Tag: eye care professionals

Understanding the 4 D’s of Maximizing After-Tax Income

Finance|Wealth, Tax & Legal Matters

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After-Tax income

With all the recent talk about potential changes to capital gains taxation, now is an excellent time to revisit strategies for maximizing your after-tax income. Here’s a breakdown of the 4 D’s: Defer, Deduct, Differentiate, and Divide. These strategies can help you manage your tax bill today and in the future.

  1. Defer: Shift Taxes to Future Years

Deferring tax is a smart move, especially if you’re currently in a high tax bracket. The idea is to reduce your current tax burden by shifting it to future years when you expect to be in a lower tax bracket. A few examples are:

  • RRSPs: The most common tool for tax deferral is the Registered Retirement Savings Plan (RRSP). Contributions are tax-deductible today. The growth and contributions are tax-deferred until you withdraw the funds in retirement.
  • Capital Gains: Managing the timing of an asset sale to defer capital gains tax can also be beneficial. This is especially true given the proposed changes to the capital gains inclusion rate that bumps up the 50% inclusion to 66.7% for personal gains over $250,000 in a given tax year.
  • Corporate Accounts: For business owners, leaving funds in your corporate account can delay personal taxation. Keep in mind, this strategy may also come with some negative implications to your overall corporate tax bill. Balance is key here. Speaking of which, is it time to consider full deferral of investment growth tax through the use of permanent life insurance?

  1. Deduct: Maximize Your Tax Credits and Deductions

Everyone likes to pay less tax, and one of the simplest ways to achieve this is by ensuring you’re taking full advantage of all available tax credits and deductions. A couple of common credits that are often missed include:

  • Charitable Donations: Instead of small donations at the cash register, make larger donations directly to registered Canadian charities to get a tax receipt.
  • Medical Expenses: These can be claimed for any 12-month consecutive period. Sometimes it’s more advantageous to run calculations outside of the calendar year, like May 1 to April 30.

  1. Differentiate: Understand Tax Rules for Different Types of Income

Different types of income are subject to varying taxation rules. This differentiation is particularly valuable when managing investment income, especially for non-registered accounts. Another differentiation point worth exploring is the age old question of:

  • Salary vs. Dividends: Business owners can choose between salary and dividends, or a blend of both. Even though recent tax changes have led to near-perfect tax integration, those who opt for a salary will need to make CPP contributions, which entitle them to CPP disability, death and retirement benefits. Understanding what is important to you and your current situation keeps this a very individualized discussion.

  1. Divide: Income Splitting

While opportunities for income splitting have been reduced in recent years, some options remain.

  • Spousal RRSP: Contributing to a Spousal RRSP can help divide income more evenly between spouses when it comes to early retirement.
  • Non-Arm’s Length Employees: Business owners can still hire family members to help spread the household taxable income, as long as the salary paid to family members is reasonable.
  • Family Shareholders: In certain cases, naming family members as shareholders can be beneficial. Typically I recommend a different class of shares per family member so dividends can be distributed as needed. This can also be beneficial when it comes to selling your business as all shareholders may be entitled to the Lifetime Capital Gains Exemption.

A Holistic Approach to Tax Management

Reviewing various tax strategies that apply to you is just one part of our holistic financial planning approach. Working together as a team with other key advisors, including accountants and lawyers, ensures that no stone is left unturned.

If you’re curious about how these strategies might benefit you, don’t hesitate to ask. Effective tax management is not just about today; it’s about planning for a secure financial future. Reach out to us to learn more about how we can help you navigate the complexities of the tax system by calling (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) to set up your next conversation with us.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower You & Your Wealth with Clarity, Confidence & Control.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. Errors and Omissions exempt.

 

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

Roxanne Arnal graduated from UW School of Optometry in 1995 and is a past-president of the Alberta Association of Optometrists (AAO) and the Canadian Association of Optometry Students (CAOS).  She subsequently built a thriving optometric practice in rural Alberta.

Roxanne took the decision in  2012 to leave optometry and become a financial planning professional.  She now focuses on providing services to Optometrists with a plan to parlay her unique expertise to help optometric practices and their families across the country meet their goals through astute financial planning and decision making.

Roxanne splits EWO podcast hosting duties with Dr. Glen Chiasson.

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Self-Awareness in Emotional Intelligence: A Vital Skill for Optometric Staff

Human Resources, Training & Onboarding

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In the dynamic world of optometry, where precision, empathy, and effective communication converge, self-awareness within emotional intelligence stands as a key component for success. For you, cultivating self-awareness is not merely a professional enhancement but a crucial element for delivering exceptional patient care and fostering a harmonious work environment.

Understanding Self-Awareness in Emotional Intelligence

Emotional intelligence (EI) encompasses the ability to recognize, understand, and manage one’s own emotions while also recognizing and influencing the emotions of others. Self-awareness is the foundational component of EI. It involves having a clear understanding of one’s own emotions, strengths, weaknesses, values, and the impact of one’s behavior on others.

In practical terms, self-awareness enables you to navigate your emotional responses to daily challenges, whether it’s handling a difficult patient interaction, managing the pressures of a busy clinic, or collaborating with colleagues. By being aware of your emotional states, you can maintain professionalism, make informed decisions, and build stronger relationships with patients and coworkers.

Why Self-Awareness is Essential for Optometric Staff

1. Enhancing Patient Care

You frequently interact with patients who may be anxious about their vision health. Self-awareness allows you to recognize your own emotional responses, such as stress or impatience, and manage them effectively. By doing so, you can maintain a calm and reassuring demeanor, which is essential for building trust and rapport with patients. For example, a self-aware person can identify if they are feeling frustrated with a patient’s repeated questions and instead of showing irritation, they can consciously choose to respond with patience and understanding.

2. Improving Communication Skills

Happy people talking

 

Effective communication is critical in optometry. Self-aware people are better equipped to express themselves clearly and empathetically. You can gauge how your words and tone affect patients and adjust your communication style accordingly. This is particularly important when explaining complex eye conditions or treatment options. A self-aware person can recognize if they are using overly technical language and switch to simpler explanations to ensure the patient comprehends the information.

3. Fostering a Positive Work Environment

Self-awareness contributes to a positive and collaborative workplace. When you understand your own emotions, you’re more likely to engage in constructive interactions with colleagues. You can navigate conflicts with empathy and respect, reducing workplace tension. For instance, if a disagreement arises over scheduling or patient care protocols, a self-aware individual can address the issue calmly, considering both their own perspective and that of their colleagues, leading to more effective resolution.

4. Personal and Professional Growth

Self-awareness is a catalyst for personal and professional development. By understanding your strengths and areas for improvement, you can seek opportunities for growth. This might involve pursuing additional training, seeking feedback, or reflecting on your interactions to continually enhance your performance. For example, a person who recognizes their discomfort with certain administrative tasks might take steps to improve their skills in that area, ultimately increasing their efficiency and job satisfaction.

Cultivating Self-Awareness

Person tending to a plant

 

Developing self-awareness requires intentional effort and practice. You can start by regularly reflecting on your emotions and behaviors, seeking feedback from peers and supervisors, and engaging in mindfulness or self-assessment exercises. Techniques such as keeping a journal of daily interactions or participating in EI training programs can also be beneficial.

Conclusion

By honing this skill, you can enhance patient interactions, improve communication, contribute to a positive work environment, and embark on a path of continuous growth. Ultimately, self-awareness empowers eye care professionals to provide compassionate, effective care and thrive in their roles, benefiting both their patients and their practice.

Take the next step in your journey towards mastering emotional intelligence by exploring our continuing education resources at Emotional Intelligence Consulting Inc.. Start your learning journey today and empower yourself with the skills to excel both personally and professionally. Visit us now and transform your approach to patient care!

 

Jade Bodzasy

Jade Bodzasy

Jade Bodzasy, Founder of Emotional Intelligence Consulting Inc., is a dedicated Coach and Consultant for Optometric Practices. Her extensive background includes over 20,000 hours of expertise focused on customer relations, work structure refinement, training method development, and fostering improved work culture within Optometric practices.

Certified in Rational Emotive Behavior Techniques (REBT), Jade possesses a unique skillset that empowers individuals to gain profound insights into the origins of their behaviors, as well as those of others. Leveraging her certification, she equips optometry practices with invaluable resources and expert guidance to establish and sustain a positive, healthful, and productive work environment.

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Ready to Blaze Your Trail in Independent Optometry? Eye Recommend Can Help Lead the Charge!

Independent SightLines, Sponsored Posts

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Eye Recommend

Hey, future visionaries of eye care! Dreaming of becoming the OD you’ve always wanted to be and delivering patient care with your own personal touch? Or maybe in the future looking for an opportunity for partnership or to become a practice owner and revolutionize the industry. Get ready because Eye Recommend is your ticket to making those dreams a reality!

With nearly 600 practices across Canada, Eye Recommend isn’t just a network: we’re a powerhouse of independent optometry, igniting connections and fueling your journey to success. We believe in giving you the tools and support to rock your autonomy while building equity, expanding your enterprise, and delivering top-notch patient care infused with your passion, flair, and direction!

Come aboard and become part of our dynamic community of ambitious optometrists making waves in their practices. As an associate at an Eye Recommend member practice, you’ll gain access to a wealth of resources tailored to support your professional growth. Whether it’s tapping into the expertise of our Business Coaches for savvy entrepreneurial insights or honing your skills through engaging sessions led by our Learning and Development Trainers, rest assured, we’re here to empower you every step of the way.

But wait, there’s more! Network like a boss at our industry-leading conferences and explore partnership opportunities that could skyrocket your career.

We’re not just keeping up with the trends; we’re setting them! Dive into our cutting-edge events, workshops, and resources that keep you on the pulse of optometric research and industry developments. Plus, we’re all about nurturing your passions and helping you carve out your niche within independent optometry, whether it’s in specialized areas like dry eye treatment, vision therapy, myopia management, or even delving into the world of aesthetics!

At Eye Recommend, your success is our mission. We’re not just listening; we’re taking action. We’ve got everything you need to thrive in the competitive world of independent optometry.

So, what are you waiting for? Join the revolution with Eye Recommend and let’s make your optometry dreams a blazing reality!

Connect with us to learn more!

This is a sponsored post.

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Maximizing Revenue per Patient: Strategies for Optometric Practices

Independent SightLines

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Patient centered strategies

In the ever-evolving landscape of optometry, increasing revenue per patient is a key objective for any practice. By implementing strategic approaches and leveraging innovative technologies, optometrists can not only enhance patient care but also boost their bottom line. Here are some effective strategies to achieve this goal:

1. Set Your Eye Exam Fees Higher: Make it a World-Class Experience

● Elevate the standard of your eye exams by offering a premium experience to patients.
● Invest in state-of-the-art scanning technology such as OCT, Wide Angle Retinal Imaging, Glaucoma Management, Telehealth, Neurolens, and Meibography.
● Emphasize the value proposition of your comprehensive eye exams and the advanced diagnostic tools used, which justifies higher fees.

2. Hand Off in the Exam Lane: Doctor Recommended

● Encourage doctors to recommend additional services or products during the exam.
● Studies have shown that implementing this approach can increase revenue per patient by up to 15%.
● Ensure clear communication of recommendations and echo them during the handoff to the optical team.

3. Offer Multiple Glasses Solutions

● Cater to diverse needs by providing various glasses solutions such as office pairs, progressive addition lenses (PALS), hobby-specific, sport-specific, and prism glasses.
● Present multiple options to patients and emphasize the benefits of each solution tailored to their lifestyle and preferences.

4. Retain Your Spectacle Prescriptions

● Provide patients with a detailed quote that includes features, benefits, and lifestyle dispensing options.
● Offer budget-friendly packages and be proactive in addressing objections to ensure a successful sale.

5. Sunwear Selection and Promotion

● Curate a wide selection of sunglasses, including premium brands like Maui Jim and Ray-Ban, and integrate them with ophthalmic frames.
● Educate patients about the health benefits of wearing sunglasses and demonstrate the advantages of polarized lenses.
● Encourage browsing by displaying sunwear prominently and offering trials while patients wait.

6. Contact Lens Sales

● Streamline the process of obtaining contact lenses by reducing barriers to access, such as offering trials and including contact lens fees with exams.
● Simplify pricing structures with a per-box strategy and ensure transparency by providing quotes to all patients.
● Specialize in fitting multifocals and complex contact lenses like orthokeratology (ortho-K) to meet diverse patient needs.

7. Myopia Management and Vision Therapy

● Offer comprehensive solutions for myopia management, including glasses, contacts, and vision therapy.
● Utilize advanced techniques such as axial length measurements to tailor treatments for each patient.
● Emphasize the long-term benefits of myopia control in reducing the risk of vision-related complications.

8. Dry Eye Centres and AMD Wellness

● Establish dedicated dry eye centers offering a range of products and services, including drops, cleansers, masks, and dry eye packages.
● Incorporate innovative treatments like Retina Rejuvenation techniques for managing conditions like Dry AMD, along with recommending vitamins and at-home photobiomodulation (PBM) devices.

9. Premium Boutique Frame Lines and Events

● Differentiate your practice by offering exclusive boutique frame lines and hosting trunk shows and special events to showcase new collections.
● Create a buzz around these events to attract both existing and potential patients.

10. Recalls and Follow-Ups

● Implement a proactive recall system to schedule follow-up appointments and keep patients engaged with their eye health.
● Utilize tele-optometry for convenient follow-ups, improving patient compliance and satisfaction.

By implementing these strategies, optometric practices can enhance patient satisfaction, improve clinical outcomes, and maximize revenue per patient, ultimately achieving sustainable growth and success in the competitive healthcare market.

Other tips from Dr. Trevor Miranda – Click Here.

DR. TREVOR MIRANDA

Dr. Miranda is a partner in a multi-doctor, five-location practice on Vancouver Island.

He is a strong advocate for true Independent Optometry.

As a serial entrepreneur, Trevor is constantly testing different patient care and business models at his various locations. Many of these have turned out to be quite successful, to the point where many of his colleagues have adopted them into their own practices. His latest project is the Optometry Unleashed podcast.

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Get to Know FYidoctors – New Graduate Experience

NextGenOD, Sponsored Posts, Sponsors

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FYidoctors logo trade mark

Approximately a year ago, I had the privilege of meeting Dr. Mary-Kate Alliston during her signing journey with FYidoctors in July of 2023. Her unwavering dedication and passion for optometry left a lasting impression, prompting us to offer her the opportunity as the Lead OD of one of our clinics.

FYidoctors Dr. MK ALLISTON
FYidoctors Dr. MK ALLISTON

What truly stood out about Mary-Kate’s journey was not only her signing as a new graduate in a leadership role but also her confidence in serving as the sole OD in that clinic.

FYidoctors is fortunate to have been chosen as her inaugural practice space, and is happy to share a little about herself:

  1. Tell us about yourself

I am originally from Ancaster, Ontario and I have worked with FYidoctors in different capacities since 2018. I began my post-secondary education at Western University and obtained a Bachelor’s of Science degree with a double major in Physiology and Biology. I then went on to study Optometry at the University of Waterloo School of Optometry and Vision Science and graduated in spring 2023.

  1. What made you choose optometry?

I knew from a young age that I wanted my career to be centered around helping people, becoming involved in my community, and making a difference in people’s lives. I entered my undergraduate studies with the ambition of becoming a medical doctor but with the goal of exploring other healthcare-related options that fit my lifestyle and priority of work-life balance. I always endeavored to work in primary healthcare because I love interacting with others and building relationships over time.

  1. What do you love about your job?

I love so many things about the job. I love that at the very least, we are improving patients’ lives simply by improving their vision with either glasses or contact lenses. I love that the profession has so many different facets, including eye health and binocular vision, and that we have the potential to make a difference in the patient’s overall health as well as being a part of their larger healthcare team. I love that, as optometrists, we are always learning new information that can benefit our patients and the profession is always evolving. I love the lifestyle and the work-life balance the career provides as well, and that I get to do what I always aspired to do in my career, which is help people and enhance their lives every day.

  1. What advice would you offer soon-to-be graduates?

I have placed a lot of importance in my life on experiences, and have made that a priority throughout my post-secondary years. I have volunteered, shadowed, and worked in a variety of different clinics including other FYidoctors locations, and have learned so much about what my goals are as a practitioner and what I prioritize in a workplace environment. I took an opportunity to do one of my externship rotations in another province I had never been to before, and I have worked in both rural and urban areas. My advice would be to seek out new experiences outside of your comfort zone to gain different perspectives and discover what your goals will be once you become a practitioner. I would also recommend starting the job search early and taking your time to decide what is right for you, and do not be afraid to ask the “hard questions” of your future workplace.

Dr. Mary-Kate Alliston currently practices at our Kitchener-Waterloo clinic and is happy to chat about her experience with future graduates.

Looking for career opportunities with FYidoctors?

Contact me at Michelle.Melnyk@fyidoctors.com

This is a sponsored post.

FYidoctors Michelle Melnyk

Michelle Melnyk

With over a decade of dedicated service, Michelle Melnyk has been proud to have influence across various roles in Talent Aquisition. At FYidoctors, she began as the Optometrist Recruiter for the Ontario region, and soon after, stepped into her current role as Manager of Campus Engagement. Her journey began with a Bachelor of Arts in Psychology from Mount Royal University with a minor in Human Resources, where she developed an understanding of human behavior and organizational dynamics. Beyond her professional endeavors, Michelle is known for her advocacy for work-life balance and her passion for family, plants, and travel. With her background and dedication, Michelle continues to shape the careers of individuals while making meaningful contributions to the field of talent management.

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