Part of an ongoing series on the questions we hear most from dentists.
Your accountant handles your personal taxes and your corporate return. Maybe an advisor manages your RRSP. Your lawyer drew up a Will a few years back. Each of them does their job well. But whose job is it to make sure all of those pieces are actually working together, rather than just sitting next to each other?
Most dentists we work with are juggling a household, personal finances, corporate finances, and often a practice, all at the same time. Each one is demanding enough on its own, and the honest truth is they rarely get looked at side by side or folded into one overall plan. A decision you make in one area quietly moves the others, whether or not anyone notices at the time.
That’s the gap we spend our time in, working specifically with dentists and their professional corporations. How your corporation or practice fits into your broader financial picture raises questions that a generalist advisor doesn’t always know how to handle.
So we’re starting something new: a series we’re calling The Gap Between a Great Income and a Great Financial Life, built around the questions and topics we hear most often from dentists, one area of planning at a time. Over the coming months, we’ll work through saving and spending, protecting your income and your family, how your corporation and compensation are structured, benefits for you and your team, where your investments actually sit, eventually selling or stepping back from the practice, and what happens to it all after you’re gone.
Some of these will feel obviously and immediately relevant. Others won’t, and that’s completely fine. Skip the ones that don’t apply, rather than wade through something that isn’t useful to you.
We’re glad to have you along for this, and we hope a few of these articles give you something worth thinking about. First up, coming in two weeks: Am I actually saving the right amount?
