Tax Planning for Medical Professionals with Riccardo Zerbino
About This Episode
- Welcome Riccardo (3:52)
- Early career challenges for young doctors (5:19)
- Potential benefits of delaying repayment of student loans from medical school (6:15)
- How financial professionals can help with cash flow management (7:47)
- The problem with following peer advice on your finances (9:59)
- When doctors should start thinking about incorporation (11:58)
- How tax reforms have impacted professional corporations (14:53)
- Why mid-career doctors should take advantage of RSPs (17:52)
- Mitigating risk by utilizing RSPs (19:28)
- Deciding between taking dividends or a salary (22:13)
- Understanding IPPs (23:34)
- The main advantages of using an IPP (25:36)
- Retirement considerations for doctors with corporations (27:15)
- What doctors need to know about estate planning (28:58)
- Who will benefit from doing an estate freeze? (30:10)
- Family trusts for doctors (32:15)
- The benefits of working with a financial advisor (35:01)
- And much more!
Thanks for Listening!
With increasing global connectedness, the world today is smaller than it’s ever been. Countries are coming together to share information in a global trend towards greater transparency and with that, undeclared assets are much more likely to be discovered. So if you’ve found yourself in a situation with undeclared assets, what can you do to get on the right side of things?
We discuss key factors that play a role in the increased net worth of Canadians as well as the latest inflation numbers and how they impact your finances.
Steve Legler is a family legacy guide and advisor who helps families turn their dreams into a workable plan.