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.