Imperial Lifestyle Blog
Cash Flow Strategy for Medical Professionals: Build Wealth with Confidence
 In todayâs increasingly complex healthcare environment, strategic financial planning is essential for physicians who want to build sustainable, successful careers. At Imperial Lifestyle Management, we understand the distinct challenges facing Canadaâs medical professionals â and [...]
Essential 2024 Financial Planning Tips for Canadian Medical Professionals
Optimize Your Wealth Strategy This Tax Season with Imperial Lifestyle Management As the 2024 tax season approaches, itâs essential for Canadian medical professionals to approach their financial planning with precision and foresight. At Imperial [...]
Is Incorporating Your Medical Practice the Right Move for You?
As a physician in Canada, you may be weighing the advantages of incorporating your medical practice. Incorporation is more than just a legal structureâit can be a strategic lever for optimizing your financial trajectory. [...]
Five Costly Tax Mistakes Medical Professionals in Canada Must Avoid
As tax season approaches, many medical professionals across Canada find themselves navigating the complexities of tax filings. Whether you're a physician, resident, or specialist, managing intricate financial details and staying compliant with ever-changing tax [...]
Important Tax Deadlines for Canadian Medical Professionals in 2025
As tax season approaches, it's essential for medical professionals across Canada to stay ahead of crucial deadlines and take advantage of tax-saving opportunities. Whether you're managing a demanding practice, completing your residency, or juggling [...]
The Smart Medical Professionalâs Guide to Debt in 2025: What to Keep, What to Cut, and How to Maximize Your Money
Tax season isnât just about filing returnsâitâs an opportunity to restructure your finances, minimize liabilities, and set yourself up for long-term wealth. For many medical professionals, debt is a major stressor, but not all [...]
Financial Planning Essentials for Doctors in Canada: Expert Strategies for Long-Term Wealth
Managing your finances as a medical professional can be challenging, especially with the demands of your career. Whether you're a new resident or an experienced physician, strategic financial planning can significantly impact your long-term [...]
2025 RRSP Contribution Deadline and Essential Tax Strategies for Medical Professionals
As a medical professional in Canada, your demanding career leaves little time for financial planning, yet securing your financial future is just as crucial as your work. A Registered Retirement Savings Plan (RRSP) is [...]
Financial Tax Tips for Physicians in 2025
As financial advisors specializing in the unique needs of medical professionals, Imperial Lifestyle Management is here to simplify your tax planning and help you maximize your deductions. A key principle to keep in mind: [...]
Managing Finances Effectively: 6 Strategies for Canadian Physicians
Managing finances effectively is vital for physicians, whether operating a private clinic, working in a hospital, or navigating multiple roles within the healthcare sector. A well-structured financial plan goes beyond monitoring expensesâitâs a cornerstone [...]
Maximizing Your Financial Potential: Essential Tips for Canadian Doctors
As a Canadian doctor, running a busy medical practice often leaves little time to focus on your financial well-being. At Imperial Lifestyle Management, we specialize in financial planning tailored for medical professionals, helping you [...]
Maximizing Wealth for Incorporated Physicians in Canada: Leveraging TFSAs with Strategic Financial Planning
As a physician operating through a professional corporation in Canada, effective financial planning is essential for securing long-term wealth and stability. One of the most powerful tools for achieving tax-efficient growth is the Tax-Free [...]
How to Choose the Right Executor: A Financial Planning Guide for Medical Professionals in 2024
As a medical professional, youâre no stranger to making critical decisions, and choosing an executor for your will is one of the most significant ones youâll make. The executorâsometimes called an estate trustee or [...]
Elevate Your Financial Game: Top 5 Essential Strategies for Medical Professionals in the New Year
For medical professionals, a robust financial strategy is critical to achieving peace of mind and long-term success. The beginning of a new year provides an excellent opportunity to evaluate your financial plans, optimize your [...]
Maximizing Capital Gains Growth Through Your Medical Professional Corporation (MPC)
 Maximizing Capital Gains Growth Through Your Medical Professional Corporation (MPC) As the financial landscape evolves, Canadian doctors are increasingly exploring strategies to enhance wealth-building through their Medical Professional Corporations (MPCs). At Imperial Lifestyle, [...]
Strategic Financial Planning for Medical Professionals
 In the dynamic world of medicine, where every moment is valuable, medical professionals often dedicate so much energy to their demanding careers that financial planning takes a backseat. However, managing your financial future [...]
The Importance of Long-Term Financial Planning vs. Speculation for Medical Professionals
In the fast-paced world of healthcare, where every moment matters, medical professionals often become so immersed in their demanding roles that financial planning is often overlooked. However, managing finances is just as essential as [...]
Autumn Financial Planning Checklist for Medical Professionals: Essential Strategies for Financial Stability
As autumn approaches, medical professionals in Canada face unique financial planning needs that require careful attention. This season provides an ideal opportunity to reassess your financial strategies and prepare for the year ahead. At [...]
Navigating Financial Planning for Doctors in Canada
Financial planning is a crucial aspect of every professional's life, but it becomes even more essential for doctors in Canada who juggle demanding schedules and intricate financial landscapes. At Imperial Lifestyle Management, we understand [...]
Comprehensive Guide to Navigate the Latest Capital Gains Tax Updates
With recent changes in tax regulations impacting capital gains, itâs crucial for medical professionals to stay updated and refine their tax planning tactics. Being well-informed can prevent significant tax liabilities, ensuring you retain more [...]
Mastering Financial Management for Unincorporated Physicians in Canada
Managing finances as an unincorporated physician in Canada comes with its unique set of challenges and opportunities. At Imperial Lifestyle Management, we are committed to providing unincorporated physicians with the insights and strategies necessary [...]
Financial Planning Essentials for Canadian Medical Professionals: Mastering RESP, FHSA, RRSP, and RDSP
As a Canadian medical professional, navigating the landscape of financial planning can be complex. Imperial Lifestyle Management is dedicated to simplifying this journey by providing expert guidance on various savings plans, ensuring your financial [...]
Maximizing Tax Deductions for Canadian Medical Professionals for Next Tax Season
Navigating Canadaâs tax terrain demands a comprehensive understanding of eligible deductions, particularly for medical professionals. This detailed guide highlights professional dues deductions, in line with CRA guidelines, to optimize your tax return efficiently. Eligibility [...]
Maximizing TFSA Benefits for Medical Professionals in Canada: A Comprehensive Guide
The Tax-Free Savings Account (TFSA), introduced in 2009, has revolutionized the way Canadians manage their savings and investments. For medical professionals, who encounter complex financial and tax planning requirements, the TFSA proves to be [...]
Maximize SR&ED for Growth in Your Medical Practice
Imperial Lifestyle Management champions the potential of the Scientific Research and Experimental Development (SR&ED) program to advance medical practices into the future. This initiative supports your drive for innovation, from novel treatments to improved [...]
Deciphering the Doctorâs Decision in Canada: To Incorporate or Not? Simplifying Complex Decisions with Strategic Financial Planning
For Canadian medical professionals embarking on their careers, the decision to incorporate extends beyond mere tax reduction. It's about choosing a path that integrates seamlessly with your comprehensive financial strategy. At Imperial Lifestyle Management, [...]
Selecting the Right Financial Advisor: A Detailed Guide for Canadian Doctors
Navigating the intricate financial landscape is not only a duty but a crucial part of a medical professional's career in Canada. Grasping the complex network of financial regulations, planning, and investments demands more than [...]
An In-Depth SR&ED Overview for Medical Professionals in Canada
At its essence, the Scientific Research and Experimental Development (SR&ED) initiative is geared towards motivating businesses, including healthcare practices, to engage in research and development (R&D) activities that pave the way for innovative, enhanced, [...]
How Physicians in Canada Can Employ Corporate Capital to Eliminate Their Mortgage in 15 Years Resources
Intriguing proposition, isnât it? The idea of utilizing corporate capital to extinguish a mortgage within 15 years holds appeal. For incorporated physicians across Canada, this opportunity exists with strategic planning and the implementation of an [...]
Understanding the Rule of 72 and Its Role in Financial Prosperity for Canadian Medical Professionals
 In Canada's intricate financial world, where every detail and moment is critical, the Rule of 72 stands out as a beacon of clarity for medical professionals seeking to optimize their investment and savings [...]
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 optimization.A [...]
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 Ontarioâs 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 â the frontline warriors of our health system â [...]
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, itâs 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 Itâs 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, itâs 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 â 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 Buyerâs 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 [...]
Donât Fall With The Stock Market – Weâre 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. Weâd like to recognize those whoâve 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 weâd 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, itâs also an emotional decision. Most of us donât want to think about what will happen in the event of our death, but that doesnât 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, itâs a lifestyle. When youâve been in a routine for 20, 30, sometimes even 40 years, itâs 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 âRightâ Financial Advisor
Choosing a financial advisor is tough. There are generally a lot of options so how do you differentiate the crème de la crÊme 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 thatâs true. Generally speaking, multitasking decreases the level of knowledge and understanding in a given task; [...]
Ready to start achieving your financial vision?
Reach out to our team and we will get started on building your future, perfectly designed for you.
Or call us at 905-581-0878.
Stay In Touch