Kutner Law LLP would like to wish you a happy and prosperous 2017. We thought it would be a good time to remind you of a few important items to ensure your 2017 is a successful one:
1. Make sure you are tracking important dates in your lease. One of the most important dates in your lease is the date by which you have to give notice to your landlord that you intend to renew or extend the lease. This is often six (6)-twelve (12) months before the expiry of the current term. If you fail to provide notice to the landlord there is a very good chance you will lose the right to extend/renew the lease. This is a great opportunity for the landlord to terminate your lease or try to get a demolition clause or other negative clause into the lease.
2. Make sure your minute book for your corporation is up to date. This will make life much easier when it comes time to sell the shares of your corporation.
3. It may be time to start thinking about putting your employees on contract, this will help shield you from potential liability down the road and will make it easier to sell your practice in the future.
4. It is definitely time to put your associates on an associate contracts if you haven’t already done so. This will assist in protecting the goodwill of your practice and will ensure your associates are not able to leave and take your/their patients with them. This is especially important if you are considering selling the practice.
5. If you are thinking about selling your dental practice or business, please ensure that you are meeting with your accountant and lawyer well in advance to ensure you can take advantage of tax savings with the most important being able to utilize the capital gains exemption.
6. The price for a certificate of authorization for doctors from CPSO has gone up to $450.00.
7. Remember that if you are selling your principal residence you now have to report basic information (i.e. date of acquisition, proceeds of acquisition and description of the property) on your income tax and benefit return to claim the full principal residence exemption. Please discuss this with your accountant.
This blog post is for informational purposes only and should not be construed as legal advice. If you have any questions please do not hesitate to contact us.