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We know that choice is important to you, whether you are a practising physician, already retired, a medical student or a resident just starting your career. Having the right options available means you can find the financial solutions that works best for you. The Scotiabank Healthcare+ Physician Banking Program was co-designed with MD Financial Management (MD), to support you at every stage of your career. We’ve combined MD’s 50 years of experience and deep understanding of physicians’ financial needs with Scotiabank’s expertise in banking to provide you with a robust suite of banking solutions tailored to meet your personal and professional financial needs. Together, we provide comprehensive financial planning, advice and solutions specific to physician’s needs. Our goal is to deliver a best-in-class banking program to Canada’s physicians, ultimately helping you achieve your goals. MD is the only national financial firm dedicated exclusively to the financial well-being of Canada's physicians and their families. MD's Advisors and teams of experts provide comprehensive financial planning, advice and solutions specific to physicians' needs at every stage of their career, from medical school to practice and through retirement.
Nearly half of physicians in Canada already trust us to help them achieve financial well-being. 3 See how much further you can go with MD Financial Management (MD) and Scotiabank Healthcare+.
Outsourcing your financial responsibilities can be one way to manage your personal goals more effectively. Here’s what to take into consideration.
Practising, Physicians March 21, 2024Residency is often the first chance for new physicians to start earning an income. So, how much do residents in Canada make?
Residents, Finances February 22, 2024May 30, 2023 Innovative addition to the Canadian retirement landscape delivers long sought-after solution for the physician community.
April 18, 2022 MD Financial Management Inc. (MD) and Scotiabank today announced a new, three-year agreement with the Canadian Association of Gastroenterology (CAG) that will support professional development programs and research opportunities that enable gastroenterologists to be more successful in their practice.
March 24, 2022 Scotiabank, MD Financial Management Inc. (MD) and the Canadian Medical Association (CMA) are pleased to announce today a $200,000 donation in support of UNICEF Canada’s Hope, Help and Healing appeal.
Choosing to rent or purchase is a very personal decision depending on your short and long-term plans, as well as your cash flow and level of comfort in managing your debt. It may also depend on your career stage or practice or business ownership. Many professionals choose to rent even after they enter practice or set up their business. One advantage to renting is it may give you the flexibility to change your location and time to decide where you will settle down. Opting to purchase a home could require a large upfront cost — as well as the ups and downs of housing prices in the short term That means it may be unwise to buy unless you plan to keep the home for several years at minimum or if you plan to use it as an investment. When considering to purchasing a home, there are several factors to consider when choosing a mortgage. In addition to how much can you afford, there is the question of fixed versus variable rates, an open versus a closed term, the payment options, and much more. A Scotiabank Healthcare Specialist and Home Financing Advisor can help you map out your goals, explain the different features of a mortgage, and find a customized solution to suit your specific needs.
Before making a decision to buy or lease, there are a number of factors that you may want to first consider. A big part of your decision will depend on the marketplace — what commercial space is currently available in the neighbourhood where you want to establish your practice or business and is it for lease or sale? With leasing, there is lower upfront investment as you build your practice or business in the early years; however, there is the possibility that your landlord will sell the property, resulting in having to relocate. In addition to unforeseen set-up and relocation expenses, it can be costly if you need to relocate to a different part of the city as patients may not move with you. In this case, you may have to rebuild your patient or client base. Purchasing your own commercial property could help mitigate business risks like this down the road. It can also turn into a valuable investment and a significant asset upon entering retirement. Depending on your comfort level and other financial circumstances, you could consider becoming a landlord leasing to another professional. You could also sell the asset, which may have appreciated in value, or pass you could pass it on to your children or other family members. A Scotiabank Healthcare Specialist can help you evaluate your options and provide advice to help you make the best decision for you and your situation.
Based on your specific needs, there are a variety of business banking solutions to consider when incorporating. You might only require an operating account and business credit card to allow you to separate your business expenses from personal expenses. Or you may have more complex needs that include financing building purchases, leaseholds, equipment, merchant and payroll services or a business line of credit to assist in managing cash flows. Scotiabank Healthcare Specialists understand the unique financial needs of starting and managing a practice or business and can provide expertise and tailored solutions to manage your professional finances.
If you’re a healthcare professional who has incorporated your practice or business, the general advice you may have received in the past from tax experts was likely to retain any and all earnings you don’t need within your corporation. This strategy might be relevant for some professionals who are building their wealth — but with taxation changes, a more balanced approach might be warranted depending on your financial circumstances. You might be affected by the passive income rules, in which case a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA) can help you retain more of your income. Work with your tax advisor to understand the tax benefits of all of these strategies. Share your goals with them so they can help you minimize your overall tax liability with the big picture in mind.
When you begin to draw income in retirement, there are different tax consequences for each source of funds. For instance, withdrawals from your registered retirement savings plan (RRSP) and registered retirement income fund (RRIF) and Canada Pension Plan/Quebec Pension Plan (CPP/QPP) payments are currently taxed as income. Your personal portfolio of investments and your corporate investments (if you’re incorporated) are taxed according to the type (e.g., interest, dividends, capital gains). There is no tax when you withdraw funds from your tax-free savings account (TFSA). Your Scotiabank Advisor can refer you to our team of Wealth specialists who can help you navigate these tax minimization decisions and share some strategies around income maximization and estate planning.
To qualify for the Ultimate Package or Preferred Package monthly account fee waiver offer (the “Offer”), the following conditions (the “Qualifying Criteria”) must be met between September 29, 2023, and March 31, 2025 (the “Offer Period”): By the Scotia Household Host: i. Be a Canadian resident customer whose Scotiabank profile is set up as a ‘Physician’ (as described below under ‘Eligibility for Physician Hosts’); ii. Be the ‘Host’ of a Scotia Household (as defined in the Scotia Households – Terms and Conditions); and iii. Open a new or have an existing Ultimate Package or Preferred Package account (the “Host Account”) and if the Host Account is joint, be the primary account holder. By the Scotia Household Member: i. Be a Canadian Resident and a “Member” of a Scotia Household (as defined in the Scotia Households – Terms and Conditions) where an eligible Physician is the Host (the “Physician Household”); ii. Open a new or have an existing Ultimate Package or Preferred Package account (the “Member Account”) and if the Member Account is joint, be the primary account holder; and iii. Have an existing or set up and clear one of the following recurring transactions to the Member Account (“Eligible Recurring Transaction(s)”) within 60 days of either² (i) the date the member opened the Member Account, or (ii) the date on which the member joined the Physician Household or (iii) the offer start date, whichever is later: o two separate and recurring eligible pre-authorized transactions, or o one automated recurring eligible direct deposit
For example, for members with an existing Member Account, the 60-day period begins when the member joins the Physician Household. For customers who opened a new Member Account after joining a Physician Household, the 60-day period begins when the Member Account is opened. For customer with an existing account, if this customer joins the Physician Household before the offer start, the 60-days period will start on the offer start date. The Eligible Recurring Transaction(s) must be cleared within the 60-day period. Fulfillment for Physician Household Members: Subject to these terms and conditions, a monthly account fee waiver (a “Fee Waiver”) will be applied to an eligible Physician Household member’s Member Account for each consecutive month, provided that the Qualifying Criteria is met. The Fee Waiver will be applied beginning in the month following the month that the customer meets all the conditions and will not appear as a charge on the Member Account (e.g., A member of a physician household, with qualified product had two separate eligible pre-authorized transactions clear the account in November, this would result in the monthly Fee Waiver beginning in the month of December). To be eligible for a Fee Waiver, the Host Account and the Member Account (collectively, “Accounts”) must be open and in good standing for each month in which the Fee Waiver will be applied. The Accounts are not in “good standing” if (i) one of the Accounts has a negative balance exceeding the authorized overdraft limit, or (ii) it has been in continuous overdraft for a period of three (3) consecutive months. If a Physician Household member or Host no longer meets any Qualifying Criteria, or if there is a change in the Host, then the affected members of the Physician Household may begin to see the monthly account fee charged to their Member Account pursuant to the terms and conditions found in the Day-to-Day Banking Companion Booklet (subject to any monthly account fee waivers they may otherwise be eligible for). All other fees, rates and applicable service charges on the Accounts will continue to be applied monthly (if applicable). Each eligible Physician Household member may receive a maximum of one (1) Fee Waiver each, up to a maximum of three (3) Fee Waivers per Physician Household. The order of the Fee Waiver application will be based on the date the eligible member joined the Physician Household with an eligible Member Account and completed the Qualifying Criteria. For joint accounts, only one Fee Waiver will apply per primary account holder (household members will have to be the primary account holder for the waiver to apply), regardless of the number of Accounts. Eligibility for Physician Hosts: The Host must be enrolled as an eligible Physician at a Scotiabank Branch in the Scotiabank Physician Banking Program Δ and have a Host Account in good standing for the members of the Physician Household to be eligible for the Offer. The Host must provide a copy of these Offer terms and conditions to the members of their Household for them to understand their eligibility for the Offer. Offer may be changed, cancelled, or extended at any time without notice and cannot be combined with any other offers.
