beyond MD with Dr. Yatin Chadha

This episode provides a deep dive into donor advised funds, a lesser known philanthropic strategy. I'm happy to have Mark Halpern, CEO of WealthInsurance.com back on the pod.Discussion points:- what is a donor advised fund/DAF (5:23)- what can flow into a DAF? (8:23)- transferring appreciated corporate securities to a DAF (11:50)- rules around tax deductions on (DAF) contributions (15:32)- others contributing to your DAF (17:10)- DAF contribution rules (18:39)- setting up a DAF (22:30)- investments inside a DAF (23:20)- DAF investment management fees (25:10)- Slecting charities, money flowing out from a DAF (27:43)- any DAF cons? DAF vs Private Foundations (30:43)- more on private foundations (33:45)- charitable gift annuities (35:42)Mark's Links:website: https://wealthinsurance.com/email: mark@wealthinsurance.comLinkedIn: https://www.linkedin.com/in/markhalperncfptepmfap/Samples from Mark's Monthly Tax Letter:https://wealthinsurance.com/webdoc/TaxLetter-Seven-Defensive-Strategies.pdfhttps://wealthinsurance.com/webdoc/TaxLetter-Preserve-Your-Wealth.pdfhttps://wealthinsurance.com/webdoc/TaxLetter-Accidental-Philanthropy.pdfList of all Tax Letter Publications:https://docs.google.com/document/d/1hNhZ7CSeOr2NBNdwZXCs6nL5gsRZb1Eisht_D5JxfeY/editYatin's Links:beyondmdpodcast@gmail.comhttps://www.linkedin.com/in/yatin-chadha-29074b109/Physician Financial Wellness Conference: https://www.physiciansficonference.com/

Today I host Ricky Zhang, founder of the Prince of Travel. This is a deep dive on understanding & optimizing travel rewards so that we can travel the world by spending less!Discussion Points:Ricky's background & the origin of Prince of Travel (3:45)How does the points system work? (7:07)Earning points rapidly through credit cards (11:14)Credit score fundamentals (19:07)Should we keep our credit cards for the long term? (22:40)The credit card game isn't for everyone - who should avoid it? (26:54)Other ways to rack up points at a faster pace (31:40)The best credit card for Canadians: Amex Cobalt (32:47)Credit cards for small business owners, why Amex points are so versatile (33:45)Understanding the RBC Avion point system (37:04)Redeeming points efficiently, dynamic pricing, ideal booking windows (39:47)Example of redeeming points - Toronto to Portugal (45:26)Prince of Travel Concierge services (50:07)Aeroplan elite status (52:15)How to get started (53:40)Rapid fire, including a strong credit card portfolio (55:19)How many credit cards does Ricky have? (58:58)Closing thoughts (60:20)Credit card links (cards I use & benefit from):Amex Business Platinum:https://americanexpress.com/en-ca/referral/yATINC4uFw?XLINK=MYCPAmex Cobalt:https://americanexpress.com/en-ca/referral/yATINCwb0U?CPID=999999538Social media links & email:Yatin:beyondmdpodcast@gmail.comhttps://www.linkedin.com/in/yatin-chadha-29074b109/Ricky:https://princeoftravel.com/https://www.youtube.com/@PrinceofTravel

Thank you for joining me for part 2 with the Loonie Doctor (Dr. Mark Soth).Discussion points:- summary of sources of corporate tax drag (1:44)- how does Mark invest his own money? (3:55)- optimal salary & dividend mix (6:39)- Mark's view on individual pension plans/IPPs (8:42)- What's moved the needle most for Mark? (11:29)- Decumulation overview (13:19)- Lessons for the kids (17:10)- Closing thoughts (19:29)Mark's blog: https://www.looniedoctor.ca/My links:beyondmdpodcast@gmail.comhttps://www.linkedin.com/in/yatin-chadha-29074b109/

Due to popular demand, finally overcoming my procrastination, and finally getting more comfortable with my knowledge base, I am thrilled to welcome Dr. Mark Soth (aka The Loonie Doctor) to beyond MD.This is corporate tax and corporate investment optimization 101.Discussion Points:The mission behind the Loonie Doctor Blog (2:41)Mark's evolution (6:17)Corporation taxation basics (8:29)What are the main advantages of incorporating? (10:46)RDTOH basics (12:45)Canadian/eligible dividends earned through the corporation - should we pay these dividends out to ourselves (15:29)?Overview of passive income rules (19:15)GRIP/General Rate Income Pool (21:30)ON and NB are different with the passive income rules (22:57))Capital gains harvest & the capital dividend account/CDA (27:16)Mark's blog: https://www.looniedoctor.ca/My links:beyondmdpodcast@gmail.comhttps://www.linkedin.com/in/yatin-chadha-29074b109/

Today I sit down with Dr. Michael Fralick, who is a Clinician-Scientist at the University of Toronto to talk about locuming as a physician.Mike and his brother, John Fralick, host the Rounds Table podcast, bringing summaries of the most relevant randomized controlled trials to practicing physicians.Table of Contents:My opinion on the benefits of locuming (0:48)Dr. Mike Fralick's background (4:37)Mike's experiences locuming to date (5:45)Where to locum, how to sign up for locums (7:48)The motivation behind locuming (9:38)The key benefits of locuming (11:03)Time & geographical freedom through locuming? (14:34)The key negatives/challenges of locuming (16:05)Finances of locuming (19:16)Billing on locums (22:08)What expenses are covered on a locum? (23:39)Tax implications for some academic physicians (24:18)Locum contracts (26:09)Mike's "Rounds Table" podcast, elective for residents in Sue St. Marie (27:36)Mike's Links:https://healthydebate.ca/special-series/podcasts/https://twitter.com/FralickMikeYatin's Links:https://www.linkedin.com/in/yatin-chadha-29074b109/beyondmdpodcast@gmail.combeyondmdpodcast.comhttps://www.youtube.com/watch?v=yAEU2ElLq70

Welcome to my 50th episode!Today we focus on the most important insurance policy we all need: disability insurance (DI).  The discussion focuses on fully understanding the policy & key riders, and optimizing the policy for your needs (as well as cost).Please note: DI basics are covered in episode 2 for anyone seeking a refresher.My guest: Kristen Fazio from Professionals' Insurance Centre.Discussion Points:How much DI coverage do we need? (3:54)Max coverage, strategies for high earning professionals (6:43)When should medical trainees consider DI? (9:15)Future income rider (11:23)Ways to cut cost on your DI policy (13:23)Own occupation rider - who needs this? (15:24)Do radiologists need the own occupation rider? (18:49)What happens if your alternate job generates more income than medicine? (20:19)Partial and residual disability (21:40)When to consider canceling DI (25:16)Term life insurance - how much do we need? (27:37)Spousal income (31:54)The impact of inflation on your projections (33:54)Are we adequately insured? (36:15)Closing remarks (37:45)My Links:https://www.linkedin.com/in/yatin-chadha-29074b109/beyondmdpodcast@gmail.combeyondmdpodcast.comhttps://www.youtube.com/watch?v=5unvnOc0OIoKristen's Links:kfazio@professionalsinsurance.nethttps://www.professionalsinsurancecentre.com/

Thanks for joining me on part 2 of my money mistakes.....too many to count ;)After discussing the highlights from my California  road trip, I talk about 6 more mistakes that have cost me big & what we can learn from them.The first mistake starts at (6:09).This year we made a conscious decision to travel the world more & live our best lives today. I'm learning more about optimizing travel rewards & am sharing the link to my preferred card below:Amex platinum credit card (business owners & sole proprietors): https://americanexpress.com/en-ca/referral/yATINC4uFw?XLINK=MYCPPlease note: I use this card myself & will receive travel points through this link. You can support beyond MD using this link if you feel you would benefit.My links:https://www.linkedin.com/in/yatin-chadha-29074b109/beyondmdpodcast@gmail.combeyondmdpodcast.comhttps://www.youtube.com/watch?v=avyBAcrUSKg&t=2s

Thank you for tuning in to my 4th solo episode.We all make our fare share of mistakes & I am no exception. In fact, I've made so many financial mistakes that it will take at least 2 episodes to cover them all.Links to content covered in this episode:Amex platinum credit card (business owners & sole proprietors):  https://americanexpress.com/en-ca/referral/yATINC4uFw?XLINK=MYCPPlease note: I use this card myself & will receive travel points through this link. You can support beyond MD using this link if you feel you would benefit.Mark Soth's (The Loonie Doctor) RESP articles:https://www.looniedoctor.ca/2023/04/21/resp-contribution/https://www.looniedoctor.ca/2019/05/03/best-resp-contribution/My first home purchase by the numbers:https://beyondmdpodcast.com/leran-how-to-add-a-new-post/

Jamie Golombek is back!!! This time to discuss a frequently requested topic: TRUSTSOutline:Jamie's background (1:48)Basic overview of trusts (3:15)Big picture: why would one want to open a trust? (6:12)Trusts nitty gritty (contributions, assets, taxes, corporate transfers) (7:45)Income splitting using a trust (11:09)Tax implications for trust income (14:45)Investment strategies for a trust (15:47)Deferral of capital gains (16:42)Estate freeze - mechanics & role of a trust (17:50)Other trusts: alter ego, joint partner, foreign inheritance (20:35)A few notes on charitable gifting (24:45)The current landscape in advanced tax planning (26:46)Who benefits from a trust, how much $$ do you need? (28:56)Parting words, advice for 2023 (30:03)Jamie's article on trusts: https://www.jamiegolombek.com/media/in-trusts-we-trust-en.pdfYouTube Videos for this Episode:https://www.youtube.com/watch?v=y14V8TFUOwU&t=28shttps://www.youtube.com/watch?v=yT9gw7ZgB7s&t=10sMy links:https://www.linkedin.com/in/yatin-chadha-29074b109/beyondmdpodcast@gmail.combeyondmdpodcast.com

It's my pleasure to host Stefan Scott, a fee-for-service (flat-fee) Financial Planner. He is a valued voice on the Physician Financial Independence Facebook group & is exceptionally well versed on the First Home Savings Account (FHSA).Discussion points:- Stefan's background (6:42)- FHSA overview (9:10)- Eligibility, definition of first time home buyer (10:27) - How long can an account stay open for? (12:54)- Carrying forward contributions, over contribution penalties (13:36)- Tax deductions (15:26)- Transfers from FHSA to RRSP & vice versa (17:08) - Are home furnishings eligible? (19:25)- Spousal transfers (21:31)- the right way to make transfers (22:24)- FHSA types, eligible investments, investment strategies (23:40) - Foreign withholding tax exempt? (28:28)- Strategies if you don't buy a home (29:37) - FHSA vs RRSP Home Buyer's plan (33:19) - What happens to FHSA at death? (36:06)- Qualified withdrawals & withdrawal guidelines (37:44)- Closing thoughts on FHSA and beyond (42:40)Stefan Scott:HouseCallsFP@gmail.comhttps://www.youtube.com/watch?v=s_f78sa5vVk&t=15sYatin Chadha:https://www.linkedin.com/in/yatin-chadha-29074b109/beyondmdpodcast.combeyondmdpodcast@gmail.comhttps://www.youtube.com/watch?v=Rd90dJueAcgDEFINITIVE CRA WEBSITE on FHSA:https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html