Health-Care Professionals

A wealth management strategy just for you...

Whether you are a new graduate, working as an associate, running your own practice or approaching retirement – tax, financial and retirement planning will be important considerations throughout your career.

Having many personal relationships with health-care professionals, James has a deep understanding of everything you have endured in order to obtain the position you hold today. From the countless hours invested at the library, to the stress of succeeding, to the sizeable amounts of debt taken on, James appreciates the sacrifices you’ve made. He wants to give you the peace of mind that comes from knowing your finances are managed in an efficient and pro-active manner.

Below are some fantastic resources for health-care professionals:

Wealth Planning for Health-Care Professionals is a four-part series of articles discussing tax, financial and retirement planning issues to be considered at various stages of the client’s professional career.

Part 1: The Early Years

Part 2: Starting Out on Your Own

Part 3: The Peak Earning Years

Part 4: Preparing for Retirement

The Business Owner’s Guide to Wealth Management wealth publication provides an overview of ten key decisions a business owner needs to ensure the success of their business. It includes an appendix specific to health-care professionals found on page 28. The Family Wealth Management publication offers advice for the heath-care professional's personal assets.

RBC Wealth Management Solutions

An Individual Pension Plan (IPP) is a defined benefit pension plan established by an incorporated company typically for one individual. An IPP may enable the health-care professional to make higher tax-deductible contributions than the maximum permitted for RRSPs and enhance their retirement income. Working with our preferred actuarial provider, Buck Consultants, it is easy to set up an IPP that meets your client’s needs.

The RBC Family Trust allows a health-care professional to use their personal non-registered investments to assist low-income children or grandchildren with their expenses (e.g. private school tuition, post-secondary education, extra-curricular activities) while benefiting from tax-efficient income splitting.

A Spousal Loan allows a health-care professional to take advantage of their spouse’s lower marginal tax rate by shifting investment income from the health-care professional’s personal non-registered account to the lower income earning spouse using a prescribed rate loan.

Please feel free to call me at (416) 842-2288 if you have any questions...