Portfolio Management

The internet has revolutionized the investment world. While information is more readily available, the abundance of options has made investing more confusing than ever. The fast pace of change also made it challenging to stay on top of your own portfolio when investment products are going in and out of favour seemingly overnight due to social media.

At Clarity MD Services, we strive to help you keep your investment simple, cost-effective and easy to understand. Our partnership with Wealthsimple enables us to provide you with the tools to effortlessly monitor your investment portfolio. We believe that by understanding how your investment contributions and performance fit into your financial plan, you will be more likely to stay on course in this unpredictable and media-driven capital market.

Cash-flow Management

Ultimately, it's your savings that will provide for the realization of your goals, the fulfillment of your dreams. It should include provisions for short and long term savings, whether you're saving for a vacation, retirement, a child's education, your dream cottage, or simply setting aside funds for a rainy day.

At Clarity MD Services, we focus on helping you gain better understanding of your cash-flow.  Being consistent with your saving strategy is the key to financial success.  Instead of finding the next best investment opportunity, we help you build a realistic budget and take advantage of tax-efficient savings avenue including RRSP, TFSA and corporation. 

Insurance and Risk Assessment

On the road of life, anything can happen. Opportunity can knock; and sometimes, disaster can strike. That's why insurance is a vital component of any financial plan. Whether you want to protect your family, or replace your income in the case of a disability, an effective insurance program helps to prepare you for the unexpected. You should consider life insurance, disability and critical illness insurance, and long-term care coverage to protect your future.

At Clarity MD Services, we can show you how to take the worry out of planning for the unforeseen and put a program in place so you can stay focused on all the positives in your life.

Professional Incorporation

Professional incorporation can offer significant tax advantages for physicians in the form of tax deferral and income splitting opportunities. Through incorporation, physicians may pay income tax at the much lower corporate tax rate.

It's important for professional incorporation to be structured properly to allow for flexibility and any changes that may take place in the future. At Clarity MD Services, we will work with you and your accounting and legal representatives to develop a solid financial strategy that will allow you to maximize the benefits of incorporation now and for years to come. Talk to us soon to find out if professional incorporation is right for you.

written Comprehensive Financial Plans

We understand that while you're in professional transition from student to resident, and from resident to practice, your personal and financial life is also in transition. But once you're settled, we offer more detailed financial planning services for those who are established in their medical practice, and want to build for the future.

Clarity MD's written financial plan involves an in-depth review of your current income, savings and spending habits to provide financial projections, analysis and explore alternatives. Our written financial plan can help you visualize your financial future, and act as a roadmap to guide your financial decisions.

Career Transition Support

Because we specialize in supporting the financial dreams of medical professionals, we understand your needs better. We can provide the right financial advice at every stage of your career.

Transition to Residency

It's not uncommon for medical students to carry debt in excess of $100,000 by the time they enter residency. With debt like that, it can be a challenge to balance your budget and make progress toward financial growth. Here are the five critical financial decisions we'll assist you with during you transition from medical student to resident:

  1. Determine whether you should rent or buy during your residency.

  2. Decide on the best debt consolidation strategy based on your goals.

  3. Explore your insurance options and set up proper coverage.

  4. Make the most of your tuition credits and project your cash flow in order to minimize surprises.

  5. Find out if you should consider investing during your residency.

Transition to Practice

As you move into your first year of practice, your financial situation will change along with your professional transition. Here are the five critical financial decisions we'll assist you with during your first year in practice:

  1. Find out if you are a good candidate for professional incorporation

  2. Understand your insurance needs and options

  3. Determine the best savings and investment strategy

  4. Compensate for the loss of your Professional Association Residents of Ontario (PARO) benefits

  5. Evaluate your debt load and find out if debt consolidation is the right choice