Financial Planning For Doctors


Financial Planning for Doctors

As a doctor, you may feel like there are never enough hours in the day to get all your work done! While we can’t help you with your patients, we can help you with financial planning no matter what stage of your career you’re at.

Newly Graduated Doctor

All your hard work has paid off, you’ve graduated from medical school, and now it’s time to focus on your future! At Financial Advise, we can support you in all the areas in which a new doctor needs financial guidance, including debt minimization, cash flow budgeting, and tax planning. We can also help you plan for the future, including setting up an RRSP and saving up for a home down payment.

Established Doctor - Early Part of Career

You’ve paid off a good chunk of your student loans by this career phase. You can now focus on new goals, such as opening RESPs for your children, considering a side business or professional incorporation, long-term investing, and estate planning. We can help you with all of this and continue to support you in vital areas such as annual cash flow planning and tax minimization.

Established Doctor - Mid Career

As a doctor in the middle of your career, you need to focus on all aspects of financial planning, including saving and spending your money wisely and investing it while continuing to pay down debt. You may need to provide financial support to children going off to higher education, your aging parents, or both! We can help you plan for all this and discuss the benefits of using specialty financial products such as trusts and holding companies.

Established Doctor - Last Stage of Career

You’re ready to start thinking about your retirement years, and making the most of them requires solid financial planning. You need to decide if you want to sell your practice or work part-time in the future and determine your cash flow and insurance needs during your retirement years. We’ll create a plan to optimize your income during your retirement, focusing on minimizing taxes.

The Retired Doctor

In your retirement years, you’ve got more time to relax – but it’s still vital to do financial planning both for today and for the future. We’ll discuss how to make the most of your retirement income by taking CPP at the right age, avoiding OAS clawback, and ensuring your investments are set up to minimize taxes. We can also help you update your will, manage your estate planning and discuss setting up options for charitable giving and creating trusts or foundations.

Let Us Help You Make The Most Of Your Income

We can help you make the most of your income, no matter what stage of your career you’re at. Call us today to set up a meeting to get started!