Portfolio Planning Inc.
As the dust settles from another tax season, it’s a great time to take a deep breath, and take a closer look at your financial picture. Whether you were ahead of the curve or felt the crunch in early April, there’s something every optometrist can reflect on to improve for next year. At Portfolio Planning Inc., we specialize in flat-fee financial planning for optometrists across the nation, and we’ve noticed some common questions and concerns surfacing during this time of year.
In this article, we’ll explore key areas to evaluate post-tax season and practical steps to take now that will help you plan smarter, save more, and avoid surprises come next April.
1. How Did Tax Season Feel?
Was tax season smooth sailing, or a mad dash to get everything in order? Your experience is a helpful diagnostic tool.
- If you found yourself scrambling to gather documents or make last-minute contributions, consider automating parts of your financial life, discuss with your accountant if they can do quarterly projections. I find it helpful to keep all my receipts in a OneDrive folder and share with my team every 3 months to stay on track.
- Did you end up with a higher tax bill than expected? It might be time to revisit your tax strategy, especially if your income has increased. You want to pay your taxes, but do you want to leave a tip?
Tax season isn’t just a deadline, it’s a mirror that shows you how well your financial systems are working. If things felt disorganized or stressful, use that as motivation to tweak your approach for the rest of the year. We are always here to help!
2. Should You Be Contributing Earlier and More Strategically?
Many optometrists make lump-sum RRSP contributions in the final days of the contribution window. While this is better than not contributing at all, consider spreading contributions throughout the year via monthly or quarterly auto-transfers. Not only will this build consistency but also helps you benefit from dollar-cost averaging in your investments to manage ups and downs in the market.
Ask yourself:
- Am I maximizing my RRSP and TFSA contributions throughout the year?
- What is the investment strategy with them? And have I had them tested against what is available in the market?
- Are there opportunities to contribute more regularly and reduce last-minute stress?
A strategic approach to contributions can make a big difference not only for tax efficiency, but also for long-term growth.
3. Is It Time to Incorporate?
This is one of the most common questions we hear: “Should I incorporate my practice?”
There’s no one-size-fits-all answer, but incorporation can provide:
- Tax deferral opportunities
- Income splitting possibilities
- A structured way to retain earnings in the corporation
- More flexibility for retirement planning
If your income is increasing and your lifestyle spending hasn’t grown proportionally (you spend less then you earn by more then around $5,000), you might be leaving money on the table by not exploring incorporation. A review with a financial planner who understands your profession can help you make this call.
4. Has Your Financial Plan Outgrown Your Life?
Many optometrists created a financial plan early in their careers, perhaps while paying down student debt or saving for a home. But as your practice matures and your income rises, that old plan might not reflect your current goals, obligations, or opportunities.
It might be time to ask:
- Am I still operating under outdated assumptions?
- Have I reviewed my insurance, estate plan, and tax strategy in the last few years?
- Are there better ways to allocate surplus cash flow?
A comprehensive plan evolves with you. If yours hasn’t been updated lately, now is the time to revisit it.
5. Retirement is Closer Than You Think – Do You Have a De-Accumulation Plan?
For those in the later stages of their careers, building a de-accumulation strategy is just as important as saving during your working years.
Consider:
- When will you begin drawing from RRSPs and TFSAs?
- How will you minimize taxes during retirement?
- What’s the best way to convert your practice into retirement income?
- Do your investments need to change as you enter this stage of your career?
The goal isn’t just to retire, it’s to retire well. A good de-accumulation plan ensures you’re not overpaying taxes or depleting assets too quickly.
If you’re not sure where to start, ask us for a copy of our Retirement Guide. Just email info@portfolioplanning.ca and we’ll send it your way.
It Was Great Seeing you at the BCDO Conference!
We loved connecting with so many of you at the annual BCDO Conference! There’s nothing better than speaking with you face-to-face, answering your questions, and learning more about the evolving needs of optometrists across the province.
Keep an eye out for our next financial workshop we’ll be diving deeper into topics like incorporation, retirement planning, and tax-efficient investing. These sessions are designed to be interactive, practical, and tailored to your career stage.
Let’s Make This Year Your Most Organized Yet
Tax season is over, but financial planning never really ends. Whether you’re just getting started, in your peak earning years, or approaching retirement, it’s always a good time to make sure your plan is working for you—not the other way around.
At Portfolio Planning Inc., we believe in transparent, flat-fee advice. Our goal is to help optometrists like you gain clarity, reduce stress, and make confident financial decisions and see your future with 20/20 vision.
If you’re ready to upgrade your financial plan or just want a second opinion, we’d love to chat.
📧 Request your Retirement Guide or book a free introductory call by emailing us at info@portfolioplanning.ca.
Stay well, stay organized—and we’ll see you soon!