Wealth planning for health-care professionals - Starting out on your own

Whether you are a new graduate, working as an associate, running your own practice or approaching retirement, tax, financial and retirement planning will always play a key part at every stage of your career. As your personal, professional and financial situations evolve, you should ensure that you’ve done appropriate planning to help you achieve your goals and objectives throughout the different stages of your professional life. This article addresses the relevant issues you may face when you have practiced as an associate for a few years, observed different practice options and are ready to own your own medical or dental practice.

Wealth planning for health-care professionals - The peak earning years

Whether you are a new graduate, working as an associate, running your own practice or approaching retirement, tax, financial and retirement planning will always play a key part at every stage of your career. As your personal, professional and financial situations evolve, you should ensure that you’ve done appropriate planning to help you achieve your goals and objectives throughout the different stages of your professional life. This article addresses the relevant issues you may face when you are in your prime earning years and you are well positioned to strategize on how you will use the excess funds earned in your practice.

Wealth planning for health-care professionals - Preparing for retirement

Whether you are a new graduate, working as an associate, running your own practice or approaching retirement, tax, financial and retirement planning will always play a key part at every stage of your career. As your personal, professional and financial situations continue to evolve, you should ensure that you’ve done appropriate planning to help you achieve your goals and objectives throughout the different stages of your professional life. This article discusses the relevant issues you face when you are in the preretirement phase of your career.

Increasing retirement income with an Individual Pension Plan (IPP)

An Individual Pension Plan (IPP) is a defined benefit pension plan that must conform to the Income Tax Act (ITA) as well as the requirements of the Canada Revenue Agency (CRA), and is typically established by a company for a single person. By providing the maximum benefits permitted under the Income Tax Act, an IPP generally allows higher tax-deductible contribution amounts than those permitted under an RRSP. For individuals who wish to maintain their pre-retirement lifestyle when retired, IPPs are an effective way to accumulate tax-sheltered funds.