Our team specializes in advising lawyers, accountants, engineers, and other professionals at every stage of their medical careers. We will keep even your most complex financial affairs as streamlined and simplified as possible.
We offer experienced, integrated wealth management advice to help you set down plans to pay down debt, maximize your income stream, plan wisely for retirement, and enjoy the wealth you’ve worked long and hard to achieve. Our services include tax-efficient strategies, asset allocation and location strategies and professional incorporation advice.
The first question we will ask is, “Have you created a tax-efficient asset allocation that encompasses both your personal and Professional Account?” Since professionals can be paid to a corporation rather than directly, we will use your Professional Corporation (PC) to invest retained earnings with expertise according to your goals.
We collaborate with insurance specialists to help us to ensure you have the right insurance planning for risk assessment and risk management. You and your ability to serve clients are the essence of your business, so disability and critical illness are important for income protection in case life throws you an unexpected curve. We also use life insurance as a very tax-efficient estate planning tool and cost-effective investment strategy.
Knowing that you and your loved ones are covered can help you feel financially confident. We will put a solid plan in place and execute on it reliably, integrated all the moving parts.
In addition, our Private Bankers’ tailored services save you time by taking financial details off your shoulders and their customized lending and deposit strategies can help to reduce stress. The result? You can focus on your practice and spend more time doing what you value most.
Advising you according to your industry’s regulating entity and working with BMO Financial Group specialists, we can help you to incorporate your practice to maximize your wealth and minimize taxes in context of all your wealth management needs.
Here’s how it works:
By incorporating, you create a Professional Corporation (PC) that owns your practice.
You own shares in this corporation and pay yourself a salary, bonuses and dividends.
Your accountant and bookkeeper manage the revenue, expenses, assets, and debts, which are all held separately from your own personal assets.
Benefits of incorporating:
More of what you earn stays in your own pocket, so you have more to invest in your portfolio and practice.
Corporate tax rates are much lower than personal tax rates, both federally and provincially. In Ontario, earnings retained in the corporation are taxed at a combined rate of 12.2% to 26%, while personal income over $220,000 is taxed at a combined federal and provincial rate of 53.53%.1
When it’s time to divest your practice, we can help you maximize its after-tax sale value by liaising with leading practice appraisal experts and succession planners.