Imperial Lifestyle Blog
Leveraging Insurance for Tax Efficiency: A Strategy for Incorporated Professionals in Canada
In the intricate world of financial planning for incorporated medical professionals, understanding the nuanced role of insurance is paramount. Insurance extends beyond mere protection; it's an essential tool in strategic tax planning and financial [...]
Navigating the 2024 Canada Pension Plan Changes: What Medical Professionals in Canada Need to Know
The Canada Pension Plan (CPP) is an essential component of retirement planning for many Canadians, including medical professionals in Canada. With 2024 already underway, significant changes to the CPP have impacted how medical professionals [...]
Navigating the New CRA Prescribed Interest Rates: Effective Financial Strategies for Medical Professionals in Canada
As we step into 2024, the Canada Revenue Agency (CRA) has introduced a notable change in its prescribed interest rates, now standing at a robust 10% for overdue taxes. This level hasn't been witnessed [...]
Why Tax Planning is an All-Year-Round Task for Medical Professionals in Canada
 As medical professionals in Canada, managing finances efficiently is as crucial as caring for your patients. Often, tax planning is relegated to a few weeks before deadlines, but this approach might limit the potential [...]
Steering Through Economic Changes: A Financial Planning Perspective for Medical Professionals
In today's ever-changing economic landscape, medical professionals across Ontario and Canada are confronted with distinct financial hurdles. The recent uptick in inflation and the variability of interest rates have widespread effects, notably in the [...]
Salary vs Dividends: What Canadian Medical Professionals Need to Know
 In October 2023, 100% Salary income from your corporation is the way to go for 90%+ clients. The very few outliers are typically new clients who approach us at or near the end [...]
Understanding the Tax-Free First Home Savings Account (FHSA) for Medical Professionals
Are you a medical professional who is navigating the Canadian tax landscape? Imperial Lifestyle Management is here to guide you through the Tax-Free First Home Savings Account (FHSA). A Brief on FHSA The FHSA [...]
The Looming Crisis in Ontario’s Family Medicine: A Call for Support
The medical field has long been lauded as a noble profession, but recent developments in Ontario suggest that our family doctors – the frontline warriors of our health system – [...]
New Cross-Canada Licensing System for Healthcare Workers: What Canadian Medical Professionals Need to Know
In a significant development for Canadian medical professionals, a new cross-Canada licensing system has been approved. This initiative is poised to enable doctors and nurses in one province, such as B.C., to effortlessly offer [...]
Navigating Painful Decisions: A Conundrum in Medical Practice
 The intricate nature of decision-making within the medical profession is deeply rooted, often navigating through choices that embody distressing and complex situations. The article, "No Pain-Free Options? Choose the Most Empowering,"(read here) illuminates the [...]
Top 2023 Tax Tips for Medical Residents and Students in Ontario
As we journey through 2023, it’s paramount for medical residents and students in Ontario to be well-versed in the array of tax-saving strategies at their disposal. Effective tax planning not only bolsters your current [...]
Understanding Capital Gains Surplus Stripping for 2023: Key Incentives for Ontario Doctors
For years, many professionals, including doctors, lawyers, and small to mid-sized business owners, have been taking advantage of a tax-efficient way of withdrawing cash from their corporations called capital gains surplus stripping (CGSS). In [...]
Average Cost of Accounting Services for Canadian Doctors in 2023
Accounting services play a crucial role in the financial management of Canadian doctors' practices. With the complexities of tax regulations and the unique financial considerations within the medical profession, doctors often rely on professional [...]
A Guide on Whole Life Insurance for Medical Professionals
 As a medical professional, you work hard to ensure that your patients are healthy and well taken care of. However, have you ever considered what would happen to your loved ones if you [...]
Canada And It’s Doctor Shortage: How We Can Improve The Matching Program To Rebuild Our Healthcare System
The shortage of doctors in Canada is a well-known problem, and a recent CBC News article highlights the lack of doctors in Canada and Canadian-trained doctors being turned away from practicing in their home [...]
Residency Budgeting: Advice for New Medical School Graduates
Your financial choices during residency pave the way for a prosperous future. Therefore, it’s critical to manage your funds without delay. You may progressively pay off your student debt by creating a workable budget [...]
What You Need to Know As A Medical Professional If You File Your Taxes Late
Tax season is here! A large number of individuals end up missing the personal tax deadline, which is May 1st, 2023 this year. The deadline usually falls on April 30th, but as this falls [...]
What Physicians Need to Know About Retirement Planning
After working hard to graduate from medical school, your next steps could include a lot of effort towards establishing a medical practice. You have a fullfilling path ahead of you, but have you given [...]
How to Defer Your Tax Bill As a Medical Professional
Did you know that you can defer your tax bill? Deferring your tax has many benefits but mainly, it can save you money in the short and long run. As we edge towards the [...]
11 New Rules and Tax Regulations That Could Impact Your Money In 2023
Economic volatility has been strong over the past year as a result of COVID-19 developments and rising inflation. As a result, while submitting income tax returns in 2023 and after, Canadian taxpayers need to [...]
Ten Reasons to Plan Your Financial Future as a Medical Professional
Having a financial plan, no matter what your financial goals are - saving for your children's school, retiring comfortably, or leaving something to your loved ones – is critical. It allows you to get [...]
What are the Tax Advantages of Donating to Charity as a Medical Professional?
What are the Tax Advantages of Donating to Charity as a Medical Professional? Any Canadian medical professionals who make charitable donations are eligible for a significant tax credit. We Canadians are a helpful bunch, [...]
Understanding the RRSP Home Buyer’s Plan: A Medical Professionals Guide
When you're a first-time buyer, finding a home that you can afford can be difficult. As of 2019, the federal government allows home buyers to borrow up to $35,000 from their RRSPs to assist [...]
How a Financial Planner Can Assist Medical Professionals in Achieving Their Goals
Don't forget about your financial life if you're taking time this year to get organised. A financial planner might be your finest resource if you're seeking for a money makeover. Financial advisors can assist [...]
Taking Control of Your Time as a Medical Professional
Most physicians are busier than ever these days, with administrative work, new patients, immunizations, pandemic protocols, staff shortages, and, did we say, administration work? When faced with an increased workload, many physicians, particularly those [...]
Don’t Fall With The Stock Market – We’re Here To Help
The stock market can be a cruel place, and deciding on how to divide your investments can be a large task. So, where should you start? The period of time until you'll need the [...]
Invest $1,000 Each Month on Services That Will Make Your Life Simpler
We are Imperial Lifestyle Management, and we want to ensure you can do what matters most to you - spending time with your loved ones. As a medical professional, we want to make sure [...]
How Medical Residents Can Thrive in Residency
Congratulations Doctor; you are now ready to begin work. If you're experiencing a combination of emotions, such as excitement and nervousness, that is very typical. Encourage yourself by remembering that all of our province's [...]
Imperial Lifestyle Timeline: The Best Is Yet To Be
We have come a long way and are very proud of who we have become as a team. Our 10-year timeline demonstrates how we've grown throughout the years from starting the Imperial brand, the [...]
Client Review with Lindsay Schenk-Garcia: Imperial Lifestyle Management
ILM would not be who we are today without the clients we work with. We’d like to recognize those who’ve been with us since the beginning. Lindsay delivers the professionalism and expertise that buyers and [...]
Happy 10 Year Anniversary To Imperial Lifestyle Management
We are proud to announce that we are celebrating our 10th anniversary with our team at Imperial Lifestyle Management. As part of our retrospective, we are launching our brand film as it emphasises how [...]
Client Review with Dr. Ira Price: Imperial Lifestyle Management
  In celebration of our 10 year anniversary, we want to recognize clients that made this possible for us. Dr. Ira Price is an Assistant Clinical Professor in McMaster University's Department of [...]
New 2022 Federal Budget Unveiled
The Liberals released their federal budget for 2022 on April 7th, 2021. The following are important highlights: Tax-Free First Home Savings Account When these become available, we will advise any qualified clients to create an [...]
How to Manage Stress as a Practising PhysicianÂ
Working in high-stress environments is most likely your norm due to demanding schedules and scenarios that may be emotionally and physically draining. Stress, if left unchecked, can have serious implications for yourself, your practice and [...]
7 Ways To Make the Financial Life of a Physician Simpler With an Advisor
A financial adviser does more than handle your money; they can also assist you in managing your life. Although we’d like to deny it, money is closely linked to almost every important aspect of your [...]
The Imperial Lifestyle Management Brand… Elevated
2021 taught us all a lot about ourselves as a business. The things that matter most in life, our motivations, and aspirations have become crystal clear as we look towards a new year more focused [...]
What Is a Family Office and Should a Physician Consider Using One?
Family offices are firms designed to serve high-net-worth families by providing them with a wide range of services tailored to their unique needs. The main responsibilities of a family office include administration, managing client cash [...]
What Are the Common Tax Credits and Deductions for Doctors?
Tax Credits and Deductions Claiming tax credits and tax deductions is an easy way to lower your amount of tax owing and increase your chances of having a larger refund. While there are hundreds of [...]
How Does Life Insurance Work for Doctors?
Life insurance is not just a financial decision, it’s also an emotional decision. Most of us don’t want to think about what will happen in the event of our death, but that doesn’t mean we [...]
How Inflation Could Affect Retirement Plans for Doctors
Recent spikes in inflation are thought to be a temporary result of an unbalanced economy due to the pandemic, but are expected to return to a normal rate by 2023. However, While the bond market [...]
Why Physicians Should Incorporate Their Medical Practice?
As a physician, you are subject to higher taxation rates, which can make it difficult to maximize your wealth and reach your long-term financial goals. The main reasons why physicians incorporate are to benefit from [...]
When Should Medical Professionals Buy Their First Home?
Purchasing a home is one the largest investments you will make over the course of your life. Many physicians will begin to think about purchasing their first home some time after residency. Once they have [...]
When Is Retirement Right for a Medical Professional?
Being a doctor is more than just a career, it’s a lifestyle. When you’ve been in a routine for 20, 30, sometimes even 40 years, it’s only natural that your work becomes a large part [...]
How Medical Professionals Can Understand Legacy Planning
No one could have foreseen this pandemic nor the impact it has had on all of us. It has caused us all to stop, pause and ask ourselves how could I have been better prepared [...]
Why Estate Planning Is Important for Medical Professionals
Estate planning can present the greatest set of challenges for financial advisors. Doing it right means helping clients confront their mortality, employ an array of financial strategies and navigate potential tension among family members. The [...]
How Medical Professionals Can Select the “Right” Financial Advisor
Choosing a financial advisor is tough. There are generally a lot of options so how do you differentiate the crème de la créme of advisors who you can really trust to manage your hard-earned money? [...]
5 Tips How Medical Professionals Can Manage Financial Stress
Money is just one of those things that sometimes brings people as much pain as it does pleasure. As the economy is in an upcycle of the recession, things are looking better but just the [...]
Three Ways for Physicians To Get More Done in a Day
You may have heard statistics or evidence that multitasking can actually make people less efficient. Actually, in many cases that’s true. Generally speaking, multitasking decreases the level of knowledge and understanding in a given task; [...]
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