Advising Medical Professionals

 

At all stages of your practice, we can help you manage your assets, plan for retirement and enjoy the lifestyle you’ve earned. With long hours and busy schedules, you need a dedicated advisor to manage your complex financial affairs and keep them streamlined and simplified.

 

Structured Processes Ensure Efficiency. For example:

  • Your medical corporation receives payment and pays out expenses, including your salary.

  • When your salary arrives in your chequing account, we transfer your RRSP contributions.

  • We move your corporate savings out of your current account monthly.

  • Each month, all cash flows are completed without any human interaction.

  • This keeps things easy, ensures contributions are made in a disciplined manner, and minimizes the time you need to spend on your financial management.

 

Includes BMO Private Banking Services to help you manage your personal, medical corporation and practice financial needs.

 

Your Private Banker will provide nuanced and attentive service. He or she will:

  • Get to know you and build a long-term relationship with you.

  • Simplify your banking and take care of your day-to-day needs to save you time and money.

  • Offer enhanced rates and lending opportunities in certain circumstances.

  • Help you manage debt effectively by offering:

    • Free chequing account.

    • Financial advice.

    • BMO Medical Student Line of Credit.

    • BMO CashBack Mastercard.

    • BMO Rewards Mastercard.

 

Practice Succession Advice:

Together with experienced BMO partners, we will help you decide how and when to retire and transition your wealth tax-effectively to loved ones and charitable organizations.

 

Incorporation for Tax Efficiency

We will help you incorporate and manage any tax and estate implications.

  • 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.

  • We can manage your medical corporation, RRSP, various insurance policies and strategies, corporate accounts, real estate, and other holdings or financial components.