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info@firstoakfinancial.ca

Physicians & Incorporated Medical Professionals

Whether you are new in your career or approaching the next stage of life, we help you make confident, tax-efficient decisions across your corporate and personal finances.

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We help incorporated medical professionals with the following:

1. How much should I be taking out of my corporation each year?

2. Should I be paying myself via salary or dividends? What are the impacts of each on my personal investment accounts?

3. How can I invest within my corporation on a tax-efficient basis?

4. Should my insurance be owned personally or corporately?

5. If I am nearing retirement, should I be drawing down the values in my medical corporation?

6. What are the tax implications if I die with a large investment portfolio in the corporation?

7. How will my retirement outlook change if I reduced my workload to part-time? What impact will this have on my RRIF and government benefits?

8. How do I best utilize the Capital Dividend Account?

9. Should I use the Doctors of BC Contributory Retirement Program for my RRSP or TFSA? What about an Individual Pension Plan?

10. How can I strategically manage the tax in retirement from my corporate assets and RRIF?

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Why Medical Professionals Work With Us

  1. Over a decade of experience working with physicians, dentists, and other incorporated medical professionals
  2. Flexible, transparent pricing — including customizable fee-for-service planning with no contracts, and access to insurance and investment solutions
  3. Integrated planning across personal & corporate finances
  4. Access to a trusted network of specialized tax and legal advisors, if needed

First Oak Financial’s Owner, Jeff Graham, specializes in aligning personal and corporate financial planning. As a CFP and CLU, he brings advanced expertise—and as a business owner himself, he understands the opportunities and challenges that come with owning a private corporation.

Complimentary Consult with Jeff

Our Services & Compensation

Financial Planning for Medical Professionals

We offer fee-for-service planning for medical professionals. This is done in a fully transparent manner: planning work is billed at our hourly rate of $225, and time spent is agreed upon prior to any work being done – there are no surprise fees or contracts. Our clients tell us what items, questions, and scenarios that they want addressed in our planning work.

Our plain-language Engagement Agreements outline cost, deliverables, and timeline in a straightforward manner.

Schedule a Planning Consult

Investments

Investing in a corporate environment requires extra attention to the tax implications that impact passive assets. For medical professionals who require support with this, we offer two options:

  1. A one-time plan, most popular with D.I.Y. investors who want to ensure their strategy is appropriate. This starts at $1,125.
  2. Holistic investment management, including setup, administration, ongoing review and servicing. Fees for this option can be found HERE.
Schedule An Investment Consult

Life & Health Insurance

Insurance for medical professionals takes 2 forms:

  1. Protection for you and your loved ones in the event of disability, critical illness, or death. This is insurance in the traditional sense. Although these needs may be personal in nature, some medical professionals choose to own this insurance in their corporation. We assist with this decision, outlining the benefits to each avenue.
  2. A tool to achieve retirement & legacy planning objectives. The unique tax treatment of certain life insurance policies makes them a useful corporate asset, both during life and on death.

When setting up insurance for medical professionals, we are compensated directly from the insurance carrier. There is no exchange of funds between us and the client.

Schedule An Insurance Consult

Implementation

In certain instances, we recommend complex concepts to our clients. We will work with your professional tax & legal advisors to ensure all parties are on the same page and working as a cohesive unit when implementing intricate planning solutions.