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 expertise; it necessitates a collaborator who can foresee and maneuver through the distinct challenges those in the medical field face. [...]
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, or technologically superior products or procedures. For the healthcare sector, this means backing for exploratory development focused on advancing medical [...]
Intriguing proposition, isn’t 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 insurance solution, specifically, a Split Dollar Critical Illness (SDCI) policy.Defining SDCI A SDCI plan involves an insurance policy owned by [...]
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 realm of financial planning. Imperial Lifestyle Management, as your trusted financial navigator, aims to illuminate how these economic shifts influence [...]
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 of the year. The lack of prior planning isn’t too costly, but it’s certainly not the most efficient when you [...]
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 cognitive processes enabling individuals to navigate through challenging decisions. A parallel can be drawn with healthcare professionals in Canada who [...]
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 financial standing but also lays the groundwork for prudent fiscal decisions throughout your medical career. In this guide, we’ll delve [...]
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 2023, this is still a prevalent strategy, especially when there are excess retained earnings (typically in excess of $250,000). Instead [...]
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 accountants to handle their accounting needs. We will explore the average cost of accounting services for Canadian doctors in 2023, [...]
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 that you can stick to and monitoring your spending patterns. Being a resident is a rewarding step on the path [...]
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