April, 2020
"Thank You from the CMA!"
Thank you for your extraordinary efforts during this crisis. Your drive, professionalism and undaunted courage in the face of the most intense pandemic in modern history is appreciated by everyone.
October, 2019
"Make Life Insurance Work For You"
Permanent life insurance is a hard-working financial tool that can help you address multiple needs - build savings, manage investment risk, estate planning and transition, financial protection for the unexpected, diversify your portfolio and reduce tax for your business. It's really an asset class that can play many roles in your personal and business portfolios.
July, 2019
"Time for a family meeting, everyone."
As Canadians live longer and retirement plans extend into more years, many people are discovering they need and want to include their grown-up children in their financial planning process. They see real value in having an open discussion to raise awareness, share values and make preparations everyone can live with.
April, 2019
"Top 5 Financial Questions Physicians Ask"
How much do I need to save to maintain my lifestyle after I stop practicing medicine? It depends. Everyone has a different answer and it really depends on you, your family, your objectives and your lifestyle plans. You may want to maintain your current lifestyle, scale it back or enhance it. Another significant factor is where you live. To help clients determine a target amount, some advisors use the 4% rule. (or safe withdrawal rate) Here’s how it works.
February, 2019
"Getting Comfortable With Your Money"
Money is not about getting rich, it’s about becoming happy. Financial decisions are really just life decisions. Like choosing a career, buying a house, getting married, having children, starting a business. Thinking like this helps you decide what it is you really want to accomplish and what will make you happy and fulfilled. It’s also less scary. It will help you set goals and focus on why you want to achieve them.
January, 2019
"5 Resolutions to Improve Your Financial Health in 2019"
It’s not difficult to live the life you’ve imagined for yourself now, while still accumulating enough money for your future. If you actually want to achieve more of your financial resolutions this year (personal and business), here are the five foundational planning steps you need to take. You may just be getting started, you may have taken two or three of these steps, or maybe it’s time for a second opinion or overall review.
December, 2019
"Pension Plan Strategy for Physicians"
You know your personal RRSP is a fundamental part of your financial planning, but do you know how an individual pension plan (IPP) can work for you too? Now, with the recent changes to passive investment income for private corporations, IPPs are getting more attention than ever before. As an incorporated professional, an individual pension plan is another effective strategy you can use to save more for retirement.
November, 2018
"New Tax Rules Affect Passive Investment Income in Your Professional Corporation"
What's happening starting January 1, 2019: The February 2018 federal budget clarified the rules around passive income for Canadian-controlled private corporations (CCPCs) and introduced a $50,000 threshold for passive, taxable income within a year. The threshold is effective for the 2019 tax year and applies to all physician corporations. The threshold, or cap, also affects the small business deduction.
October, 2018
"How much is enough? It's up to you."
Retirement. First retirement. Making work optional. Life 2.0. Reinvention. Taking a break. Moving on. Whatever you choose to call the time that comes after the long, formal “working” part of your life, it probably doesn’t mean doing nothing and just relaxing at home anymore. For boomers it means new possibilities and maybe big plans to do different work or pursue a personal passion. Figuring out how much is enough to do what YOU want to do can be tough.
September, 2018
"Preparing for the Financial Impact of Divorce"
The numbers don't look good. According to Statistics Canada, more than 100,000 Canadians get divorced every year, and 43% of marriages end in divorce before the 50th anniversary. If you're among the 100,000 divorcing this year, or believe you're headed there soon, it makes sense to take some time to understand the financial implications of what that will mean for you and your family.
August, 2018
"Your Cottage - More Good Times"
When it comes to your estate planning, money can be easily divided in many ways. But you can’t divide dad’s vintage sports car or mom’s diamond ring. Or the family cottage. Powerful emotions and good family times are associated with your home-away-from-home. If you want to ensure cottage memories live on for future family members, you’ll need to invite some very practical planning and logic around finances, taxation and money through the front door.
March, 2018
"Start Your Plan with Your Will"
Eat kale. Exercise more. Get 8 hours of sleep. Hearing you need a will is just one those things you already know, but maybe haven't done anything about? You're not alone - more than half of adult Canadians don't have a will. A will really is a foundation part of your final security plan. And yes, you need one.
April, 2018
"Plan and Nurture to Preserve Your Family's Long-term Wealth"
If you want to ensure your family's wealth beyond the third generation it takes strategic planning, a long-term outlook and active engagement. Without effort and a process, most estate planning efforts will fail. The familiar adage "shirtsleeves to shirtsleeves in three generations" is as true for intergeneration family wealth transfer as it is for business families.
February, 2018
"Federal Budget 2018 - What it Means for Medical Practitioners"
The recent Feb. 27, 2018 federal budget proposals, when combined with Dec. 13, 2017 proposals designed to restrict "income sprinkling", will have a significant tax impact on many medical practitioners. Opportunities still exist - strategic financial planning is more important than ever.
January, 2018
"Protect Your Income With Disability Insurance"
Your ability to earn an income, in your specific health profession, is probably your most valuable asset. More valuable over the long term than your home or certainly your car - two big items we always insure. You invested years of study and tens of thousands of dollars in your earning potential, and that’s something to protect into the future.
November, 2017
"Raising Children in a Wealthy Household Can Create Some Special Challenges for Parents"
Managing money, whether we’re earning it or spending it, is a part of everyone’s life. Knowing how to use money is important practical knowledge our children actually need and use in their adult lives. Your children are going to learn about money from someone –so it should be you.
September 2017
"Proposed Legislation Likely to Increase Taxes of Canadian Physicians as Soon as 2018"
On July 18th, federal Finance Minister Bill Morneau announced proposed changes to the income tax regime that, if implemented, are likely to increase the tax bill of Canadian physicians
who are incorporated as a private corporation. An overview follows of the three main changes as contemplated.