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Serving the needs of Medical Professionals across Western Canada

Dental practitioners and medical specialists have specific needs and many aren’t aware of how to take full advantage of their unique financial situation.

At Nicola Wealth Management, we have been working with dental professionals for decades. Our team of experienced professionals can help you:

  • Minimize your taxes
  • Build an integrated plan
  • Pay less in fees
  • Earn a better return on your investments

From top to bottom, we take care of your entire financial picture so that you can focus on what you do best: filling your chair and helping your patients.


Established Dental Practitioner

Dr. Carla Smith is a busy dentist with a growing practice and no financial plan in place.  In fact, she has just enough time to keep her practice running while filling her chair.

When successful dentists like Carla come to work with us, they are able to avoid the stress of juggling work and finances, by allowing us to handle all of their wealth planning concerns.

We implement several tax saving strategies, such as restructuring compensation to take dividends instead of salary.  By saving corporately and being taxed at the small business rate, dental professionals like Carla have saved thousands in taxes each year.

Additionally, Carla and her husband Nick (who works at the practice) had a corporate structure that didn’t allow for future income splitting. We will often work with our clients’ lawyers and accountants to reorganize their structure and establish financial vehicles such as a Family Trust.  This allows someone like Carla who has three daughters (all students) of the age of majority to use this planning blueprint to its full potential.

By utilizing the Family Trust, Carla and Nick are able to income split their combined $320,000 income with their low-income daughters to reduce their personal tax rates to nearly 0%.

This situation is hypothetical, does not represent any actual clients, and is not to be viewed as a guarantee of investment performance.

Newly Graduated Specialist

Having recently graduated as a newly qualified orthodontist and now starting his career, Jeff has no financial plan in place. In fact, with his current debt load, he wasn’t even sure if he was supposed to seek “wealth management” advice.

He and his wife Brooke (who stays at home with their 2-year-old) are in their late 30’s and expecting their second child. With all that is going on, Jeff is feeling a bit overwhelmed and, as a result, hasn't paid any attention to other matters such as his own financial plan.

When we meet with young medical professionals like Jeff who have a high-income earning future, we look at their situation and help with key immediate issues facing them and their family.

We will look at issues such as re-evaluating an aggressive and accelerated debt repayment strategy. For example, depending on the existing interest environment coupled with the tax benefits of saving money corporately, an accelerated repayment of a personal debt may actually be inefficient.

Additionally, a dental professional just starting their career may have a small disability insurance plan purchased in university, but it is likely not enough to offer a growing family sufficient protection.

For someone like Jeff, our recommendations would, given the right interest rate conditions, involve restructuring their debt servicing and management.  Consequently, these changes can accelerate wealth building on a net basis.

We would also do a full review of their risk management, ensuring income protection and integrated insurance coverages are incorporated into the overall financial plan, assuring Brooke and his children’s security should anything happen to him.

As dentists find their business growing, new opportunities arise.  In Jeff’s case, he has been working with a more established orthodontist for a little over a year now and was getting busier as he took on more of the workload in anticipation of purchasing the practice. While Jeff was very much excited about taking on the business, he had had no idea how the transaction was going to happen.

We have extensive experience in helping newly established dentists like Jeff purchase existing practices.  We guide them through the process, putting them in contact with a practice valuation specialist along with an accountant and lawyer who are familiar with practice purchasing.

More often than not, new graduates in the dental field are prepared to be excellent dentists, but they are not equipped to deal with the business side of owning a practice. Our expertise is in helping families like Jeff and Brooke assemble a plan that addresses their financial goals, lays groundwork for the future, and gives them peace of mind.

This situation is hypothetical, does not represent any actual clients, and is not to be viewed as a guarantee of investment performance.