Michael is a 40-year-old doctor who has been practicing medicine for several years. Over the last few years Michael has finished paying off his student loans and has seen his income increase. After a discussion with some of his colleagues who have incorporated, he is wondering whether incorporating his practice would be beneficial. Michael is in a common-law relationship with Tina, who is 35 years old and works with the Federal government as an IT analyst.
Michael came to us with one key question: whether to incorporate his medical practice. However, through our discovery conversations with Michael and Tina, we identified other significant financial planning considerations to discuss. It was important to not only understand Michael’s business goals, but also Michael and Tina’s goals as a family. We learned that:
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DISCLAIMER: For illustrative purposes only. All situations described above are hypothetical and based on various client situations. Any similarity to any one individual person(s) is purely coincidental.
Written and published by IG Wealth Management as a general source of information only. Not intended as a solicitation to buy or sell specific investments, or to provide tax, legal or investment advice. Seek advice on your specific circumstances from an IG Wealth Management Consultant. Insurance products and services distributed through I.G. Insurance Services Inc. (in Québec, a Financial Services Firm). Insurance license sponsored by The Canada Life Assurance Company (outside of Québec).