At RBC Dominion Securities, we help healthcare professionals at every stage of their journey.
Whether you’re starting your career, building your practice, or planning your retirement, our specialized wealth planning process is designed to grow with you.
Stage 1: Early Career — Residency to Establishing Practice
You’ve spent years training—now it’s time to build your financial foundation.
We help answer key early-stage questions:
• Should I incorporate my practice?
• When is the right time to set up a Medical Professional Corporation (MPC)?
• Should I establish a holding corporation alongside my operating company?
• What’s the best way to manage student debt while saving?
• How should I approach insurance (disability, life, critical illness)?
• Should I buy or lease my office space or equipment?
Our role is to simplify your decisions and help you build a strong, tax-efficient structure that supports future growth.
Tip: Early planning makes it easier to scale your practice, invest tax-efficiently, and protect your income.
Stage 2: Peak Earning Years — Growth & Complexity
As your income and practice grow, so do your financial questions.
This is often the most complex stage of a healthcare professional’s financial life. We help you manage and optimize:
• Salary vs. dividends – What’s most tax-efficient?
• Is an Individual Pension Plan (IPP) suitable for your retirement goals?
• How to maximize your corporate investments
• Should you pay off your mortgage or invest?
• Is income splitting possible with a spouse or family trust?
• Planning for children’s education (RESPs, in-trust accounts, private schooling)
• How to use holding companies to isolate risk and accumulate passive assets
• Long-term tax planning: Capital gains, RDTOH, and passive income rules
Tip: Incorporation is not just about saving taxes—it’s a tool to build intergenerational wealth and protect your assets.
Stage 3: Pre-Retirement & Succession
You’ve built a successful practice—now it’s time to prepare for the next chapter.
We guide you through strategic planning to maximize the value of your practice and transition with confidence:
• How do I plan for financial independence and retirement?
• What’s the best way to transition out of my practice?
• Should I pursue a succession plan or sell the business outright?
• What’s more tax efficient: asset sale vs. share sale?
• How do I minimize tax on the sale of my business?
• Is now the time to wind down my MPC or keep it active for estate purposes?
• Should I transfer assets to a family trust or adult children?
• How do I structure corporate distributions to fund retirement?
• How can I extract funds from my professional corporation in the most tax-efficient way?
– Should I use a mix of dividends, salary, capital gains, or corporate-owned insurance?
– Can I use the Capital Dividend Account (CDA) to reduce personal tax?
– What role do RDTOH refunds or corporate life insurance play?
Tip 1: Coordinating personal and corporate tax planning in retirement can dramatically reduce lifetime taxes and preserve wealth for the next generation.
Tip 2: Planning your business exit 2–5 years in advance allows you to maximize value and reduce tax surprises.
Why work with us?
• We specialize in working with healthcare professionals and understand your unique compensation models, tax considerations, and career transitions.
• We collaborate with your accountant and lawyer to deliver integrated, tax-smart advice.
• We provide comprehensive investment management, financial planning, retirement planning, and estate strategies—all under one roof.
• Our clients receive custom financial roadmaps, regularly updated as life and legislation evolve.
FAQs
Q: What is the biggest financial mistake physicians make early on?
Delaying incorporation or investing passively through inefficient structures can result in missed tax-sheltered growth and lost compound returns.
Q: Do you only work with high-income professionals?
No. We work with early-career healthcare professionals, established practitioners, and even spouses or partners of healthcare professionals.
Q: Is there a cost for an initial conversation?
No. We offer a complimentary discovery meeting to assess whether we’re the right fit for your needs.
Let’s Talk
Book a Complimentary Consultation.
Let us take care of your financial health, so you can focus on your patients and your future.
