Financial Planning for
Incorporated Professionals
Financial Planning for Incorporated Professionals
Financial Advice for Incorporated Professionals
Financial advice for incorporated professionals is often two-sided- advice for the practice and personal financial advice. A few things to keep in mind for professionals are:
Professionals are typically in the highest income tax bracket; therefore, incorporating your practice can help manage and defer taxes at a lower corporate tax rate.
By incorporating- professionals can access dividends from their corporation, shareholder loans, and corporately held life insurance, and since money can be left inside a corporation- this money can be used in years when there are life changes such as pregnancy, buying a home or retirement.
Professionals should also ensure that they have access to health benefits.
Debt for a professional is not unusual, given the costs of education and equipment. Therefore, working with us and your accountant can help you find a way to balance your cash flow.
Financial Advice for Incorporated Professionals
Financial advice for incorporated professionals is often two-sided- advice for the practice and personal financial advice. A few things to keep in mind for professionals are:
Professionals are typically in the highest income tax bracket; therefore, incorporating your practice can help manage and defer taxes at a lower corporate tax rate.
By incorporating- professionals can access dividends from their corporation, shareholder loans, and corporately held life insurance, and since money can be left inside a corporation- this money can be used in years when there are life changes such as pregnancy, buying a home or retirement.
Professionals should also ensure that they have access to health benefits.
Debt for a professional is not unusual, given the costs of education and equipment. Therefore, working with us and your accountant can help you find a way to balance your cash flow.
Why do you need Financial Advice?
- Worry less about money and gain control.
- Organize your finances.
- Prioritize your goals.
- Focus on the big picture.
- Save money to reach your goals.
For an incorporated professional, personal and practice finances are connected. Therefore, both sides should be addressed: Personal and Practice.
What does Financial Advice for an Incorporated Professional include?
There are two main sides your practice’s financial plan should address: Growth and Preservation
Growth:
- Cash Management- Managing Cash & Debt
- Tax Advice- Finding tax efficiencies
- Health Benefits
Preservation:
- Investment- either back into the business or outside of the business
- Insurance Planning/Risk Management
- Retirement Planning
What does Personal Financial Advice include?
There are two main sides your financial plan should address: Accumulation and Protection
Accumulation:
- Cash Management – Savings and Debt
- Tax Advice
- Investments
Protection:
- Insurance Planning
- Health Insurance
- Estate Planning
Next steps…
Talk to us about helping you get your finances to achieve your lifestyle and financial goals.
What does Personal Financial Advice include?
There are two main sides your financial plan should address: Accumulation and Protection
Accumulation:
- Cash Management – Savings and Debt
- Tax Advice
- Investments
Protection:
- Insurance Planning
- Health Insurance
- Estate Planning
Next steps…
Talk to us about helping you get your finances to achieve your lifestyle and financial goals.
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