At all stages of your practice, I can help you manage your assets, plan for retirement and enjoy the lifestyle you’ve earned.
I advise physicians at every stage of their medical careers.
With long hours, busy schedules and the profession’s other extreme demands, you need a dedicated team to manage your complex financial affairs and keep them streamlined and simplified.
My family-office style platform for physicians includes BMO Private Banking services
To help you manage your personal, medical corporation and practice financial needs. In addition, I will coordinate seamlessly with your accountant and lawyer to simplify money matters and have partnerships with accountants who specialize in physician management.
Structured processes ensure efficiency.
For example:
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Your medical corporation receives payment and pays out expenses, including your salary.
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We move your corporate savings out of your current account monthly.
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When your salary arrives in your chequing account, we transfer your RRSP contributions.
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Each month, all cash flows are completed without any human interaction.
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This keeps things easy, ensures contributions are made in a disciplined manner, and minimizes the time you need to spend on your financial management.
Your Private Banker will provide nuanced and attentive service.
He or she will:
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Simplify your banking and take care of your day-to-day needs with white-glove service to save you time and money.
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Offer you enhanced rates and lending opportunities in certain circumstances.
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Help you manage debt effectively by offering:
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Financial advice,
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A BMO® Medical Student Line of Credit,
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BMO® CashBack® Mastercard®,
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BMO® Rewards® Mastercard, and a
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Free chequing account.
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Connect you with BMO lending experts:
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A medical professional’s line of credit and credit cards at good interest rates,
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Small business incorporation and tax planning advisory services,
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Business mortgages, and
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Capital financing and cash flow management.
Practice succession advice:
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Unlike traditional business owners, physicians cannot easily or objectively measure the value of their practice to transfer it to another clinician. You ARE your practice.
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Together with experienced BMO business advisory and practice succession experts, I will help you decide how and when to retire and transition your wealth tax-effectively to loved ones and charitable organizations.
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In addition, if required, I can help you to:
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Find a graduating resident to take over your practice.
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Store hard copies of medical records while searching for a locum.
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Safely shred and discard medical record files after seven years.
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Manage your electronic medical records.
Incorporation for tax efficiency
I will help you incorporate in context of your overall Wealth Plan and manage the tax and estate implications.
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A corporation pays less tax. You can potentially earn more active business income in your medical corporation.
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After deducting living expenses, the money left in the company is taxed at a much lower rate than your personal income. Money left in the company defers tax—you can retain it and reinvest it to grow your portfolio.
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I can manage your medical corporation, RRSP, various insurance policies and strategies, corporate accounts, real estate, and other holdings or financial components.