Take care of your future and start planning today

student

Student

We talked to a lot of optometrists and the one thing they can all agree on is that they wish they knew more about finances. Starting your financial education early pays off in the long run so starting early gives you an advantage. We understand that there is a lot of pressure, stress and confusion but we’re here to help you at every step of your journey.

FINANCIAL EDUCATION  

We believe in educating our customers so that they are involved in the process as much as they want.

DEBT MANAGEMENT 

Access to loans and bursaries, as well as a line of credit from one of the Canadian chartered banks up to $ 250,000.

DISABILITY INSURANCE 

It is important to ensure your ability to earn income as a optometrist as early as possible. You will have access to this in the first year of study, with a simplified questionnaire, without medical fees, a 25% lifetime premium discount, and a premium holiday in the first year.

student

Beginning of Your Practice

INCORPORATION 

We will assist you, with our partners lawyers, accountants and tax experts, to analyze the relevance of incorporation in your specific case. If the benefits of incorporation apply to you, we will guide you to maximize tax optimization and efficiency.

IMPLEMENTATION OF A SAVINGS PROGRAM  

In synergy with your accountant / tax specialist, we will put in place monthly contributions to take advantage of the various vehicles available for investment: RRSPs , TFSAs, RESPs, and Unregistered savings in your company. When you arrive in your forties, we will study, with our actuarial partners, the relevance of establishing for you an RRI (Individual Pension Plan), which will allow an even higher level of tax efficiency in the preparation of your retirement.

SETTING UP A COMPREHENSIVE INSURANCE PORTFOLIO 

Global risk management also includes risk management related to potential health issues, as well as risks associated with premature death. We will prepare the following things, planning according to all eventualities related to the age of your death. Your insurance portfolio will consist mainly of three elements:

  1. Disability insurance which will be implemented towards the end of your first university cycle
  2. Life insurance which will be a combination of term insurance and permanent insurance
  3. Critical illness insurance with premium refund that will protect you against the financial impacts that would be caused by a possible diagnosis

SETTING UP YOUR WILL AND MANDATE OF INCAPACITY 

As soon as you begin to accumulate assets, it will be important to plan immediately what will happen in the event of death or incapacity. In a high proportion, Quebec optometrists should consider the establishment of a fiduciary will (testamentary trust), in order to give specific instructions on how property inherited from the estate will be managed. We will accompany you in this process as well.

SAVING FOR RETIREMENT: STARTING AT 29 vs 35 

Chart shows cumulative wealth from maximizing RRSP contributions every year a 6% annual compound interest rate. The chart reflects 1% increase in the maximum RRSP contribution limit every year.

STARTING AT 29 

$3,824,189.77 

STARTING AT 35 

$2,669,003.43 

Between the Beginning of Practice and Retirement ...

MIDLIFE 

This period will not necessarily be a long quiet river for your finances. Although your optimal tax structure will be implemented quickly at the beginning of your practice, it may change over time.

A significant amount of events that can potentially influence your financial decisions will occur during this time. Having a multidisciplinary team in wealth management will be extremely relevant during this time.

  • Business Investments
  • Divorce
  • Buying a cottage
  • Wedding
  • Birth of a child
  • Real estate investments
  • Will
  • Death of a family member
  • Inheritance
  • Disability or critical illness
  • Buying a new house
  • Shareholder agreement
retirement

Later Years

RETIREMENT 

Your reality as a business owner or self-employed worker will bring some challenges when disbursing your assets when you stop working. The challenges will always be related to the search for tax optimization. In other words, in order to pay the least amount of taxes possible, it will be important to have an experienced financial management team who will guide you in certain decisions. A retirement plan and an optimal disbursement scenario will be very important, and will thus give less money to the government, and therefore more to your estate.

PLANNING FOR THE NEXT GENERATION 

As a Wealth Management and Family Counseling boutique, our most cherished wish is for you to enjoy continuity in family affairs, which will only go beyond your own planning. The power of compounded interest and the monitoring of strategies over more than a generation has an immense effect on the wealth creation of families who can benefit from it. We intend to offer you this huge advantage.