Physicians Incomes are increasing in Ontario In September, a Board of Arbitration, chaired by Mr. William Kaplan, released a decision awarding a 9.95 per cent increase for the first year of a four-year agreement between the Ontario government and Ontario’s doctors. The award is retroactive to April 1, 2024. The next three years of the Physician Services Agreement will continue to be negotiated between the province and the Ontario Medical Association. What does this mean for you? Disability insurance –…
Category: Blog
Medical Student Offer
The Medical Student offer from RBC Insurance is the most comprehensive individual disability plan in the marketplace for medical students, residents and fellows. HIGHLIGHTS – No medical underwriting – 25% discount – Own occupation definition of disability – Cost of living adjustment – Future income option up to $25,000/month – HIV HEP B&C – Conversion to long term care coverage – $100,000 critical illness insurance as secondary protection MEDICAL STUDENTS How much disability insurance are medical students eligible for with the RBC Medical…
What Happens to Your Medicine Professional Corporation When You Retire?
How to plan around the new capital gains tax
With the 2024 changes to capital gains tax, many clients are inquiring about how to update their planning. Understanding this tax hike is crucial to avoid overpaying Revenue Canada. It’s a common misconception among incorporated individuals that when they and their spouse pass away, the only tax payable is on the capital gains on the investments within their corporation. This is incorrect. There are three levels of tax that may occur. First, there is capital gains tax on your corporation’s…
Federal Budget 2024
Here are the highlights of the Federal Budget. FOR INDIVIDUALS No changes to personal tax rates. The capital gains inclusion rate, i.e., the amount of capital gains subject to tax, will be increased from 50% to 67% on capital gains that exceed $250,000 when realized after June 24, 2024. For individuals only, the first $250,000 of capital gains realized in a tax year will still be eligible for the 50% capital gains inclusion rate. Canadians typically pay taxes on capital…
RBC Medical Student offer – 25% discount available!
RBC Insurance INCREASES its whole life dividend scale interest rate
GREAT NEWS – RBC Insurance is increasing its dividend scale interest rate to 6.25% (from 6.00%). The RBC participating whole life portfolio is focused on long term performance and policy stability. In light of the market volatility (remember 2018), whole life insurance is a conservative asset with guaranteed growth of the cash value and permanent life insurance. What is Participating Whole Life Insurance? A participating whole life insurance policy is designed to enhance the cash value in a long-term dividend…
Life Insurance – 10% discount
Since Covid, we have been hearing from physicians about increasing their life insurance. With this in mind, we have put together a limited time special offer to update your term life insurance with a 10% discount. Physicians can now apply for term life insurance with a 10% discount, competitive rates and a conversion option to permanent insurance. Up to age 60 can apply for $2,000,000 with a 10% discount. 61-75 can apply for $1,000,000 with medical tests and a 10% discount. Physicians…
Whole life insurance
Demystifying Whole life insurance for physicians
Most physicians are incorporated and save money inside their professional corporations. You may choose to invest in stocks, bonds, mutual funds, or whole life insurance. The purpose of this article is to help demystify whole life insurance as a savings, retirement and estate planning tool. What is Participating Whole Life Insurance? A participating whole life insurance policy is permanent life insurance where the cash value and death benefit grow over time and can be utilized for retirement and estate planning…