Financial Needs Planning for Canadian Physicians

We Help You Tackle the Unique Financial Planning Challenges & Opportunities for Residents & Fellows

This is a challenging time when you've just graduated from medical school and your main goal while in residency or fellowship is aspiring to develop into an outstanding physician. start making an income but not enough to plan  for the future in a stable way. You do know that in a few years your income will multiply and you'll have more "needs" including the need to pay off your student loans. This time will go by fast but you want to make sure you have a head start and a track to run on for the future. 

Does this sound like you? 

We can help you with:

• Getting Your Bearings. This starts with creating the habit of budgeting so you know where you stand and have an objective baseline of your finances. 
• Student loans. Juggling student loan repayment with a smaller income garners many questions and whether to pay off debt or start investing in RRSP or TFSA. 
• Family Life. You're probably thinking about buying a house and planning for a family but residency is probably not the best time to do it. Instead, setting up a Tax-Free First Home Savings Account is a good start. 
• Risk Management. Prepare for an increase in income and to get a head start in protecting it due to injury or illness. A great plan is the RBC Medical Student Offer. Key terms and definitions are necessary to understand. 

Your Income Has Multiplied! We Show You the Best Financial Planning Strategies & Opportunities for Attending Physicians Starting Out.

When you're an early-career attending physician your practice management takes center stage but your income multiplies as well and requires proper financial planning. Our goal is to help you navigate the complexities and opportunities of setting yourself up for success and strategies to maximize your wealth for the long-term. From income protection to incorporation and retirement planning.

Does this sound like you? Are you in your last year of residency and fellowship training or within the first five years as an attending? We can help you.

We can help you:

• Get Organized. This starts with creating the habit of budgeting so you know where you stand and have an objective baseline of your finances. You'll also have to consider a lot of new financial information related to paying off debt, emergency funds, insurance and investing.
• Maximize Debt Repayment. Student loan repayment garners many questions like debt consolidation and whether to pay off debt or start investing in RRSP or TFSA. We can help answer these questions.
• Create Work Life Balance Financially. You're probably thinking about buying a house and planning for a family. We can help you navigate planning for a mortgage as well as the benefit of the Tax-Free First Home Savings Account as a good start. 
• Manage Unforeseen Risks. As your life and income get serious it's important to protect it in the event you can't work due to injury or illness with specialty-specific disability insurance for example. Key terms and definitions are necessary to understand. 

Managing Complex Financial Planning Hurdles & Opportunities for Mid-Career Physicians  

Have you been an attending physician for the past 5-15 years? You may have done it sooner but you find yourself in a situation where student loans are paid off, you're in your first or second family home with a growing family. What's the next step? The key planning consideration at this point is asset growth and accumulation and optimizing for taxes and deductions. If this sounds like you, we can help identify gaps and vulnerabilities in your current planning as well as identify financial planning opportunities.

We can help you with:

• Tax-Efficient Investment Planning. We look at the best way to organize your investment accounts and manage it for you. This includes maximizing registered accounts like RRSP and TFSA.
• Strategic Tax Planning Tax planning takes on a much larger role in terms of your practice and family wealth. For example, an RRSP may not be the most suitable way to manage your investments tax efficiently.
• Asset Protection. As you accumulate assets, someone will have to pay taxes on them in the future. This is where permanent insurance like whole life play a role against capital gains tax.
• Future Planning. This includes planning for your children's education and laying the groundwork for long term succession planning and other projects you may have in mind

Unique Financial Planning and Opportunities for Established-Career Physicians

Have you been an attending physician for 15-20 years or more? You've likely grown your net worth and created substantial assets that continue to grow. Retirement is still a while away because you enjoy what you do. However, you like the idea and vision of being financially independent  and retirement planning has come into focus and what that might look like. How much do you need to retire comfortably? Are the assets and net worth you've accumulated enough to give you the lifestyle you desire?  

We help you review and optimize retirement and financial planning for these twilight years in your practice and the transition into retirement and how you will take that income out. Estate planning and legacy planning also becomes prominent in your thinking.

We can help you with:

• Maximize & Optimize.  Rejig your investment plan to organize your investment accounts for further tax efficiency and income. Optimize allowable tax deductions.
• Asset Protection. Use your corporation and other avenues to protect your assets
• Estate Planning. We make sure your estate planning is organized so your assets and wealth are distributed efficiently to your heirs and beneficiaries.
• Decumulation Years. The part that doens't get a lot of planning or attention. Ensuring you maximize and identify your income sources and the best way to access them is critical for tax planning and ensuring you don't outlive your money.