a Financial Advisor working with dentists in the Ontario area. Mike specializes in tax, practice and investment planning for the dental profession. You can contact him at 905-273-6605 or on email info@tmfd.ca. As […]

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Connected Dentist by TMFD Financial – Are You Connected?

By admin-tmfd on 28 January 16 Tax Planning

Are You Connected? What does Connected Dentist TM mean? Consider that every successful business, every winning sports team, and every impactful world leader has a strong team that performs, and effective co-ordination and communication is a cornerstone to that performance. The same can be said for a Dental Practice – you have not only hygienists, […]

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