HOOPP here it is! Attention Ontario* Physicians!

You can now join HOOPP (Healthcare of Ontario Pension Plan)! That may sound exciting, but you might have lots of questions like...

• What makes HOOPP different from other retirement plans?
• How does HOOPP’s defined benefit pension work?
• How do HOOPP benefits impact your overall retirement planning?

In this episode, we dive into the Healthcare of Ontario Pension Plan (HOOPP), a valuable retirement option for incorporated physicians in Ontario. We’ll break down how the plan works, from eligibility and contributions to its key features. Whether you're early in your career or planning for retirement, understanding HOOPP is essential.

Tune in for insights on:

• HOOPP’s structure and benefits
• How the HOOPP pension plan is structured and how it differs from other retirement plans
• Advantages like stable income and less market risk

If you’re a physician looking to secure your future, this episode is for you!

To learn more about joining HOOPP, talk to your financial planner or take a look here: https://hoopp.com/join-hoopp/physicians-joining-hoopp

Want to understand how this new option impacts you?

If you’re wondering how this change might affect your financial plan and ability to retire, a fee-based plan might make sense for you.

If you like the idea of having a roadmap to your goals, knowing exactly what you’re getting for what you’re paying, and no hidden commissions, book a free discovery call to see if the time is right for you to get a financial plan.

https://www.galenhelpsdocs.com/call

The clock is ticking for the changes to capital gains to take effect. The window is also closing to do anything proactively about it before the changes occur.

I sat down with Hemal Balsara, Head of Tax, Retirement, and Estate Planning, Individual Insurance, Manulife for this episode to get to the bottom of the changes.

Hemal was part of a group invited to a closed-door meeting for the first viewing of the proposed changes and (you’ll hear in the episode) as the document was handed out, he heard a wave of people muttering “capital gains”… “capital gains” and, in his own words:

“I can’t believe they finally did it”

Hemal and I dive into the changes to help you answer specific questions I’ve been getting from clients like:

• Should I sell anything before the deadline?
• How will the changes affect what’s outside of my corporation?
• What about my investments inside?
• What can I do about these changes?
• What existing tax strategies will still work?
• What existing tax strategies might work better?

Even if you’re listening to this episode after the changes have taken effect, we talk about what long-term adjustments to your existing plan might make sense considering these changes. It’s not all about what you can do before the 25th.

As always, consult someone who knows your specific situation before making any changes to your finances.

If you’re wondering how these changes might affect your financial plan and ability to retire, a fee-based plan might make sense for you.

If you like the idea of having a roadmap to your goals, knowing exactly what you’re getting for what you’re paying, and no hidden commissions, book a free discovery call to see if the time is right for you to get a financial plan: https://www.galenhelpsdocs.com/call

To follow Hemal and read his up-to-date articles analyzing the changes, you can find him on LinkedIn here.

The Budget! You've likely heard about the proposed tax changes in the 2024 federal budget and how they could impact your financial future, especially regarding capital gains within your corporation. Since I was fielding so many questions and clarifying misconceptions about the change, I decided to make this podcast episode and a whiteboard video where I delve deeper into these changes and offer insights on how physicians can adapt their financial strategies. In this episode, I explain the impact these changes could have on physicians and their corporations and what it means for using a corporation as part of a retirement plan. I also share some steps physicians can take to navigate this shifting landscape.

To watch the YouTube video, click here.

Are you concerned about how these changes could impact you?

I specialize in providing fee-based financial planning services tailored to physicians' unique needs, if you’d like to figure out if a fee-based plan could help you achieve your goals and also analyze what steps you can take to be proactive about these changes - ​book a free discovery call​ to get started.

Till next time!