One would expect that top income earners like doctors never have to worry about saving for retirement, paying for college education, paying off a large house mortgage or treating themselves to a ski vacation in St. Moritz. Contrary to popular belief, … [Read more...]
Just for Doctors Newsletters
24
Jul, 2019 A Simple Strategy to Boost Your Investment Returns
July 24, 2019 by
One investor shared his strategy with the Globe and Mail’s finance columnist, Rob Carrick, the other day. It is worth repeating because it is both simple and smart. This reader proposes to use two-thirds of his funds to invest in the Vanguard … [Read more...]
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Jul, 2019 How Joint Home Ownership Leads to Messy Estate Fights
July 24, 2019 by
There always has been the rule that if real estate is owned as “joint tenants”, then the survivor of the joint owners will automatically become the sole owner. This right to survivorship will bypass any provisions in the testament. This principle … [Read more...]
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Jul, 2019 Using debt to create wealth
July 11, 2019 by
Even if you hate being in debt, it’s impossible to live without it. So why not accept the fact that you are likely to be in debt throughout your career. There will be student loans and a home mortgage at the beginning, practice purchase loans at … [Read more...]
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Jul, 2019 Why you would want a family trust
July 11, 2019 by
Here is a summary of the benefits you can enjoy by setting up a family trust. Maintain control. As the trustee, you have full control over the trust assets within the scope of the trust document. The trustee also controls the allocation of … [Read more...]
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Jun, 2019 Shareholder Loans-What you should know
June 26, 2019 by
The item on your corporate balance sheet that you should be most concerned about is the “shareholder loan” account. This loan account tracks cash advances to the shareholder(s) during the year. At the end of the corporate fiscal year, your accountant … [Read more...]
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Jun, 2019 Happiness: Fueling success and work performance
June 26, 2019 by
For untold generations we have been led to believe that if we work hard enough, we will be successful, and through success will come happiness. Dr. Shawn Achor, a Harvard professor in positive psychology, suggests in his book “The Happiness … [Read more...]
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Jun, 2019 Tips for distributing your estate fairly among your beneficiaries
June 13, 2019 by
Most of us have a cavalier attitude about preparing our last will. We seldom set aside the time such an important document deserves to address the unique circumstances of our family, practice, and financial lives. Your lawyer may, as a reward for … [Read more...]
13
Jun, 2019 Why isn’t every doctor taking a tax-free loan from the Inc to pay for your home?
June 13, 2019 by
You and your spouse just finished building your $1 million home which you financed with a loan from your medical corporation. The company has no employees other than the two of you. To finance the loan, you liquidated $600,000 of investments and used … [Read more...]
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May, 2019 Maximizing the principal residence exemption
May 29, 2019 by
When a doctor client recently sold his home for a tax-free $1.5 million profit, one starts to wonder when our cash starved government will put limits on the tax exempt sale of your home. In the meantime, let us enjoy this generous tax shelter. Here … [Read more...]
