Private Online Access

Serving the needs of Dentists across Western Canada

Dental practitioners and 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.

The following client stories are composites created from circumstances drawn from a number of NWM clients. The solutions are real, but the scenarios do not represent an actual client (or an actual couple).

Established Dental Practitioner

Dr. Mary Smith is a dentist who came to work with us over 10 years ago and had no plan in place.

Mary is a busy dentist with just enough time to keep her successful practice running while filling her chair. In working with us, she has been able to avoid the stress of juggling her finances, by allowing us to handle all of her wealth planning concerns.

Since restructuring her compensation to take dividends instead of salary, she has saved corporately while being taxed at the small business rate, saving over $27,000 in taxes each year.

At the time, Mary and her husband Jim (who works at the practice) had a corporate structure that didn’t allow for future income splitting. We worked with their lawyer and accountant to reorganize their structure, and now that their three daughters (all students) have reached the age of majority, they can use their Family Trust to its full potential.

Utilizing the Family Trust, Mary and Jim have been able to income split their combined $320,000 income with their low-income daughters to reduce their personal tax rates to nearly 0%.

Newly Graduated Specialist

Having recently graduated as a newly qualified orthodontist and now starting his career, Dr. Alan Chen is a new client who had 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 Heather (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, Alan is feeling a bit overwhelmed and, as a result, hasn't paid any attention to other matters such as his own financial plan.

After meeting with us, we were able to look at his situation and help with key issues facing him and his family. In re-evaluating his aggressive and accelerated debt repayment strategy, we advised that the existing interest environment coupled with the tax benefits of saving money corporately made an accelerated repayment of a personal debt inefficient. In a meeting, Alan also asked if his current disability insurance offered his growing family sufficient protection, and should he add to the small disability insurance plan he purchased in university.

As part of his plan, we restructured his debt servicing and management, and consequently accelerated his wealth building on a net basis. We also made a full review of his income protection coverage and integrated comprehensive protection into the overall financial plan, ensuring Heather and his children’s security should anything happen to him.

Also, Alan 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 Alan was very much excited about taking on the business, he had had no idea how the transaction was going to happen.

In counseling Alan, we guided him through the process, putting him in contact with a practice valuation specialist along with an accountant and lawyer who were 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. With our help, Alan and Heather assembled a plan that addressed their financial goals, laid groundwork for the future, and gave them peace of mind.

MEET WITH US