• Why do you need a Financial Plan?
  • – Worry less about money and gain control.

    – Organize your finances.

    – Prioritize your goals.

    – Focus on the big picture.

    – Save money to reach your goals.

    For an incorporated professional, personal and practice finances are connected. Therefore both sides should be addressed: personal and your practice.

  • What does a Financial Plan for an Incorporated Professional include?
  • There are 2 main sides your practice’s financial plan should address: Growth and Preservation



    – Cash Management- Managing Cash & Debt

    – Tax Planning- Finding tax efficiencies

    – Health Benefits



    – Investment- either back into the business or outside of the business

    – Insurance Planning/Risk Management

    – Retirement Planning

  • A few things to keep in mind for professionals are:
  • – Professionals are typically in the highest income tax bracket, therefore incorporating their practice can help manage and defer taxes at a lower corporate tax rate.

    – By incorporating- professionals can have access to dividends from their corporation, shareholder loans, corporately held life insurance and since money can be left inside a corporation- this money can be used in years where there are life changes such as pregnancy, buying a home or retirement.

    – Professionals should also ensure that they have access to health benefits.

    – Debt for a professional is not unusual, given the costs of education and equipment, therefore working with an advisor and accountant can help an incorporated professional find a way to balance their cash flow.

  • What does a Personal Financial Plan include?
  • There are 2 main sides your financial plan should address: Accumulation and Protection



    – Cash Management – Savings and Debt

    – Tax Planning

    – Investments



    – Insurance Planning

    – Health Insurance

    – Estate Planning

  • What’s the Financial Planning Process?
  • – Establish and define the financial planner-client relationship.

    – Gather information about current financial situation and goals including lifestyle goals.

    – Analyze and evaluate current financial status.

    – Develop and present strategies and solutions to achieve goals.

    – Implement recommendations.

    – Monitor and review recommendations. Adjust if necessary.


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