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beyond MD with Dr. Yatin Chadha
Financial literacy is not emphasized enough for professionals during training, leaving many unprepared as they begin their careers. The topics covered in beyond MD apply to all professionals, including medical students/residents and practicing physicians. This podcast is led by radiologist Dr. Yatin Chadha and guided by expert analysis. Each episode, Yatin interviews subject experts to heighten awareness on important topics, like professional corporations, holding companies, trusts, estate planning, insurance policies, mortgages, real estate, and investing. It's time to take your financial knowledge base to the next level so you can get ahead outside of the workplace. Please send questions and topics of interest to beyondmdpodcast@gmail.com
beyond MD with Dr. Yatin Chadha
Ep #98 - Death and Taxes for Incorporated Professionals in Canada - with Mehul Gandhi, CFP, CLU, TEP
Today I welcome Mehul Gandhi (CFP, TEP, CLU) from Westmount Wealth to discuss death & taxes for incorporated small business owners in Canada.
The episode is broken down into 3 parts:
- the layers of tax facing the estate upon death of an incorporated professional
- strategies to mitigate the tax hit
- who can help us & the importance of updating our wills
Discussion points:
Introduction (3:05)
The layers of tax on one's estate after an incorporated business owner passes away (6:08)
How much tax can our estate face with no planning? (18:00)
Estate freezes (19:18)
First post mortem tax reduction strategy - loss carryback (22:03)
Pipeline strategy (24:34)
Why it's important to keep our wills updated (27:30)
Corporate share structure (30:24)
Insurance to navigate illiquidity challenges (35:42)
Who needs a holding company? (40:32)
Tax reduction with proper planning - how much? (43:04)
Help us with estate planning - who? (45:05)
Closing thoughts (47:45)
Mehul Gandhi
https://www.linkedin.com/in/mehulgandhicfp/
https://www.westmountwealth.com/
Yatin Chadha
beyond Radiology:
https://beyondradiology.thinkific.com/products/courses/ct-head-interpretation-course
https://beyondradiology.thinkific.com/courses/master-ct-head-interpretation-course
Email: beyondmdpodcast@gmail.com
LinkedIn: Yatin Chadha