Tag: Financial Planning

Tackling Debt from Student Loans to Credit Card

Finance|Wealth, NextGenOD, Perspectives, Resources

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I’m not sure why, but for some reason we love using football analogies in financial speak. I quarterback, you receive, and we tackle.

As we move into the summer, we are more jubilant and with that, we can have a tendency to overspend and forget about our financial plan.

To refocus, remember that your financial plan is really about what you want to achieve. So despite the lure to buy things that media is so great at convincing us we need, take a step back and ask yourself, “Does this purchase meet my cash flow and/or financial plan?”. (Wait, if you don’t have one, skip to the end and call me! Let’s get you working on building your wealth!)

The vast majority of young professionals have started their adult careers with a significant amount of debt, stemming largely from student loans. You may have also been dazzled by the glitter of a new car, a downtown condo, and in my case, a very expensive winter coat for our return to Winterpeg.

All of this can lead to an amount of debt that weighs you down and feels insurmountable.

Living the Good Life
You have worked hard to get where you are. You’re a doctor and with that often comes the expectation to live a lifestyle well beyond your current means. After sacrificing for years, you are now making money and want to enjoy it.

Absolutely! However, will a lifestyle of the rich and famous actually lead you to be rich and famous or will it lead you to a lifetime of debt?

If you could wave a magic wand and make your money do anything for you in the next 6-18 months, what would it do?

Are you taking the necessary steps to make this happen? Are you setting yourself up for success or will you always be chasing that next intermittent “high” from purchases? If you set yourself up properly and take action now, your magic wand doesn’t need to be magical.

Two Methods for Tackling Debt
There are two common methods for tackling debt – you know, take it down! Both methods focus on the getting rid of your debt in a time effective manner. When you gather all your debt information, you will want to review:

  1. Who do you owe?
  2. How much do you owe them?
  3. What is the interest rate?
  4. Are there any special terms on repayment, like 6 months interest free?
  5. What are the minimum payments?

Debt Snowball
The snowball method uses the concept of starting with a small pack of snow and essentially rolling it around your yard until you make a giant snow boulder. You start small, but as you keep going, you pick up momentum and before you know it, you have tackled a lot of that debt!

In this method, you pay off your smallest debt first – just get rid of it! Then move on to the next smallest. By decreasing the number of debts on your plate, you build significant positive emotions and reinforce your behaviour. You can see real progress.

Remember, you should also be making the minimum payments on all your debts while you are lump sum reducing the smallest. And as you remove the smaller debt minimum payments, you now have even more lump sum money to throw at the larger payments.

And voila – you have won the snowball fight (and waved that magic wand).

Debt Avalanche
The debt avalanche uses a slightly different approach. Just like in the debt snowball you will continue to make your minimum monthly payments on all your debts. However, here you will focus on your debt with the highest interest rate first for your lump sum additional debt repayments. The idea is to make your debt come quickly crashing down.

Which is Better
Depending on who you ask you will get a different answer and generally speaking, the approach that works better for you depends on….YOU!

If you’re someone who frets about interest, then use the debt avalanche. If you’re someone that gets easily off track, then use the debt snowball.

Positive reinforcement is a powerful thing and should never be underestimated, even if it means you’ll pay a few dollars more in interest. And, if you are someone whose highest debt is 100% consumer credit card debt – you do need to ask yourself why your credit card is racked up in the first place.

High Interest Credit Card Debt
Understanding why you overspend on consumer goods is critical to truly tackling debt. There is really no benefit to paying off your highest debt credit card first if you are just going to run it back up again. This type of behaviour is not only counter-productive, but it’s also morally deflating.

Debt is Bad
Understanding that debt is bad and ultimately steals from your future is step one to getting on the field. Having the self-discipline to get rid of debt is a life skill worth developing.

Even if your extra lump sum payments are only $20 this month, put it towards your debt and then celebrate with a beverage from your fridge – one you have already paid for! Every dollar paying down your debt will get you closer to financial freedom.

That being said, there is such a thing as good debt and best debt.

Good Debt Best Debt
Not all debt is bad. Consumer debt is horrible. Good debt actually allows you to build your wealth. Buying a home is good debt. But beware, even good debt needs to fit within you cash flow. It’s good only if you are paying it down and have a plan to eliminate it.

Best Debt is debt that not only builds your wealth, but where the interest is tax deductible. In many cases this does include your student debt. It can also include the purchase of a business. Using debt to build your wealth is a much bigger conversation and should be done as part of your financial planning.

Advisory
Circle back to your plan and take an honest look at why your debt exists in the first place. Then make a true commitment to yourself. Growing wealth is really as simple as that.

As your Chief Financial Officer, I’m here to help you understand your money and assist you in making smart decisions about your wealth.

Have more questions than answers? Educating you is just one piece of being your personal CFO that we do. Call (780-261-3098) or email (Roxanne@claritywealthadvisory.ca) today 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 Empowering You & Your Wealth.

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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How to Read your Corporate Financial Statement

Accounting Basics, Finance|Wealth, Resources

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Annually we take our corporate financial documents to the accountant and about 90 days later we return to pick up the financial statement. We meet with the accountant who highlights a few aspects, tells us how much tax we owe and present their invoice for payment. Often we walk out thinking “I have no idea what he was talking about”. We proceed to pay the taxes and the invoice and then file the package away until next year.

The reality is that to be an effective business owner and build up a practice that have value beyond you being the doctor, you need to understand the document.

When you measure something you begin to have control over it. You have the ability to impact change and increase the value of what is likely your largest material asset.

So today, a quick preliminary lesson on your corporate financial statement.

The Balance Sheet
This is the overall financial picture of your business. It represents your assets (good things the business has) and your liabilities (the money you owe).

To make these two numbers match, the shareholder’s equity/deficit section includes the retained earnings (deficit). This is how the balance sheet balances what you have in the business.

Assets
Assets are typically separated into Current Assets, Long Term Investments, and Property & Equipment.

Current assets are those items that are typically easily accessible or readily available to turn into cash. This section will include the money you have in your bank accounts at year end (cash) and the money other people owe you (accounts receivable). Here is where you will also find your inventory value.

Other assets will typically make reference to “Notes”. The Notes section is where additional details are laid out related to the items listed. On the Asset side, these often include any long-term investments like the art you may have on your office walls, and corporate owned life insurance cash values.

Corporate owned marketable securities (investments) will also be listed in one of these categories.

Property & Equipment is sometimes listed as Capital Assets depending on the accountant. In any event, these are larger cost items that are subject to depreciation schedules. Depreciation is how the value of a capital asset is reduced over time as you use it. More details on the depreciation of an asset class can be found in the Notes to the Financials as well.

If you purchased the corporation from someone else, you likely paid a soft fee called Goodwill. Goodwill represents the value of the business that was attributed to the none-numerical value of the business assets at the time of purchase. This often represents the good reputation and value of repeat business for a corporation.

Liabilities
Liabilities refer to the money you owe, or in this case, the money your corporation owes someone else. This might include banks, yourself (shareholder loan), taxation, utility companies, etc. You get the idea.

Shareholder’s Equity
Shareholder’s equity is generally made up of two parts. Share capital refers to the amount of cash the shareholder’s paid to buy their shares of the corporation. For most of us, this is a nominal amount.

Retained earnings refers to the numerical value you have created in your company. If this is a deficit, it means you owe more than your company assets are worth. In other words, if you sold everything at current valuation, you would still have outstanding debt.

The Income Statement
This is where you will see the revenue that the corporation brought in during the past year. For most optometric practices, the cost of goods will be taken off this value to create what is called the Gross Profit, or “how much money you made before you had to pay for expenses”.

Operating expenses are then listed – either in alphabetical order (gosh I wish all accountants listed it this way), or from highest to lowest cost amount. There are general classifications of expenses that most accountants use based on the tax rules with each item.

Once you subtract out the expenses from your gross profit, you are left with “Earnings from Operations”.

Next comes the broad category of “Other Income” which typically represents revenue generated from your investments and any rental income you collected.

Note that rental income will appear here for most optometrists because being a landlord is NOT the main business of your corporation. These are listed separately because (a) they are not derived from the active business activities of the corporation, and (b) because they are taxed at a different rate.

This brings you to “Earnings before Income Taxes”, then “Income Taxes” and finally “Net Earnings” or “Net Income”. This is the final measure of how profitable your business was during the year.

Bank Accounts
So how come the “net income” amount isn’t what is in your bank account?

Glad you asked. The biggest reason is often that net income is impacted by “Amortization and Depreciation”, yet your bank account may have paid for the asset (think “piece of equipment”) with cash. Here is where we open up the conversation to leasing vs loan vs cash purchasing. That is a bigger topic for another day.

Dividends
If you elect to take dividends (profits) out of your company, these will be deducted from your net income, after taxes are paid, and will appear on your financials before the balance of your earnings are counted towards your retained earnings on the balance sheet.

Notes to Financials
The notes section should provide additional details about various line items on both your balance sheet and income statement. They will outline the total cost of equipment, how much has been claimed under depreciation, and what the net value of that equipment is now. These are generally lumped into different categories based on their tax treatment.

Computer equipment for example, depreciates at a much quicker rate than optometric equipment, because computers have a very limited life span on them. Having said that, even if your exam room equipment has been depreciated down to $1, it likely still has a greater resale value.

The net book value simply refers to the value of the asset from a tax perspective. Generally speaking however, if the net book value of an asset is $1, that might be all someone is willing to pay you for it. And then we come to the subject of determining a selling price for your practice, another big topic!

Advisory
As your Chief Financial Officer, I’m here to help you understand the money things in your business and personal life.

Have more questions than answers? Educating you is just one piece of being your personal CFO that we do. Call (780-261-3098) or email (Roxanne@claritywealthadvisory.ca) today 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 Empowering You & Your Wealth.

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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Why Would I use Insurance as an Investment?

Building Wealth, Finance|Wealth, Resources

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Did you even know insurance can be an investment tool? Why would you ever want to do such a thing? Well, the simple answer is taxation.

Permanent Life Insurance
Two general forms of life insurance can help build your wealth.

Universal life insurance is like a term to age 100 policy that has a side investment account. You have the option to use the side account at any time. This is a great feature as you can secure the life insurance coverage you need today and hold onto the investment contribution room until you have excess cash to deposit.

Similar to purchasing mutual funds, a universal life insurance policy usually has a small selection of funds to invest in.

Whole life refers to a life insurance policy that has a dividend. The dividend can be set, often called non-participating, or it can be variable and dependent on an investment pool created and held by the insurer, called participating.

There are many dividend options to pick from and you should review your selected option from time to time to ensure the policy is still meeting all your needs. In most cases, a paid-up addition dividend option will help your policy values increase and typically outpace inflation so that the purchasing power of your benefit is maintained at the very least.

When you purchase a permanent life insurance product, you will be provided with an illustration that shows how the cash values might grow in the future.

Like any investment, there is no guarantee of long-term performance and typically these policies are designed for the long term as we want you to live a long and fruitful life. It is therefore important to also see the illustration of values showing 2% less growth so that you have a better understanding of some of the risks.

Risk?
All investments have risks. Having said that, the risk built into a life insurance contract is typically far less than the traditional marketplace.

Because the insurance company relies on their own investments in order to take your premiums and grow them to a point where they can pay claims, they tend to select lower-risk investments, have access to institutional funds, and lower management fees than many individuals do on their own.

Beware of illustrations that show you a high rate of return and minimize your premium payments by showing a high dependence on policy growth. It was quite common before the end of the last century to illustrate policies with double-digit growth.

The reality however was that most companies had to greatly reduce their growth payments and these policies started to implode. That policy that you thought would be there for life and provide a retirement supplement, was quickly disappearing to cover the base insurance cost.*

*If you think you might have an imploding policy, ask your advisor for an in-force illustration using the current growth rate and another showing 2% less. There are options to salvage what you have left if you act sooner rather than later.

Can Insurance Create Retirement Income?
Here is where things get interesting. A healthy life insurance policy with a decent investment side account can serve to not only cover your estate taxes at death, clear your debts, and provide a legacy to your family or charity, it can also be used to fund your lifestyle or other expenses while you are alive.

Typically, the value of the policy can be used as collateral for a bank loan, a policy loan (where you are your own banker), or partial surrender. There are various options depending on your need and long-term desires.

What About the Taxes?
When investments grow inside a life insurance policy, as long as the deposits stay under the contribution line, they grow tax-free. Keep in mind, that how you remove the money later in life may create a taxable event. Typically, if you access the money through a collateral or policy loan, there is no taxation.

Business Owned Policies
Here is where it gets really interesting. Growth from investments held by your business are deemed passive income and are taxed at the highest business tax rate. So being aware of the tax-saving opportunities for business investments is important.

Using life insurance can provide a great option for sheltering some business funds. Again, how you access these funds may trigger taxation – so you need to be aware of all the ins and outs of what you are trying to accomplish.

We didn’t even mention how investing in your life insurance contract can help you preserve the small business deduction tax rate on your active income!

When using a business-owned policy, you also need to be aware of how this investment and your life insurance coverage would be impacted by a change of business ownership.

Advisory
As your Chief Financial Officer, I’m here to help you understand the various tools available to you and your business to build your wealth. There are many factors to consider and understanding your goals is key to building a plan that serves you today and well into the future – as your life changes.

Have more questions than answers? Educating you is just one piece of being your personal CFO that I offer. Call (780-261-3098) or email (Roxanne@claritywealthadvisory.ca) today 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.

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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Setting Up Your Business Marriage for Success

Finance|Wealth, Human Resources, Managing Others, Planning, Tax & Legal Matters

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Dr. Roxanne Arnal, CFP®

Are you considering joining another optometrist in an ownership position? This is what I call a business marriage . It’s a coming together of two or more people to operate a business and when two or more people come together, we open ourselves up to great opportunities and also potentially disastrous experiences.

The Good
Let’s face it, we are greater together. When we can tap into the collective brain power of more people, we have the ability to create exceptional things. For an Optometric practice, this can include the ability to grow at a faster pace, share in responsibilities, and to even split up management duties. Which can all be good things.

The start to any great marriage is a strong relationship built out of trust and understanding. It requires honesty and a common vision.

The Bad
We all begin our business marriages as friends. We all start with a mutual respect for each other and recognizing our perceived strengths and weaknesses. Notice that I said “perceived”. But have you had the tough conversations? Have you reviewed how you may respond to bad things happening?

Have you undergone serious strain in this relationship and worked through it to find resolution when things got hard or you disagreed? This is where things can start to fall off the rails.

When I was a practicing Optometrist, I believed that my new partner would be a great co-manager because they enjoyed handling team member issues, where I had grown weary of it. My new partner had also worked as my associate for over five years and I assumed they understood my management philosophy- the one that permitted us to grow exponentially.

Turns out I made a lot of assumptions and failed to recognize the need for honest conversation. It wasn’t that either of us was knowingly misleading the other. It was the result of our perceived understandings and expectations.

Expectations Lead to All Sorts of Misery
When was the last time someone let you down? More likely than not, they had no idea what you were expecting of them and therefore it became virtually impossible for them to meet those expectations. And hence frustration ensued. Emotions rise to the surface and we may or may not move on. Even when we do move on, we rarely forget. Now we are keeping score.

Step One
Similar to marriage preparation courses offered at most churches, a business marriage needs proper planning. Working with a qualified advisor to walk you through all that might go wrong and to bring everyone’s expectations to the surface is step one.

With our clients that are considering a business marriage, we work through a thorough process of interviews and mediation to help them prepare the shareholder/joint venture agreement template to take to their lawyer for drafting. Important conversations that need to be had before any hardship may surface.

Consider all the options and the ‘what if’s’.  No one ever starts their day thinking “Today is the day I’m going to get in a car accident and not be able to go to work for 6 months”. But it has happened- then what?

Legal Execution
I’m a firm believer that any buy/sell agreement should not be executed without the contingent signing of the shareholder/joint venture agreement. Lawyers are great for helping us get through the paperwork, but I will caution you that not all lawyers are of equal competence in this subject matter and a great corporate lawyer executing your buy/sell agreement will often place less importance on the shareholder/joint venture agreement. I challenge you however, that despite looming deadlines, the desire to quickly create a clean year end, or to make the bank deadline, all of these things are less important than having the rules of your business marriage clearly defined and executed. Choosing the right partner in marriage and business both require time, good communication, and the proper paperwork.

Advisory
As your Chief Financial Officer, I’m here to help you create a successful business marriage. Personally, I have lived the results of a poorly created (and never executed) shareholder agreement and a bitter business divorce. I have witnessed other businesses blow up because they were all friends until one partner just stopped coming to work. My experience with the bad has proven that we can’t leave something so critically important to chance.

I help you manage a team of financial professionals and ensure that you have thought about the potential issues and opportunities. Helping you succeed is our focus.

Have more questions than answers? Educating you is just one piece of being your personal CFO that I offer. Call (780-261-3098) or email (Roxanne@claritywealthadvisory.ca) today to set up your marriage prep.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower your Finances.

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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New Year – Financial House Cleaning

Finance|Wealth, Planning, Resources

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Dr. Roxanne Arnal, CFP®

Welcome to a new year! With every new year we make resolutions. We make commitments to ourselves – that may or may not last into February! Many of us also take those last days of the holiday break to clean out a closet, a basement, a garage – clean sweep if you will.

Financially speaking there are a few new year tasks I highly recommend, especially for my young adult clients.

Last Year in Review

How much did you make in 2021? And, how much did you actually spend? Have you physically looked at and reviewed your statements? Part of effective tax planning and living within your means requires you to have a good understanding of your money from the previous year.

Did you make any RRSP contributions in the last year? Should you have contributed more? Did you know that you have the first 60 days of the new year to add to your RRSP for the previous tax year? This is provided for you as a great planning opportunity. If you are subject to tax withholding from your pay at source, adding to your RRSP will typically enhance your tax refund – which in turn I recommend using to add to your TFSA. That aside, if you are self-employed, an RRSP contribution top up will reduce your taxes owing for the last tax year AND decrease the installments needed for the new tax year. Win win!

Expenses

Are you feeling that you don’t have money for an extra RRSP deposit? Perhaps it’s because you have lost track of where all your money goes. If you have never reviewed your spending, I highly recommend you take the time to set up a spread sheet and plug in all your expenses from the past year. Housing is often a number we can calculate off the top of our head with fairly good accuracy. What about how much you spend at Timmie’s or Starbucks? Take out lunch every day? Over-tap and other bank charges adding up? Pull up all your credit card and bank statements and plug in those numbers. Take the time to figure it out early and watch your wealth grow quickly. Knowledge is power.

Create a Better Cash Flow Plan

Now that you know where your money is going, set up a better cash flow plan for the new year. Input realistic projections for your income, add in your mortgage or rental expenses, up your other non-discretionary expenses for inflation, and then decide the best way to allocate your remaining income between living today, saving for short and mid term goals, and your future retirement. Remember, if you spend $60,000 a year now, after debt payments and taxes, you can expect to spend the same (adjusted for inflation) in retirement – unless of course you want to decrease your lifestyle in retirement – but what kind of fun is that?

Update your Net Worth Statement

At least annually, you should update your net worth statement. Like a business balance sheet, your personal net worth statement is the compilation of your assets and your liabilities. Assets are things that have value. Generally speaking, unless you collect cars, your vehicle is more of an expense than an asset. Carry a credit card balance? That’s a liability. If you’d like a template to ensure that you capture all the valuable pieces, send us a request at admin@claritywealthadvisory.ca

Check your Credit Report

Once a year the two main credit agencies in Canada have to provide you a free credit score report. They don’t make it easy, but you can find the contact information online for both Equifax and Transunion and I recommend you request both reports. Not only do you want to review the health of your credit score, you also want to review the list of credit items linked to you and ensure there are no errors. Aside from the obvious, this is also a great way to review if your identity has been compromised financially. It may also remind you about those store credit cards that you applied for years ago to get a discount on your purchase – yet forgot to cancel, or worse, didn’t completely pay off! They will try and entice you to sign up for their paid subscription services or monitoring – watch the fine print. There really isn’t a great reason for ongoing monitoring unless you have been compromised in the past. And please, don’t ever, send your SIN via email.

Clean Sweep

Now that you know where things stand, keep track of your current year cash flow habits. Work to plug those holes in your bucket so that you can truly reap the rewards of your hard work with all the good things you deserve. Happy New Year!

 

As your Chief Financial Officer, I’m here to help you identify your goals, set your plan in place, monitor and adjust it as the wind changes. I help you manage a team of financial professionals and ensure that you have thought about the potential issues and opportunities.

Have more questions than answers? Educating you is just one piece of being your personal CFO that I offer. Call (780-261-3098) or email (Roxanne@claritywealthadvisory.ca) today to start your plan.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower your Finances.

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.

References:

https://www.consumer.equifax.ca/personal/help/faq/request-free-copy-credit-report/

https://www.transunion.ca/product/consumer-disclosure

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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Preparing for the New Year: Setting Goals

Finance|Wealth, Planning, Practice, Practice Metrics & Benchmarks

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Dr. Roxanne Arnal, CFP®

It’s that time of year where we are trying to get everything done – to close out the year before we head into next year with a fresh start.

For the past year, I have had several goals. Some were simple checklist goals, such as reading twelve books. Sounds easy enough, but I haven’t yet achieved it. I have several books that are in the incomplete stage, so there is still time.

Other goals, like forecasting goals, were and weren’t achieved.

And lastly, my dream goals. While they are the hardest to achieve, they are what I had the most success with in 2021.

As a planner, I talk about goals at every juncture. They provide us with the direction we need to build out the plan. Often, I find that the conversation starts with checklist goals, and then we build from there.

Generally, people don’t know, or are unwilling to share, their dream goals without some prodding. But let’s face it, dreams are what get us excited to get out of bed in the morning!

Checklist Goals
Check ListChecklist goals are those that you already know how to do. They are merely items with or without a deadline that you believe you either must do or want to do.

Read twelve books in a year. Paint the house. Host Christmas dinner for the family.

These are generally simple “what” goals. What do I want and/or need to do? Boring, but nonetheless, necessary in order for us to advance.

 

Forecast Goals
These are goals that you think you can do. These are typically based on past performance and outline projections for the New Year.

Most of us are very familiar with forecasting in our businesses. Based on what we accomplished this year, we expect to accomplish 10% more next year. That kind of thing.

In financial planning, we often use forecasting to plan out your retirement needs. Based on how much money you spend on your lifestyle today, we can forecast what your need will be in 20 or 30 years for example.

We make assumptions based on inflation and the rate of return of your investments. We add checklist goals for your contributions to your RRSP and TFSA for example. Then, when you meet with us for follow-ups, we make the necessary adjustments and continue ahead.

Forecasting goals provide us with direction and instructions as to how to proceed. So I often refer to these as “how” goals.

Dream Goals
Do you remember being a young child and dreaming that someday you’d be a firefighter? A teacher? An Olympic ice skater? An astronaut, An Optometrist?

Well maybe not about being an Optometrist, but here you are!

These dreams got you out of bed in the morning and into a classroom to absorb all the knowledge you could. They had you climbing ladders outside your house. They had you training at the gym and spending 20 hours a week at the ice rink.

For some of us, the dreams were vivid and real and pushed us to succeed. For others, they were merely passing by, and we updated them regularly as our interests changed.

At their heart, dream goals cause us to grow. They cause us to seek out new experiences and push us to achieve something more. Dream goals motivate us to get out of bed and charge forward into our day with excitement.

Then life happens. For many of us, we forget how to dream because we are caught in what we thought we are supposed to be doing. We get busy with running through the motions of being a parent, a business owner, a spouse. And we forget to dream.

It’s not that any of these accomplishments are bad. These are all wonderful things, but we often end up getting stuck and don’t grow. Why?

Connecting with Your Why?
That’s exactly it. We forget our WHY. At the core, dream goals are our why. I’m sure you’ve heard it before. Start with WHY.

We need to take the time to find some silence, to shut off the devices and just be in the moment with ourselves and reconnect to our WHY. Why did you want to be a parent? Why do you want to own your business?

I often must prod my clients in the first couple of meetings to uncover their why. To understand what is truly important to them and what they would love to achieve if only given the opportunity.

This is why. Why I do what I do. Why it’s important. It’s about Your WHY.

Prepare for the New Year
I encourage you to take some time this holiday season to connect with yourself. To figure out your why.

When we become present, we are often surprised at what we learn about ourselves. When we reconnect to our why, we often find out we are a lot happier than the motions would indicate. When we define our why, we can create some amazing dream goals.

Set all three types of goals for the New Year. Then give me a call or an email and share them with me. When we share those goals with someone else, we create accountability. And when we create accountability, we increase our chances for success.

My dream goal doesn’t change often. I dream to write my own book and get it published. In 2021, I completed the first draft and shared it with someone who has agreed to co-author with me. It might not have gotten published yet, but we are moving in that direction. It pushes me to grow. To be vulnerable and keeps me connected to my why.

In 2020, I wrote my dream goal as it pertains to my business. I made leaps and bounds in that area in 2021 and continue to build out avenues that open more doors. I didn’t know the how when I wrote this goal, but I continue to remain focused and somehow, the how seems to be unfolding around me.

As one year rolls into the next, I wish you a list of goals. Some that you will check off to show discipline and progress. And then some big, audacious goals that will force you to grow.

When you grow, you live.

I wish you all a year ahead of good health, much laughter, and tremendous growth.

As your Chief Financial Officer, I’m here to help you identify your goals, set your plan in place, monitor and adjust it as the wind changes. I help you manage a team of financial professionals and ensure that you have thought about the potential issues and opportunities.

Have more questions than answers? Educating you is just one piece of being your personal CFO that I offer. Call (780-261-3098) or email (Roxanne@cfspsc.ca) today to start your plan.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower your Finances.

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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The Best Holistic Financial Plan Has Multiple Accounts

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Dr. Roxanne Arnal, CFP®

You want to build wealth for your future – a retirement that lies somewhere between now and infinity. For years we were told to aim for a retirement ten years before the standard age 65 to declare that you were successful in your work.

Freedom at any age is fantastic, but retire at 55? The closer I get, the more I think that I will work into my 70’s. Why? Work gives us purpose and now in my second career I find myself rejuvenated and excited. Regardless, building a retirement portfolio should be a checklist goal built on forecasting goals that allow us to achieve our dream goals.

Building a plan involves several assumptions in order to create forecasts. And just like the weatherman, forecasts and assumptions are never completely accurate. Regardless, the planning and forecasting are necessary for us to know what to pack in our suitcase before we leave for that next vacation.

Financial planning is no different. You need to know what types of accounts should be in your suitcase, and what back up plans should exist should you encounter a storm along the way.

How can we plan for a retirement that will occur at some unknown point in the future?
Step one involves understanding where you currently are. First you need CLARITY on your current cash flow and your net worth to build the foundation and appreciate your lifestyle expenses.

Step two is to develop some mid and long term goals. At 25 I wanted to own an optometry practice and retire at 55. At 50, I had already sold that practice and was celebrating that I pulled through a major critical illness that was poised to prevent me from seeing my 49th birthday. Point is, goals change and morph over time and we need to be flexible.

Step three is to forecast what our needs will be in order to reach these goals. How much money do I need to save? What rate of return do I need to achieve? How will tax impact my future withdrawals?

Step four is to understand that what we know today won’t necessarily be what is true tomorrow.

Prepare for the unknown
Yes, yes, YES! Despite that we might like to think we know what our future will bring, the reality is that we can’t control the wind.

Pandemic? Didn’t see that coming. Cancer? Surprised me. Premature death of a partner?

I left the practice, but my ex-partner did pass away prematurely. CRAP HAPPENS people. The best plan needs to address these possibilities to ensure that should the CRAP happen to you, your business, your family, your wealth aren’t all depleted in the process.

But what about taxes?
Now you’re talking my love language! As we live in a socialist and infrastructure rich society, we are all expected to contribute to the greater good.

There were eight tax changes that occurred on January 1, 2020 alone.1  So can you imagine how many tax changes have occurred in the past 20 years? And how many will occur before you turn 65?

When we create your personalized financial plan, we typically do so based on the current tax knowledge. You can quickly see why forecasting for something many years down the road won’t be 100% accurate. Financial plans are not “set it and forget it” plans, they are living documents.

Capital Gains Taxation
On January 1, 2022, Canada will be celebrating 50 years of Capital Gain taxation. And just like a 50 year marriage, things change with time. The inclusion rate alone has changed five times2 and rumors are swirling that we are in for another rate change as part of post-pandemic revenue generation.

Different Money has Different Tax
We’ve spoken before how different accounts are subject to different tax treatment. Same holds true for different forms of income. Essentially, not all money is the same – despite the tax reforms we have seen in the past 5 years to equalize the dollar.

Hedging your Bet
When we forecast we are essentially placing our bet based on our best judgement at the time. I’m betting that despite all factors changing, that I will still create a lifestyle income that will allow me to live my best life. I build in contingencies for inflation, utilize various types of accounts to eliminate and defer taxes, and create a portfolio that will create multiple sources of revenue, including tapping into some of those social programs Canada offers.

I know that my portfolio won’t grow at a consistent year over year rate of return, so I build in strategies to take advantage of buying opportunities, and insulate myself from having to withdraw when markets are down. Sure a capital loss can be offset by a capital gain, but I still don’t want a loss, even if it saves me some tax dollars.

The Best Plan
The best plan is one that is built around a solid investment policy statement that addresses your time horizon, risk tolerance and objectives. One that incorporates various account types and looks at my entire situation: my family, my business, myself.

As your Chief Financial Officer, I’m here to help you set your plan in place, monitor and adjust it as the wind changes. I help you manage a team of financial professionals and ensure that you have thought about the potential issues and opportunities.

Have more questions than answers? Educating you is just one piece of being your personal CFO that I offer. Call (780-261-3098) or email (Roxanne@cfspsc.ca) today to start your plan.

1 https://www.canada.ca/en/department-finance/news/2019/12/list-of-tax-changes-taking-effect-on-january-1-2020.html

  1. Canadian Tax Foundation, Capital Gains Taxation In Canada: History And Potential Reforms, Catherine (Cathie) Brayley, Miller Thomson LLP, Vancouver & Lesley Kim, Gowling WLG, Calgary; https://www.ctf.ca/CTFWEB/EN/Newsletters/Perspectives/2021/3/210304.aspx?_zs=mq1WL1&_zl=DX552

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower your Finances.

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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Thinking of Investing? Should you Invest Personally or in Your Corporation?

Building Wealth, Finance|Wealth, Resources

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Dr. Roxanne Arnal, CFP®

There is never a quick answer to this question. For today, let’s cover a few of the basic differences between personal and corporate investing.

Are there differences in the types of accounts a person and a corporation can own?

A person over the age 18 typically has access to three types of accounts:

  • A registered retirement account (RRSP). In your saving years, the most common is an RRSP.
  • Since 2009, we also have access to a Tax Free Savings Account (TFSA).
  • Lastly, we have open accounts. These are also referred to as Cash Accounts or Non-Registered Accounts.

For further information on these accounts, please refer to my previous article: RRSP vs TFSA.

A corporation only has access to Open Accounts.

How do contribution dollars differ?

Investing in an RRSP is done with a pre-tax dollar and is a fully tax deferred account.

All other investments are done with an after tax dollar.

Personally, both the RRSP and TFSA account types have contribution maximums.

An Open Account, whether personal or corporate, is funded with after tax dollars and is not subject to any maximum contribution cap.

What is the difference between corporate and personal after tax dollars?

This is where things start to get interesting.

For our discussions, we are assuming that you are the sole owner of your Professional Corporation (PC) and that the dollars you are using to invest in your PC have been generated from Small Business Deduction paid tax dollars.

Let’s assume you live in Ontario and earn $155,000 of taxable employment income. This will place you at a combined federal and provincial marginal tax rate of 41.16% and an approximate average tax rate (ATR) of 28%.

The SBD corporate tax rate in Ontario is 3.2%, and the federal rate is 9.0%, for a combined tax rate of 12.2%.

Therefore, if you take $1,000 from your personal income, you will have $720 to invest. If you keep the $1,000 inside your corporation, you will have $878 to invest.

Why this matters?

Compound interest can be a beautiful thing. The more money you invest in a compounding investment, the more wealth you ultimately create.

Assuming a 5% year over year rate of return, after 20 years with no additional deposits, the personal investment will have grown to $1,910.37 and the corporate investment will be worth $2,329.60. Of course, the tax story isn’t over yet.

On open accounts, all earnings are taxable, and because the Canadian Tax system is so simple (insert very obvious sarcasm), taxation on investment growth varies by the type of income received in that investment (which is of course related to the tax that the investment company has paid before paying you). That being said, interest, dividends, and capital gains are all currently taxed at different rates.

For today, let’s attempt to keep things simple by assuming that 100% of your investment growth is a capital gain and therefore the entire tax bill on the investment in our example won’t be triggered until it is sold in year 20.

The difference in the last column may not seem like much, but what if you took that $1,000 of income amount every month and invested it using the same assumptions over that entire 20 year period? After the 20 years of investing, you have input an additional $37,920 into the corporate investment and have grown your overall investment by nearly an additional $65,000 before taxes.

Now, keep in mind, the net after tax account value in the personal account is ready to spend, while the corporate account value is still locked in the corporation.

In order to get the corporate dollars to your personal bank, you will be subject to personal tax. For simplicity we will assume that you will remove the money from your corporate account as an eligible dividend over a ten year period of time. Using the current Ontario eligible dividend marginal tax rate (after gross up and dividend tax credits) for those with a taxable income of $150,000 at 25.38%, the $323,195 is now $241,168 of spendable cash, for a total spendable cash loss of $37,535.

So does that mean I shouldn’t invest in my corporation?

…Well not so fast! This example made several assumptions, including the massive assumption that the future tax rates will remain the same and that your taxable income in retirement will place you at the same tax rates that you are currently at. I didn’t pick a $155,000 annual employment income amount at random either. For 2021, you earn the maximum RRSP contribution limit of $27,830 when your employment income is above $154,611.

All of these factors matter when we build a holistic plan that involves multiple different accounts and wealth creation strategies to help insulate you from the unknowns of future tax rates and provide for multiple sources of income draw – some taxable and some not.

It is therefore critical that your financial planner review all pieces of your puzzle and strategies to set you up for a future that has considered multiple sources of retirement revenue, possible future tax changes, and estate priorities.

As your Chief Financial Officer, I’m here to help you ask the right questions. I help you manage a team of financial professionals and ensure that you have thought about the potential issues. The more we learn, the more we realize the need to learn more, and yes, another topic for another day!

Have more questions than answers? Educating you is just one piece of being your personal CFO that I offer. Call or email today to start your plan.

 

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower your Finances.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. The values provided here are subject to change and should not be construed as fact. Tax rates illustrated were in effect as of January 1, 2021. 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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Creating a Professional Corporation

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Dr. Roxanne Arnal, CFP®

Creating a Professional Corporation is a privilege that exists in most provinces in Canada. Many years ago, the tax benefits were obvious. With the tax reforms of the late 2010s, near perfect integration was achieved. Today, creating a professional corporation is no longer a simple decision.

Generally speaking, you should consider incorporation if:

  • You are earning more than you need to cover your expenses.
  • You have reached a financial position to save beyond your TFSA and RRSP.
  • You are taking on an ownership position and creating a business you can sell in the future.

What are the annual obligations of a corporation?

A corporation is a tax entity. Much like you, a person, is a tax entity. As a result, the corporation will need to file an annual tax return and pay taxes on earnings. In addition, the corporation needs to legally file a registry return – essentially to prove that the entity is still alive and confirm that the owners haven’t changed.

How are corporations taxed?

Unlike the graduated personal tax rates, corporate tax rates are fixed. Of course, with exceptions! One such exemption is the Small Business Deduction, where on the first $500,000 of active business taxable income, the corporation is taxed at about 12% depending on your province or territory. For earnings beyond this amount, the tax rate jumps up to the general corporate tax rate, which is about 50% depending on your province or territory. And of course, there are always exceptions.

And then there is passive income, like investment income, which is not eligible for the small business deduction. If you realize passive income greater than $50,000 in any given year, you will also start to chip away at the $500,000 maximum eligible for the small business deduction.

Why this matters?

If you are looking to create your professional corporation for the sole purpose of building your investment portfolio, you will likely be disappointed in the outcome. Like all tax planning strategies, there are pros and cons. Yes, when you take a business dollar and invest, you are investing about $0.88 versus about $0.50 personally at top marginal tax rates. So, from a compounding perspective, you can potentially grow your wealth quicker. The drawback occurs if your passive investment earnings exceed $50,000, on top of the tax integration that occurs when you get the money to your pocket.

Remember, in order to spend this money on fun stuff in your freedom years, you will need to get it out of the corporation. This will either occur by declaring dividends or taking salary. Both of these trigger tax before the money becomes available for your use. Tax integration today has removed many of the original benefits that existed in using this strategy.

What are the benefits of a Professional Corporation (PC)?

A professional corporation offers you another tax planning strategy. At the time of writing, having qualified shares in a PC that you can subsequently sell and utilize the Lifetime Capital Gains Exemption (LCGE) – you have a win that can amount to a tax savings of up to $250,000. Yes Please! Of course, not so fast. There are rules around qualifying for the LCGE too.

From a wealth creation perspective, a corporation provides you with another opportunity to diversify your portfolio by adding choices for your future. We don’t know what the future tax system will be, so having access to many different options will leave you with greater flexibility.

There are of course other advantages. A corporation can own property and insurance policies. It can borrow money and manage expenses.

Setting up a Professional Corporation

Starting a corporation will require the filing of legal documents and applications. A professional corporation has the additional layer of the professional requirements. It is therefore critical that you review your college rules for corporations. These can be different from province to province, and from profession to profession, so be sure you and your lawyer understand the rules that apply to you.

I also recommend that you consult both your tax accountant and your lawyer prior to completing any applications. If you have been in business for several years, there may be assets to transfer into the corporation. If there will be multiple shareholders, as in a group practice, you will want to be sure that the share structure is set correctly and is adaptable for future needs.

Of course, you will also need to speak to your general insurer for both the commercial business coverage and liability coverage.

Lastly, be sure to speak with your financial advisor. As your Chief Financial Officer, I’m here to help you ask the right questions.  I help you manage your team and ensure that you have thought about the potential issues, like shareholder agreements. Ah yes, another topic for another day!

Have more questions than answers? Educating you is just one piece of being your personal CFO that I offer. Call or email today to start your plan.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to empower the finances of her former colleagues.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. The values provided here are subject to change and should not be construed as fact. 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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Marginal vs. Average Tax Rate – Say What?

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Tax Burden

Roxanne Arnal, Optometrist and Certified Financial Planner© has made her article available in audio format.

Click the play button below to listen.

 

Dr. Roxanne Arnal, CFP®

The Canadian Tax system is one of the most complicated in the world, so it’s no surprise that several tax terms used may feel unfamiliar and confusing to you.

We’ll start with some of the basics of personal taxation, more specifically tax rates. Personal tax rates in Canada are banded which means you will pay a different percentage of tax on different amounts of your income dollars. Let’s break it down –

Federal Marginal Tax Rates (Federal MTR)

At the time of writing, the federal tax rate on your first $49,020 of taxable income is 15% which means for every $1 of income you earn, you pay 15 cents in federal tax (excluding deductions but we’ll get there!). Band two (income between $49,021-$98,040) increases to 20.5% tax rate which means you will pay an extra 5.5 cents per dollar earned in tax! At the highest level of federal tax every dollar amount earned over $216,512 is taxed at 33%.

Provincial Marginal Tax Rate (Provincial MTR)

This works much the same as the federal MTR, but many provinces and territories in Canada use different income cut offs. For example, if you earned $100,000 depending on your province this would place you in the 11.16% MTR for Ontario, the 10.00% MTR for Alberta, and a whopping 17.5% MRT for Nova Scotia. Curious based on your existing income level? Here’s a super handy chart (LINK MACKENZIE Form)

Combined Marginal Tax Rate (Combined MTR)

Based on the above example, if you earn $100,000 while living in Ontario, your combined marginal tax rate would be 37.16%.

Average Tax Rate (ATR)

This describes the overall average amount of tax you pay. Because of banding and in recognition that higher dollars are subject to higher amounts of taxation, your average tax rate will be less than your MTR. What’s your ATR on $100,000 of earned income? Hold tight, we’re getting there.

Deductions

To make this just a little more confusing, there is also a myriad of tax credits and deductions. These too can be very different federally, and by each province. The basic personal exemption that applies to nearly every tax paying Canadian, for 2021, means you won’t pay any federal tax on the first $13,808 you earn and you won’t pay Ontario provincial tax on the first $10,880. But remember, I said “nearly”. There are exceptions to most of the rules. Federally, the basic personal exemption is subject to a gradual reduction for those earning over $151,978, until it reaches only $12,421 at an income level of $216,511. And then there are different rules provincially. See what I mean by complicated!

An Ontario Example

For illustrative purposes, we are going to assume you earn $100,000 of employment income in Ontario. This table illustrates the actual tax rates from both the federal and Ontario Governments and total tax dollars that apply to each band.

At $100,000 of income, your combined MTR is 37.16% while your average tax rate is 22.8%, or $22,798/$100,000.

A Few Other Notes

There are a large number of federal and provincial tax credits and personal deductions that may apply to you and I encourage you to become at least somewhat familiar with them. Some of the more common ones include: childcare expenses, RRSP deductions, disability tax credits, professional dues deductions, moving expenses, charitable donations, the list goes on and on. You can find these easily on government websites and are not included in our above example.

Why Does it Matter

Knowing your MTR is key to understanding how best to strategize your investments (for example your TFSA, RRSP and non-registered savings contributions), amongst other financial planning components to help support your overall wealth creation and minimize taxation. MTR is used to describe how much income tax you are going to pay on your next dollar of taxable income.

Understanding your ATR will help you plan your cash flow. As per the above example, after income taxes, you have $77,201.35 to spend on your debt repayment, housing, savings, expenses and entertainment.

Have more questions than answers? Educating you is just one piece of being your personal CFO that I offer. Call or email today to start your plan.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. The values provided here are subject to change and should not be construed as fact. Errors and Omissions exempt.

Federal Link: All deductions, credits, and expenses – Personal income tax – Canada.ca

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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