Turnkey support
For many years, the reputation of our expertise has grown rapidly among this group of professionals. We support a large number of physicians, among whom we count clients at all stages of the physician's life (students, residents, fellows, bosses, clinic owners, managers and elected members of physician associations). Here is a real case of accompaniment which began during the 3 rd year of residency of one of our clients.
Initial meeting and needs assessment
At the time of our meeting and unlike many of his fellow residents, this doctor had not yet found the private wealth management team that corresponded to what he was looking for. It was initially our extensive expertise in capital markets that caught his attention, as it was very important to him for the future management of his investments.
We immediately started planning with him what the implementation of his tax optimization was going to be like when he became a medical specialist. Extremely busy because of a leading position within FMRQ, his support needs were modest during the residency.
We offer all our resident clients the possibility of having their taxes done free of charge with one of our accounting partners. We all work in synergy (APEX, accountants, tax specialists, doctors) in order to prepare the next steps immediately. We also help with debt management, setting up disability insurance, and establishing a budget that will become crucial later on in life.
Rapid incorporation by experts
As soon as this client graduated, we immediately proceeded with the incorporation of his medical corporation. Everything was done in a single day through our lawyer partners, who completed the whole thing at a cost of $1200. This amount includes all legal fees and disbursements to the Registrar of Companies. We then helped him fill out the forms and immediately had his right to practice in society accepted by the College of Physicians of Quebec (CMQ). Once incorporated, our client very quickly began to receive his remuneration from the RAMQ in his new corporate bank account.
Complete wealth management
Subsequently, the previously established budget allowed us to set up an automated monthly payroll to cover all the details of his personal cost of living, including his RRSP and TFSA contributions. His medical corporation now provides him with a monthly salary that covers all of his financial needs on a personal level. This compensation service allows automated management of all government remittances (income tax, contributions to various government plans such as the RRQ, RQAP, FSS, etc.), which allows it to be always up to date without having to worry about anything. This allows him to have the peace of mind he seeks. He can therefore concentrate on the aspects of his practice and his life where he is most effective and passionate.
The creation of his medical corporation now allows him to accumulate much more after-tax savings than if he were an unincorporated self-employed worker. Without incorporation, a large part of his income would be taxed at the highest marginal tax rate in Quebec, ie 53.3%. In his corporation, his excess cost of living is taxed at 20.5%. With this excess savings, we opened a securities investment account in the name of his medical corporation, and implemented some tax-efficient strategies there. The growth of his family wealth is therefore “accelerated” thanks to this holistic type of support, which takes into account all aspects of wealth management (investments, insurance, budget, taxation, legal affairs, etc.). Everything was entirely managed by APEX Gestion Privée, and was an extremely light process for our client, who was looking for exactly this turnkey service.
Personalized private management
Once the structure is in place, we continue to support our customer continuously. We are always available and he knows he can call us at any time. We often discuss strategy for his investments in order to navigate the particular context of global inflation, rising interest rates, war in Ukraine, uncertainty in China, etc. Recently, he called us to do some calculations with him to see what would be an appropriate value for the purchase of his first home. At the same time, we referred him to a trusted person for pre-approval for his mortgage loan. Several other specific needs will be there over time (will, savings plan for children, purchase of a chalet, etc.) and we will be present with him at each stage. This is what we define as “Private Wealth!!!