{"id":24034,"date":"2020-05-26T21:18:27","date_gmt":"2020-05-27T04:18:27","guid":{"rendered":"https:\/\/hfin.ca\/?page_id=24034"},"modified":"2020-05-26T21:28:33","modified_gmt":"2020-05-27T04:28:33","slug":"financial-advice-for-incorporated-professionals","status":"publish","type":"page","link":"https:\/\/hfin.ca\/financial-advice-for-incorporated-professionals\/","title":{"rendered":"Financial Advice for Incorporated Professionals"},"content":{"rendered":"<section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock  '   itemprop=\"text\" ><p><iframe loading=\"lazy\" style=\"pointer-events: auto;\" src=\"\/\/player.vimeo.com\/video\/390273053\" width=\"100%\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Financial advice for incorporated professionals is often two-sided- advice for the practice and personal financial advice.\u00a0 A few things to keep in mind for professionals are:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">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.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">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.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Professionals should also ensure that they have access to health benefits.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">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.<\/p>\n<\/li>\n<\/ul>\n<h3>Why do you need Financial Advice?<\/h3>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Worry less about money and gain control.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Organize your finances.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Prioritize your goals.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Focus on the big picture.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Save money to reach your goals.<\/p>\n<\/li>\n<\/ul>\n<p>For an incorporated professional, personal and practice finances are connected. Therefore both sides should be addressed: Personal and your Practice.<\/p>\n<h3>What does Financial Advice for an Incorporated Professional include?<\/h3>\n<p>There are 2 main sides your practice&#8217;s financial plan should address: Growth and Preservation<\/p>\n<p>Growth:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Cash Management- Managing Cash &amp; Debt<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Tax Advice- Finding tax efficiencies<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Health Benefits<\/p>\n<\/li>\n<\/ul>\n<p>Preservation:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Investment- either back into the business or outside of the business<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Insurance Planning\/Risk Management<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Retirement Planning<\/p>\n<\/li>\n<\/ul>\n<h3>What does Personal Financial Advice include?<\/h3>\n<p>There are 2 main sides your financial plan should address: Accumulation and Protection<\/p>\n<p>Accumulation:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Cash Management &#8211; Savings and Debt<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Tax Advice<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Investments<\/p>\n<\/li>\n<\/ul>\n<p>Protection:<\/p>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Insurance Planning<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Health Insurance<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Estate Planning<\/p>\n<\/li>\n<\/ul>\n<h3>What&#8217;s the Financial Advice Process?<\/h3>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Establish and define the financial advisor-client relationship.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Gather information about current financial situation and goals including lifestyle goals.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Analyze and evaluate current financial status.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Develop and present strategies and solutions to achieve goals.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Implement recommendations.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Monitor and review recommendations. Adjust if necessary.<\/p>\n<\/li>\n<\/ul>\n<h3>Next steps&#8230;<\/h3>\n<ul style=\"margin: auto 2em 1.5em; list-style-type: disc;\">\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\"><a href=\"\/contact\">Talk to us<\/a> about helping you get your finances in order so you can achieve your lifestyle and financial goals.<\/p>\n<\/li>\n<li style=\"list-style-type: inherit; display: list-item; margin: .2em 0 0 .2em;\">\n<p style=\"margin: 0;\">Feel confident in knowing you have a plan to get to your goals.<\/p>\n<\/li>\n<\/ul>\n<\/div><\/section>\n<div  class='avia-button-wrap avia-button-left  avia-builder-el-1  el_after_av_textblock  avia-builder-el-last ' ><a href='https:\/\/hfin.ca\/contact\/'  class='avia-button   avia-icon_select-no avia-color-theme-color avia-size-large avia-position-left '   ><span class='avia_iconbox_title' >Contact<\/span><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - 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