Hey there! Can you believe it’s already mid-June? If you’ve been putting off those nagging tax questions, now’s your chance to get real answers. We’re offering a free, 15-minute Tax Therapy session for mental health practitioners like you. No fluff, no pressure! Just clear, helpful guidance to make your tax situation easier and less stressful.
Visit our Tax Therapy page for the details. Can’t wait to help you with your tax questions!
Numbers in the News:
Canadians Considering Postponing Their Retirement Due To Rising Cost of Living
A Fidelity Investments Canada study found that 46% of Canadians now plan to retire at 65 due to higher living costs. This is older than the average retirement age of 61 in 2005. Pre-retirees believe they need $1,020,000 for a comfortable retirement. They are also worried about inflation, global political issues, and Canada’s slow economy.
This is prompting many working professionals, including mental health practitioners, to delay retirement. Many may need to work longer, impacting practice sustainability. This highlights the need for succession planning to ensure smooth transitions and ongoing client care in the future.
What could this mean for you? Find out here.
Financial Wellness Rx:
Plan ahead!
- Collaborate with a financial advisor or accountant to develop a plan covering your practice’s value, savings, investments, insurance, and retirement income projections.
- Begin succession planning early. Plan the sale or transition for tax efficiency and cash flow.
- Do not depend only on selling your practice. Use RRSPs, TFSAs, and other investments for a diversified retirement portfolio.
- Since your practice is probably your biggest asset besides personal investments, get a professional valuation to know its worth and role in your retirement funding.
Smart Tools Spotlight:
iinsight
If you are looking for a health care appointment scheduling software that is used by many mental health practices and institutions, you should try iinsight. iinsight is available in many countries, including Australia, United Kingdom, USA, and Canada.
- Here are its key features:
- Appointment Scheduling
- Practice and Case Management
- Workflow and Task Management
- Reporting and Analytics
- Cloud-based Accessibility and Mobility
Unlock Your Financial Wellness Blueprint
Take our 5-minute assessment to receive your personalized Practice Financial Wellness Blueprint, which contains detailed, actionable insights into your practice’s financial health. It’s completely free!
