Corporate investing for physicians

You can manage your personal accounts, your practice’s banking, and your corporation’s investments in one place, with low fees and access to advice as your needs grow.

It depends on things like how much you earn compared with what you spend, your province’s rules for medical professional corporations, and the cost of setting one up and running it. Your accountant and our advisors can look at your numbers with you. If you incorporate, you can open business chequing and corporate investment accounts with Wealthsimple.

They work differently. Salary creates RRSP room and CPP contributions, and dividends don’t. The right mix depends on your income, savings goals, and retirement plans, so it’s worth working through with your accountant. Our advisors can help you plan how the way you pay yourself fits your investing.

Money kept in your corporation can be invested through an account in the corporation’s name. With Wealthsimple, you can trade stocks and ETFs with no commissions, choose a managed portfolio, or use direct indexing. What fits depends on your goals and timeline, and our team can walk you through the options.

Business chequing to get paid, pay staff, and pay the CRA. Business savings to set aside tax money. Corporate investment accounts for self-directed trading, managed portfolios, or direct indexing.

Self-directed trading has no commissions on Canadian and U.S.-listed stocks and ETFs. Other fees, like currency conversion on U.S. trades, may apply. Managed corporate portfolios charge an annual management fee based on your total assets with Wealthsimple:

• 0.5% for Core
• 0.4% for Premium
• 0.2% to 0.4% for Generation

The ETFs in managed portfolios also have their own fund fees (MERs). See the managed investing fee schedule.

On Demand Advice is available from $100,000 in assets. Wealth management, with a dedicated team, is available from $1,000,000 in managed investing accounts. Either way, you can start by talking to our team.

Most of your early money decisions happen in personal accounts:

• Chequing: an everyday account that earns interest, with no monthly or FX fees.
• TFSA: invest and grow your savings tax-free.
• RRSP: contribute now and save the deduction for when your income rises.
• FHSA: save for your first home, tax-free.
• Tax: file your return and claim deductions like professional dues and exam fees.
• Mortgages: for when you’re ready to buy.

Yes. You can open personal accounts like chequing, a TFSA, an RRSP, or an FHSA once you’re a Canadian resident, of the age of majority, with a SIN. Each account has its own eligibility rules.