Pharus Wealth - Dental Professionals

Comprehensive Financial Strategies for Dental Professionals

At Pharus Wealth Advisory Group, we recognize that dentists encounter unique financial challenges throughout their careers. Our specialized wealth advice is designed to help you navigate these challenges successfully.

For the Newly Graduated Dentist:

Debt Management: We offer a robust plan to tackle student debt, including refinancing options and payment strategies to reduce interest over time.
Investment Planning: Early investment in RRSP & TFSA can be pivotal. We’ll help you understand the best investment vehicles for your situation.
Cash Flow Planning: Our detailed cash flow analysis helps you allocate funds wisely between debt repayment, savings, and everyday expenses.
First Home Purchase: We provide guidance on saving for a down payment, mortgage pre-approval, and the home buying process.
Setting up Healthcare Banking with Preferred Rates: CIBC offers special pricing and services on banking to medical professionals: https://www.cibc.com/en/business/banking-for-professionals/healthcare.html

For the New Dental Practice Owner:

Tax Planning: Our tax experts help you benefit from eligible deductions and credits, reducing your tax burden.
Incorporation Analysis: We assess the financial impact of incorporating your practice, including liability protection and tax implications.
Debt vs. Savings: We help you find the right balance between paying down debt and building wealth for future goals.
Education Savings: We set up RESP accounts and create a savings plan tailored to your family’s educational goals.
Asset Protection: Our strategies include asset ownership structures and insurance products to shield your wealth from creditors.
Insurance Planning: We evaluate your needs to provide comprehensive coverage for disability, critical illness, and life insurance.
Investment Evolution: Shift to sophisticated investment solutions as your wealth grows.
Estate Essentials: Ensure peace of mind with updated Wills and Power of Attorneys.

For the Established Dentist:

Income Structuring: We analyze whether taking income as salary or dividends is more tax-efficient for your specific situation.
Savings Targets: We establish clear savings targets and create a plan to ensure you meet your retirement objectives.
Insurance Review: As your net worth grows, we adjust your insurance coverage to reflect your current financial status.
Real Estate Investment: Our advisors can help you evaluate potential real estate investments, including vacation homes.

For the Dentist Nearing Retirement:

Practice Exit Strategy: We will guide you, along with your external advisors with a personalized exit strategy for selling your practice and prepare your investment portfolio so that your DPC is ready for the “purification” process.
Purification: is the removal of inactive business assets from the corporation’s portfolio. This step is crucial for the corporation to be recognized as a “small business corporation,” a status that is essential for shareholders to qualify for the Lifetime Capital Gains Exemption (LCGE) upon the sale of the practice.
Retirement Planning: Our retirement planning includes cash flow management and investment strategies for a comfortable retirement.
Financial Support for Family: We create plans for ongoing financial support for your children, including trusts and gifting strategies.
Tax-Efficient Investing: We advise on using tax shelters and holding companies to protect and grow your wealth.
Portfolio Restructuring: We assist in restructuring your investment portfolio to focus on income generation during retirement.

For the Retired Dentist:

Tax-Efficient Withdrawals: We plan withdrawals from your savings in a way that minimizes taxes and maximizes income.
Retirement Income: We guide the RRSP to RRIF conversion process, the strategic change in investments to provide for tax efficient income from your investments and strategize the timing of CPP and OAS to optimize your retirement income.
Legacy Planning: Support your grandchildren in a way that lasts.
Estate Management: We update your estate plan to reflect your current wishes and ensure a smooth transfer of your legacy.

Pharus Wealth Advisory Group partners with CIBC experts and your team of professionals to deliver a financial strategy that evolves with your dental career. Our commitment to your financial success is unwavering.

Reach out to us to help secure your financial future.