Skip to Main Content
  • CIBC.com
  • CIBC Private Wealth
  • CIBC Websites
Client Login
  • Home
  • Meet Your Team
  • What We Do
    • Our services
  • Who We Serve
    • Personal and business wealth needs
    • Permanent Insurance strategies
    • Individual Pension Plan (IPP)
  • What We're Saying
    • Pyle's Blog
    • Market insights
  • Who We Support
  • Contact us
  • CIBC.com
  • CIBC Private Wealth
  • CIBC Websites
  • Client Login
 CIBC Private Wealth, Wood Gundy  CIBC Private Wealth, Wood Gundy

Pyle Wealth Advisory

  • Home
  • Meet Your Team
  • What We Do
    • Our services
  • Who We Serve
    • Personal and business wealth needs
    • Permanent Insurance strategies
    • Individual Pension Plan (IPP)
  • What We're Saying
    • Pyle's Blog
    • Market insights
  • Who We Support
  • Contact us

Who We Serve

Address 135 Charlotte Street Peterborough ON, K9J 2T6
Telephone Number (705) 740-2037
Email Email us
Email Email
Telephone Number Tel

Medical professionals

People depend on you as a medical professional every day to make the right decisions.


The Pyle Group is here to help lighten your responsibilities with comprehensive financial solutions. Let us assist you with your overall financial picture, co-ordinating with your tax expert, banking specialists, legal professionals, and insurance consultants.

All individuals and businesses are unique when it comes to their financial planning and investment needs; however, medical professionals have found their situations becoming more complex over the past decade with the shift to incorporation. At The Pyle Group we work with doctors, dentists, pharmacists, therapists and veterinarians in establishing customized solutions to fit their needs. This extends from comprehensive cash-flow based planning, to disciplined asset allocation strategies to succession planning and the excellent private banking services of CIBC.

With a complete financial outlook, we design a portfolio strategy that will maximize your wealth accumulation, minimize tax and investment risk.

 

Investment and tax strategy harmony

With considerable assets accumulating in medical professional corporations, individuals must now contend with the fact that investment earnings in those corporate portfolios attract the highest marginal tax rate. With the latest Ontario budget, this rate is now basically 50% and this can have a significant drag on growth. Working with a professional’s accountant we devise investment strategies that adhere to their unique objectives and risk tolerance, but with a view to maximizing tax efficiency.

 

Permanent insurance strategies

Early in the medical professional’s career, when families are being started, there will be a ‘pure’ need for insurance. Providing a continuation of income for loved ones and support for education is paramount. Later in the career, however, after accumulation of significant personal and corporate assets, this pure requirement is diminished and replaced with the need to create tax efficiency and estate protection and transfer. Permanent insurance is one of the best ways to meet these very important needs.
A still more effective strategy for the medical professional is to hold either a whole life or universal life policy inside the corporation. Not only are the investments held within the policy tax sheltered, policy premiums can be made from the corporation’s cash flow, without the need of paying out a salary to the professional to fund an individually held policy.
At The Pyle Group we ensure that an insurance strategy is only implemented once a comprehensive financial plan has been created and a needs analysis performed, taking into account the medical professional’s unique goals and objectives.

 

The individual pension plan (IPP)

Even though medical professionals have been incorporated for a number of years we find that many still do not know that they can create their own defined benefit pension plans now – something they couldn’t do before. Essentially an Individual Pension Plan (IPP) works like any other defined benefit plan in that the corporation provides the funding necessary to generate a specific income flow at retirement. At The Pyle Group we will generate a concept showing a comparison between continued RRSP funding and an IPP and discuss those results with the medical professional and the accountant to ensure the strategy makes sense. Benefits of an IPP include:

  • Depending on the age and salary that a professional draws from the corporation the maximum contribution to the IPP will be well in excess of the RRSP maximum.
  • If a spouse also draws a salary from the corporation, they too can have an IPP created.
  • The ability to fund based on past service (taking account of salaries drawn from the corporation since inception).
  • Making a voluntary contribution by rolling in existing RRSP assets into the IPP.

Since investment management fees are not deductible for RRSPs, but allowed for an IPP, this also improves tax efficiency in fee-based accounts for the professional.
Assets in an IPP are also creditor proof, where they are not always in an RRSP.
Pension regulations require an IPP to show average annual returns of at least 7.5%. Any shortfall, however, will be made up by additional tax-deductible contributions by the corporation. Since many professionals will typically have conservative investment strategies, this makes it more likely that the corporation will have an increased opportunity to put even more capital into the IPP where it will claim a deduction and not be taxed on income from that capital.

 

Permanent insurance strategies

Early in the medical professional’s career, when families are being started, there will be a ‘pure’ need for insurance. Providing a continuation of income for loved ones and support for education is paramount. Later in the career, however, after accumulation of significant personal and corporate assets, this pure requirement is diminished and replaced with the need to create tax efficiency and estate protection and transfer. Permanent insurance is one of the best ways to meet these very important needs.
 
A still more effective strategy for the medical professional is to hold either a whole life or universal life policy inside the corporation. Not only are the investments held within the policy tax sheltered, policy premiums can be made from the corporation’s cash flow, without the need of paying out a salary to the professional to fund an individually held policy.

 
Our team ensures that an insurance strategy is only implemented once a comprehensive financial plan has been created and a needs analysis performed, taking into account the medical professional’s unique goals and objectives.

 

Estate management
 

One of the key questions you are asked when determining your risk tolerance is whether or not you might have any specific estate or charitable giving goals in mind. These aspirations will likely include your family and friends, as well as local associations, national charities and even global agencies. The more thought you put into your estate plan and philanthropic legacy, and the sooner you do so, the better will be the outcome. 
 
Our team is here to guide you through with an extensive team of experts in areas of financial planning, tax strategy, insurance, and philanthropic advice.
 

 

Risk management

The planning we do today will ensure that your accumulated assets pass to those you cherish with the least amount of tax possible. While you save for retirement, the sooner you start thinking about your estate planning objectives the better. What is needed is a true team approach; from insurance strategies to create an estate or defray capital gains taxes, to preparing for cottage succession and passing along the family business.
Our team utilizes Wood Gundy’s entire suite of wealth specialists in areas of estate, insurance and tax-efficient strategies. Working together with your own accountants and lawyers, we ensure your estate plan is comprehensive, efficient and does what you intend it to do.

What we are built on:

  1. We believe that a client needs to be educated and not just advised.
  2. We believe that emotion belongs in the discussion of money and not in an investment strategy.
  3. We believe someone shouldn’t take more risk than they need.
  4. We believe that without a financial plan, any investment strategy is not a strategy.
  5. We believe that no one should enter into an insurance policy without a plan.
 
 
  • Rates
  • FAQ
  • Agreements
  • Trademarks & Disclaimers
  • Privacy & Security
  • CIRO AdvisorReport
  • Accessibility at CIBC
  • Manage Cookie Preferences
  • Cookie Policy
 Canadian Investment Regulatory Organization  Canadian Investor Protection Fund

CIBC Private Wealth” consists of services provided by CIBC and certain of its subsidiaries through CIBC Private Banking; CIBC Private Investment Counsel, a division of CIBC Asset Management Inc. (“CAM”); CIBC Trust Corporation; and CIBC Wood Gundy, a division of CIBC World Markets Inc. (“WMI”). CIBC Private Banking provides solutions from CIBC Investor Services Inc. (“ISI”), CAM and credit products. CIBC Private Wealth services are available to qualified individuals. Insurance services are only available through CIBC Wood Gundy Financial Services Inc. In Quebec, insurance services are only available through CIBC Wood Gundy Financial Services (Quebec) Inc.


CIBC Private Wealth services are available to qualified individuals. The CIBC logo and “CIBC Private Wealth” are trademarks of CIBC, used under license.