Question 1

Am I late for retirement compared to my peers of the same age?

Accepted Answer

It’s taken a lot of time and money to get to where you are today which means you may not have been able to start saving for retirement as early as many people in your age bracket. However, you should be able to catch up as your earning potential could allow you to save relatively quickly. Saving for retirement must, of course, be balanced with paying off any student debt you may have. A BMO Private Wealth professional can help you develop a wealth plan that identifies all of your goals and how you can work towards them.

Question 2

Should I incorporate my medical practice?

Accepted Answer

Whether you should incorporate your medical practice depends on a number of factors including how much your business earns, the goals for your business and your personal tax situation. Some of the benefits of incorporating a business are tax savings and deferrals, and limited liability which can help protect your personal assets. It is important to get the proper advice when considering your options. We can help you understand the benefits and complexities of incorporation and the implications to your practice, personal and family life.

Question 3

What is the most tax efficient way to save for retirement?

Accepted Answer

RRSPs, TFSAs and Individual Pension Plans (IPPs) each have specific tax benefits. RRSPs help you defer taxes until your retirement; TFSAs allow you to earn interest without having those earnings taxed; IPPs provide you with a defined pension benefit upon retirement and allows for much higher contribution levels than an RRSP. These contributions are tax deductible for your corporation. It’s important to note that to set up an IPP, your business needs to be incorporated. Your wealth professional can help you determine which savings vehicles are the best for your situation.

Question 4

How far in advance should I plan to transition or sell my practice prior to retirement?

Accepted Answer

There are many factors to consider when you start planning to transition out of or sell your practice, including the welfare of your patients. If you own your practice and the building you practice in, you will likely need to start planning well in advance – even years – before you fully retire. You will need to consider the value of your practice along with tax and legal implications. We have a team of experts with extensive experience in helping medical professionals with all financial aspects of running a medical practice – including when you are ready to transition out of it.

Question 5

How can I protect my family’s wealth now and in the future?

Accepted Answer

Now that you have built your wealth, you want to safeguard it so that your loved ones are cared for. Wealth and estate planning for physicians can be complex, especially if you have a holding company or are incorporated. We provide specialized wealth and estate planning and tax efficient strategies to help you achieve your immediate goals and to protect your wealth in the long term

專門針對醫療專業人員提供的財富管理

我們是商業理財及個人理財的專家，了解成功理財的訣竅

財富規劃與投資管理

稅務規劃

遺產規劃與信託服務

成立公司

私人銀行業務

慈善服務

繼承規劃

保險

針對醫生事業每個階段提供財富諮詢

駐院醫師

實習

退休

我們都可為您提供協助

Why medical professionals choose us

Commonly asked questions

開始對話