I am excited to announce that tickets are on sale for the Canadian Physicians’ Financial Wellness Conference. It will be[...] The post Canadian Physicians Financial Wellness Conference 2024 appeared first on Physician Finance Canada ..read more

An all-in-one asset allocation ETF is an elegant and cost-effective solution to DIY investing. The minimal fee of <0.25%/yr should[...] The post More Than One All-in-One Asset Allocation ETF? appeared first on Physician Finance Canada ..read more

In the first part of this series, I unpacked financial lessons from my early career and how my wife and[...] The post My Wealth Journey Part 3: Awakening & Recalibration appeared first on Physician Finance Canada ..read more

Business owners often have reservations about paying into the Canada Pension Plan (CPP). Many think they’re getting a bad deal by paying both the employer and the employee portion of the contribution. Employment Insurance (EI) may also seem a waste for self-employed business owners if they don’t understand the actual cost and benefits of their situation. The decision to avoid CPP and EI may also be driven by advice from their tax specialists, looking at a single or few years of tax and investments. However, what does the return on investment look like over the long run? Particularly, if you a ..read more

In the previous episode, we discussed different ways an incorporated business owner could pay themselves. There are general rules of thumb about using salary or dividends. However, the optimal strategy is usually a mix of salary and dividends. It will depend on the unique situation, and will also change over time as that changes. We have put that into an algorithmic model. It can be boiled down to five major steps. Knowing about your notional accounts and how to release the buying power that they represent is important. So is balancing that against the benefits of salary. It is all driven by ..read more

One of my colleagues started a podcast during residency, called The Intern at Work. It has continued and grown as a resource for residents done by residents. There are lots of practical and distilled approaches to common clinical problems. I recently had the pleasure of appearing on the pod to talk about personal finances during residency. Go To Intern At Work Ep 242: Personal Finances We cover some important topics Debt: The good and the bad. Spending while in debt. Investing: When to consider starting investing. The alphabet soup of investment accounts. How they work, and where to start. Ho ..read more

Editorial Note: There is plenty of data showing that a broad index-based approach can beat active management net of fees. However, there is also data to show that selecting companies with some characteristics have historically outperformed their broader markets. How can this be? The answer is by using a rules-based quantitative approach to select for those factors. Not based on a narrative or where you think the economy is going. It must also be operationalized in a way that the costs don’t nullify the expected return premium. It is not a free lunch, but learn more about it to consider whether ..read more

Education has been a central part of my role as a physician on faculty in the Faculty of Health Sciences at McMaster University. Recently, I had the pleasure of appearing on Episode 68 of the Spark Podcast produced by our Programme for Faculty Development. It has an important message for healthcare providers and those who train them. Join Dr. Ruth Chen and I, as we discuss why and how financial wellness is vital for health professionals to reach their full potential and combat burn-out. Go To Spark PodCast Ep 68 The post Podcast: My Pitch For Financial Education in Health Sciences appeared fi ..read more

After the requisite political theatrics and rhetoric, the Federal Government passed the motion to enact the increase in capital gains taxes effective June 25th, 2024. That gives a small window for those with substantial unrealized capital gains to decide what to do, if anything. To do nothing will often be a reasonable decision, but it is not good blanket advice. You’ll rest easier knowing that the important parameters for your situation have been considered. This is also an opportunity to consider more general but more important parts of your planning. Much of that is not mathematical. The be ..read more

Understanding the implications of the 2024 Federal Budget and its proposed changes to capital gains taxation is crucial for individuals and corporations alike. In today’s episode, we take a deep dive into the Canadian federal budget for 2024 and its impact on capital gains taxation. In our conversation, we discuss the technical details of capital gains taxation and its historical context and offer practical advice for navigating the proposed changes in the 2024 federal budget.  Discover the mechanics of capital gains tax in Canada, essential tax planning strategies, the importance of div ..read more