The clock is ticking for the changes to capital gains to take effect. The window is also closing to do anything proactively about it before the changes occur.

I sat down with Hemal Balsara, Head of Tax, Retirement, and Estate Planning, Individual Insurance, Manulife for this episode to get to the bottom of the changes.

Hemal was part of a group invited to a closed-door meeting for the first viewing of the proposed changes and (you’ll hear in the episode) as the document was handed out, he heard a wave of people muttering “capital gains”… “capital gains” and, in his own words:

“I can’t believe they finally did it”

Hemal and I dive into the changes to help you answer specific questions I’ve been getting from clients like:

• Should I sell anything before the deadline?
• How will the changes affect what’s outside of my corporation?
• What about my investments inside?
• What can I do about these changes?
• What existing tax strategies will still work?
• What existing tax strategies might work better?

Even if you’re listening to this episode after the changes have taken effect, we talk about what long-term adjustments to your existing plan might make sense considering these changes. It’s not all about what you can do before the 25th.

As always, consult someone who knows your specific situation before making any changes to your finances.

If you’re wondering how these changes might affect your financial plan and ability to retire, a fee-based plan might make sense for you.

If you like the idea of having a roadmap to your goals, knowing exactly what you’re getting for what you’re paying, and no hidden commissions, book a free discovery call to see if the time is right for you to get a financial plan: https://www.galenhelpsdocs.com/call

To follow Hemal and read his up-to-date articles analyzing the changes, you can find him on LinkedIn here.

The Budget! You've likely heard about the proposed tax changes in the 2024 federal budget and how they could impact your financial future, especially regarding capital gains within your corporation. Since I was fielding so many questions and clarifying misconceptions about the change, I decided to make this podcast episode and a whiteboard video where I delve deeper into these changes and offer insights on how physicians can adapt their financial strategies. In this episode, I explain the impact these changes could have on physicians and their corporations and what it means for using a corporation as part of a retirement plan. I also share some steps physicians can take to navigate this shifting landscape.

To watch the YouTube video, click here.

Are you concerned about how these changes could impact you?

I specialize in providing fee-based financial planning services tailored to physicians' unique needs, if you’d like to figure out if a fee-based plan could help you achieve your goals and also analyze what steps you can take to be proactive about these changes - ​book a free discovery call​ to get started.

Till next time!

Are you collecting products or do you have a plan?

A lot of physicians I meet have picked up different financial things along the way: investment accounts, insurance products, corporate investment accounts, maybe income properties, and more. There's nothing wrong with this approach, but the two questions I commonly get from physicians after they have gathered a number of these components is:" "does this all fit together?" and "is this all going to get me where I want to go?"

It's kind of like someone dropping a bunch of puzzle pieces on a table but not providing the box to know what the puzzle is supposed to look like.

When doctors at this stage reach out to me, they are concerned that they have either done the wrong thing, not enough of the right thing, or they are unsure as to where they are headed. These are all valid concerns.

What I help them figure out is if a fee-based financial plan would answer these questions. A plan not attached to a product. A plan using data specific to their situation, not based on opinion or hearsay, but hard numbers.

Often times, an unexpected result from this approach is the elimination of FOMO (Fear Of Missing Out). There is no shortage of options when it comes to financial planning in general and there are even more options when someone has a corporation. A solid financial plan not only outlines your goals and what you can be doing to reach them, but also helps let you know what things not to do.

After listening to this episode, if you are left wondering if a fee-based plan would answer your biggest questions, be sure to book a discovery call at this link: https://www.galenhelpsdocs.com/call.

You pick a time that works for you and I'll ask you some questions to help you figure out what your next steps are and if a plan is right for you.

I've recently had some lengthy conversations with physicians about whole life insurance. It dawned on me that for all the information out there about this sometimes polarizing product, many people are poised to make what I consider the most expensive mistake... buying something they don't need.

Now, I'm not saying that no one needs whole life insurance, nor am I saying everyone needs it. What I cover in this episode is how nuanced the decision can be and why it's so polarizing out in the financial education space.

Then I walk through two case studies of people who came to me interested in whole life insurance with two very different results. With one, it totally made sense, with the other it did not.

Listen in to hear me walk through the decision making process I took them through to determine if whole life made sense for them.

I also touch on the second most expensive mistake when it comes to this product: not structuring it properly. A lot of the information out there around this product is about what I call the 'old school' way of designing it. Where it often times has slower growth and minimal flexibility.

If it does end up making sense for you to buy this product, please ask whomever you are working with about the options to enhance the growth and flexibility of this product, which may be better for you.

If you're wondering if whole life insurance makes sense for you and you like the idea of going through a data-driven process that uses evidence to support the best path for you, a fee-based financial plan might be right for you.

To book a free introductory call at a time of your choosing, click here. During this call, I'll help you figure out if a plan is right for you.

Thanks for listening in and see you on one of my upcoming episodes about money mindset, practice management, DIY investing, and much more!

This episode is different.

It's only my second solo episode, with many more to come. It's a topic close to my heart: helping people who are confused about their finances.

Have you ever felt like everyone else has it all figured out when it comes to money?

Do you feel like there must be something wrong with you if you haven't been able to make sense of your options?

Do you struggle to find the time to compare all the different accounts and products available and don't have a clear path forward?

Well... then this episode is for you.

In this episode, I pull back the curtain about financial planning for physicians, tackling the misconception that everyone else has their financial life all figured out.

As part of this, I share the results of a survey of Canadian Physicians.

Guess what percent agreed with the statement "I'm not confident I'm using my corporation to the fullest"

And when it comes to finances, guess what percent agreed with the statements:

• "I want someone to do it for me, but don't know who to trust"
• "I find it all very confusing and I don't know where to start"

Spoiler alert, over 50% agreed with those last two statements

I get why that is.

Physicians have limited, if any, formal training around financial literacy and likely struggle to find time to try to figure it all out.

Even when someone does take the time to figure it all out through research, there's plenty of differing opinions. Sometimes people say the opposite thing about the same concept.

There is more information available than ever, then why are so many people still confused?

Because more information might not make a difference.

One of my favourite concepts from my teaching days is "Bloom's Taxonomy" where the lower levels of comprehension are information based and the higher levels tackle implementation.

Before I became an advisor I was definitely stuck in an information gathering loop when it came to my finances, where I always felt like I needed to know more before I could take action.

If that sounds like you, it could make sense to work with a Financial Planner.

Even if working with a planner doesn't work for you, I believe it's crucial to decide when enough information is enough and when it's time to take action.

Give this episode a listen. My goal is if you are feeling like the only person who is confused about finances, that you no longer feel so alone.

If you've got a lot of unanswered questions about your finances, like if you're making the most of your corporation, if you're putting enough away in the right places to retire, and more, you might be a good fit for a fee-based plan. ​ Book a free discovery call where I'll help you figure out if a fee-based plan could help you. Click here to book your call.

Dr. Vollrath saw a problem. No cohesive system for doctors to find or post jobs. He saw scattered conversations across forums, Facebook, and WhatsApp and figured he could do something about it. So he co-founded Cherry Health, Canada's Medical Network where more than 2,000 monthly job seekers and over 1,300 employers post and look for their next job or locum opportunity. Join me and listen in to this episode about the founding of Cherry Health, how it's helping physicians across Canada and how to get started. Jordan, who is a practicing physician and co-founder of Cherry Health, also shares his own journey using the platform and the entrepreneurial journey that led him into the tech space with a mission to make a difference for overwhelmed doctors across Canada. To get started, be sure to go to cherry.health (yes, that's the site). There you can create your profile and download the app on your phone and get started. Whether you're new in practice looking for places to work to get a feel for where you'd like to settle down, or an established physician looking for someone to take over your practice for a few weeks so you can take a vacation, be sure to check out Cherry Health.

If you've got a lot of unanswered questions about your finances, like if you're making the most of your corporation, if you're putting enough away in the right places to retire, and more, you might be a good fit for a fee-based plan. Click here to book a free discovery call where I'll help you figure out if a fee-based plan could help you: https://www.galenhelpsdocs.com/call. As of posting this, I've opened the doors for "New Year, New Plan" for five physicians who want to hit the ground running in the new year with a plan. If you think you might be one of those five, click the link.

"She's some sort of superhero." That's the first thing that popped into my head when I started following Dr. Pandya on social media.

She's an aquanaut, scientist-astronaut candidate, skydiver, and practices medicine in rural Alberta.

The cool thing is Shawna is eager to share what she's learned by pursuing her passions and the approach to resilience and building support structures that has allowed her to accomplish so much.

If you're a busy doctor looking to pursue your passion and creativity, this is a must-listen episode.

Tune into this episode to hear her 5 pillars for resilience, real-life examples of support structures to stay grounded and maintain work-life balance.

She'll even share advice she got from the one and only Chris Hadfield.

If concerns around your financial plan are weighing you down, you might be a good fit for a fee-based financial plan. If you'd like to know more, be sure to click here.

Enjoy the show!

It's top of mind for anyone with a mortgage or anyone about to get one: "What can I do about interest rates?"

For a long time we saw rates dropping then staying fairly stable. Now rates have gone up quickly and don't show any sign of dropping.

Until I spoke with Carlin I figured there's nothing anyone can do about it, but I was wrong.

Carlin is a mortgage broker with access to over 50 lenders and has a knack for monitoring mortgages for opportunities.

In this episode Carlin shares with you examples of how she has uncovered opportunities for recent clients and the value of joining her Mortgage Monitoring Program where she does the work for you of running the numbers to see if you're in the best mortgage for your situation.

We also talk about specialized lenders that work best with physicians and how the way you pay yourself from your corporation may impact your ability to qualify for a mortgage, if you don't know the right questions to ask.

To get access to Carlin's Mortgage Monitoring Program, be sure to click here. Once you do, she will check for opportunities for your mortgage or help you get your first one.

If you have questions about your finances and have big questions that have you worried like: "Am I making the most of my corporation?" or "Am I on track for retirement?", you might be a good fit for a fee-based plan. To schedule a no-obligation call to find out if a fee-based plan would answer those questions, click here.