Your dedication to patient care and staying current with medical advancements leaves little time to focus on your own financial well-being. At Kalinka Group Private Wealth Management in Victoria, we understand the unique financial pressures health care professionals face, from managing business expenses to navigating complex tax structures.
Unlike salaried employees, many health care professionals—including physicians, dentists, and specialists—earn substantial incomes but lack employer-sponsored pension plans. Without a structured retirement strategy, it’s easy to overlook long-term financial security while focusing on growing your practice. Our goal is to help you build wealth strategically, ensuring financial independence well beyond your working years.
Clarity in complex financial choices
Our team provides expert guidance, helping you make informed investment decisions that align with your goals while mitigating unnecessary risks.
We take the complexity out of financial decision-making so you can stay focused on patient care without second-guessing your financial strategy. Whether you’re considering investments or expanding your practice, we ensure your decisions align with both your professional and personal aspirations.
Maximizing tax efficiency
Managing active business income requires a strategic approach to minimize tax liability. Many health care professionals operate as sole proprietors or incorporate their practices, which can open opportunities for significant tax efficiencies. We provide tailored strategies, including:
- Incorporation guidance: Setting up a Canadian Controlled Private Corporation (CCPC) to take advantage of lower corporate tax rates and income splitting opportunities.
- Deductions & credits: Ensuring you maximize available deductions such as medical office expenses, continuing education costs, and professional dues.
- Income structuring: Developing a compensation strategy that optimizes salary, dividends, and reinvestments within your corporation to build long-term wealth.
By structuring your finances effectively, we help you minimize tax burdens while keeping more of your income working for you.
Planning for retirement without a pension
Many health care professionals earn high incomes but don’t have the benefit of an employer-sponsored pension plan. Without a structured pension, the responsibility of building a retirement fund falls entirely on you.
We specialize in designing pension planning strategies that create predictable retirement income, including:
- Personal pension plans: Setting up an Individual Pension Plan (IPP) or Retirement Compensation Arrangement (RCA) to create tax-efficient retirement savings.
- Corporate investment strategies: Using surplus business income to build a diversified investment portfolio for long-term security.
- Tax-advantaged retirement income: Strategically drawing funds from RRSPs, TFSAs, and non-registered investments to maintain financial flexibility while minimizing tax liability.
- Corporate-owned permanent life insurance: Using Permanent Life Insurance as an investment pillar to compliment your corporate investment and/or real estate portfolios. Properly designed, this works to enhance your returns, mitigate taxation, and plan for both retirement income and legacy.
Our goal is to ensure you achieve a comfortable retirement, even without a traditional pension, by leveraging smart investment and tax strategies.
Wealth management for health care professionals
Your financial journey extends beyond daily income management. We provide a comprehensive wealth management strategy, covering:
- Risk management & insurance: Designing corporate-owned life insurance policies to protect your family and practice while optimizing tax benefits.
- Estate planning & trust services: Ensuring your wealth transitions smoothly to the next generation through estate simplicity and trust services.
- Investment & growth planning: Crafting an investment plan that aligns with your long-term financial goals and risk tolerance.
We tailor our strategies to protect and grow your wealth while creating opportunities for future financial success.
Secure your financial future
At Kalinka Group Private Wealth Management in Victoria, we understand that your financial needs are as dynamic as your profession. Whether you’re navigating tax complexities, saving for retirement without a pension plan, or expanding your practice, we offer expert guidance every step of the way.
Let us provide you with a clear path toward financial confidence, empowering you to focus on your patients while we focus on your financial future. Together, we’ll build a strategy that supports your ambitions today and safeguards your legacy for tomorrow.