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Thread: Covid19 Bankruptcy Thread

  1. #201
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    Quote Originally Posted by NoSup4U View Post
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    I'm sure the dentists that own this chain are just fine, and that McLaren isn't going anywhere.

    Why pay the bills out of your own pocket, when you can get a clean slate to start up another practice?
    100%

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    Quote Originally Posted by dj_rice View Post
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    Dental Clinic Chain in Edmonton goes into receivership. Infinity Dental Group. Went here once for a cleaning, and some of their pricing was whack expensive, but yes they did have new state of the art equipment and a Mclaren in staff parking. 7 locations closed.

    https://edmonton.ctvnews.ca/edmonton...oans-1.4953794

    And here I thought dentists made bank
    That consolidation of dental offices under banners was weird. I used to go to one that became a "Dental Choice" in Edmonton. Fuck, I think they went through 5 dentists in the few years I was there. It was silly.
    Then the one time I had an emergency they wouldn't slot me in. I rage quit on them. Fucking revolving door of 6-figure professionals. I had 3x more staff stability with a hair salon than them!

  3. #203
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    https://dailyhive.com/calgary/buon-g...calgary-closed

    Never tried them under new management during last 4 years but previous owner's food was underwhelming.

  4. #204
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    Quote Originally Posted by dj_rice View Post
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    And here I thought dentists made bank
    And they spend like it will never end. Just like Doctors.

    I happen to know a few doctors who actually applied for the $40K CEBA and the 75% CEWS in their professional corps to help cover the wages of family. And some have cut wages of their office admin staff because "well if I have to take a pay cut..."

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    ^Even if you have savings, why would you not take advantage of the business loan and wage subsidy programs if you meet the requirements, i.e., your work has fallen below the certain percentage? I am confused by cover the wages of family part though? Are you saying they applied for these incentives just to give their families extra money? In that case, obviously not right. But if their work genuinely went down below the minimum level, then I don't see anything wrong with.

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    Quote Originally Posted by blownz View Post
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    And they spend like it will never end. Just like Doctors.

    I happen to know a few doctors who actually applied for the $40K CEBA and the 75% CEWS in their professional corps to help cover the wages of family. And some have cut wages of their office admin staff because "well if I have to take a pay cut..."
    Doctors and dentists will always be in demand. You cannot replace them anytime soon. Other lines of business like sales, marketing, etc. are expendable. So if I were a doctor, I hardly be concerned over loss of income for the short term. Id spend and invest like crazy.
    Originally posted by beyond_ban
    Yo Kanye, ima let you finish, but 50 Cent had the best concert cancellation of all time.

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    Quote Originally Posted by blownz View Post
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    And they spend like it will never end. Just like Doctors.

    I happen to know a few doctors who actually applied for the $40K CEBA and the 75% CEWS in their professional corps to help cover the wages of family. And some have cut wages of their office admin staff because "well if I have to take a pay cut..."
    I fail to see anything wrong with this. Unless you think that's the risk of running a biz and we should just fold.

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    Quote Originally Posted by shakalaka View Post
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    ^Even if you have savings, why would you not take advantage of the business loan and wage subsidy programs if you meet the requirements, i.e., your work has fallen below the certain percentage? I am confused by cover the wages of family part though? Are you saying they applied for these incentives just to give their families extra money? In that case, obviously not right. But if their work genuinely went down below the minimum level, then I don't see anything wrong with.
    Quote Originally Posted by Mitsu3000gt View Post
    and I did not have the only say in the matter (most people just want it done ASAP and don't care about quality).
    Quote Originally Posted by Mitsu3000gt View Post
    If anything we made a better decision because we had a consensus and were all on the same page.

  9. #209
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    Company Name: Roam Mobility
    Date: Ceasing Operations June 30, 2020
    Type of bankruptcy: Closure of business
    Honda Dealer(y/n): No

  10. #210
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    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.

  11. #211
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    Quote Originally Posted by shakalaka View Post
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    ^Even if you have savings, why would you not take advantage of the business loan and wage subsidy programs if you meet the requirements, i.e., your work has fallen below the certain percentage? I am confused by cover the wages of family part though? Are you saying they applied for these incentives just to give their families extra money? In that case, obviously not right. But if their work genuinely went down below the minimum level, then I don't see anything wrong with.
    I'm assuming it's part of the professional corp income splitting strategy doctors use, at least if their family members aren't working. Corporation pays family members a salary, and the corporation claims the deduction. Traditionally a doctor would pay their spouse to be the 'office manager' or something (the professional corp's mail gets delivered to the home office, they sort it, that's office managing) which has say, a $4K/month average wage in Alberta so that's a reasonable wage to claim. Professional corp gets taxed less, and you take advantage of the spouse's lower tax bracket so that gets taxed less. Because it's a salary you can take advantage of RRSP room as well if you're getting into a higher tax bracket with the family salaries.

    If the professional corp has reduced income, I guess it could fall into the workplace subsidy, even if that probably isn't the spirit of the system. The other way to pay family to avoid tax is through dividends in the corporation, but that wouldn't be covered by anything.

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    Ah yes, the ol' Office Manager or Bookkeeping shtick.
    Follow me on Instagram and Facebook!

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    Quote Originally Posted by kertejud2 View Post
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    I'm assuming it's part of the professional corp income splitting strategy doctors use, at least if their family members aren't working. Corporation pays family members a salary, and the corporation claims the deduction. Traditionally a doctor would pay their spouse to be the 'office manager' or something (the professional corp's mail gets delivered to the home office, they sort it, that's office managing) which has say, a $4K/month average wage in Alberta so that's a reasonable wage to claim. Professional corp gets taxed less, and you take advantage of the spouse's lower tax bracket so that gets taxed less. Because it's a salary you can take advantage of RRSP room as well if you're getting into a higher tax bracket with the family salaries.

    If the professional corp has reduced income, I guess it could fall into the workplace subsidy, even if that probably isn't the spirit of the system. The other way to pay family to avoid tax is through dividends in the corporation, but that wouldn't be covered by anything.
    This is what happens when people write bad laws and government programs and don’t think through the consequences and outcomes.

    Trudeau doesn’t even care about Covid fraud anyway. MOAR SPENDING.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.

  14. #214
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    Quote Originally Posted by kertejud2 View Post
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    I'm assuming it's part of the professional corp income splitting strategy doctors use, at least if their family members aren't working.
    You should have a look at the new laws around this.

  15. #215
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    CRA has been cracking down on the fake family jobs in recent years. Of course by "cracking down", it just means that 1) the wage has to be plausible for the job title, and 2) you have to be able to prove that work was actually done. Still a ton of leeway there.
    I can eat more hot wings than you.

  16. #216
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    What the hell is a fake family job?

  17. #217
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    Quote Originally Posted by flipstah View Post
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    What the hell is a fake family job?
    Wife/kids listed as employees earning a wage, when they aren't.

    My buddies wife is employed as a full time book keeper for his business. She might do an hour's work a week.

  18. #218
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    Quote Originally Posted by flipstah View Post
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    What the hell is a fake family job?
    Say you have your own business and your kid is going to college and you want to help them out since they aren't working and you want to support them so they don't take student loans.

    You 'hire' the kid as your tech support, or secretary, or whatever. Pay them 20$ an hour, 20 hours a week and then deposit that money into their account each month for school expenses / tuition / partying / whatever. The kid never actually goes into work or do anything but thanks to their low income they pay basically nothing in taxes. So it's cheaper than the parents taking the income and gifting money to their kid.

    20$ / hr * 20hrs per week for a year is 20,800$. For a AB resident that would mean 782$ paid in taxes and 1,237$ in cpp/ei deducated .... so effectively a 10% tax rate which is much better than what the parents would be paying.
    Nolan

  19. #219
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    Quote Originally Posted by flipstah View Post
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    What the hell is a fake family job?
    Completely opposite from real family job. Where you work more hours than you’re paid.

  20. #220
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    Quote Originally Posted by TomcoPDR View Post
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    Completely opposite from real family job. Where you work more hours than you’re paid.
    If you're even paid at all...

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