beyond MD with Dr. Yatin Chadha

I'm thrilled to have Dr. Wing Lim join me for this episode. Wing has achieved incredible personal, professional, and financial success.  One of his impressive accomplishments is co-developing the Synergy Wellness Centre in Alberta, which provides care for more than 500,000 patients annually.

We discuss the challenges of medicine, financial mistakes, the importance adopting a growth mindset for success, the wealth mindset, taking/balancing risk, investing, the importance of our dreams, and more.

Wing and I are both speakers at the upcoming Physician Empowerment financial literacy conference for physicians. For details, please refer to:

https://www.physempowerment.ca/live

My YouTube channel is now available:

https://www.youtube.com/channel/UCMbWyp5EVB4LGSEutCDn8Qg

My website will be active soon.

Thank you for listening to my second ever solo episode! Today I discuss my perspective on what's going on in the world around us (inflation, car prices, interest rates) and touch on key points from recent episodes.

Discussion points:
- why are (used) car prices so high, what happens from here, impact (2:48)
- interest rates: investigating the past to gain insight into what happens next, impact (6:59)
- personal pension plan (PPP): contribution limits for early career professionals (14:16)
- Evidence-based investing: correlation & uncorrelated returns (17:47)
- Critical illness insurance: my policy, how I hold it, a case against return of premiums (24:23)
- Holding companies: reasons why one may want to consider one (27:27)

Thank you for the support! Reach out at [email protected] or LinkedIn.

Stay tuned for beyondmdpodcast.com & YouTube Videos!

Resources for this episode:

https://advisory.kpmg.us/articles/2021/used-car-prices-could-crash.html

https://www.vanguard.ca/documents/dynamic-correlations.pdf

Ali Spinner (CPA, CA, TEP) is back! The topic today is Holding Companies.

Ali is a partner in tax at Crowe Soberman LLP & has more than 20 years of experience in personal and corporate tax matters. 

Ali can be reached at [email protected]

We discuss:
- Holding company - what is it, rationale (5:00)
- Rationale for protecting investments/assets from medical liability (8:45)
- Homes with 2 professional corps, when to set up (11:00)
- HoldCo set up, transfer of $ from operating company to HoldCo (14:00)
- Lifetime capital gains exemption/LCGE (20:13)
- Tax on passive/split income, TOPI/TOSI (26:15)
- Surplus stripping (30:02)
- Investing in collectibles (40:17)
- Rental properties (42:04)
- HoldCo downsides/costs (45:58)

Reach out anytime on LinkedIn, Instagram (@beyond.md), or [email protected]

Yatin Chadha, MD, hosts Mehul Gandhi, CFP, CLU, TEP

Mehul is a financial planner, tax & estate practitioner, & licensed insurance advisor working out of the lower mainland in BC. He is the host of the Mind Your Biz Podcast, which covers topics for business owners & entrepreneurs.

Topics discussed:
- what is critical illness (CI) insurance, rationale (6:44)
- how much insurance is necessary? (9:50)
- is it necessary in Canada? (12:20)
- potential impact of CI on family (14:08)
- coverage of conditions (15:24)
- personal, corporate, vs shared policy ownership (17:25)
- return of premium (25:23)
- loss of independence (27:30)
- policies for children (29:20)
- must ask questions (33:25)
- retirement: mitigating sequence of returns risk (36:44)
- retirement: mitigating longevity risk (42:22)

You can listen to the "Mind Your Biz Podcast" by Mehul here: https://open.spotify.com/show/2MXapiWUSNcWUtYH76tYCI?si=3c0b6350982d43d9 

Mehul's email: [email protected]

Feel free to reach out to me on LinkedIn or email to [email protected]

Kevin Mailo, MD, Co-founder of Physician Empowerment is back.

We discuss how finance relates to our overall wellness.

Discussion points:

Burnout - symptoms, survey data, contributors (9:10)
The components of wellness (18:33)
How financial security/literacy can mitigate stress/burnout (23:06)
Considerations for earlier career physicians (34:51)
How to have more control over finances (45:58))
Does money = happiness? (53:14)

Physician Empowerment is hosting a financial literacy conference June 3-5 in Toronto, by Canadian MDs for MDs.

Website: https://www.physempowerment.ca/live

Yatin Chadha, MD hosts John Stocking, PFP, CIM, CIWM.

John Stocking has almost 20 years of experience having worked in private wealth management both in Canada and overseas & with 3 Canadian banks.

More recently, John succeeded in launching his own independent financial advice firm "Evidence Based Finance", through which he offers financial planning, DIY coaching, or comprehensive wealth management, or all of the above for a single flat fee.

Website: https://evidencebasedfinance.ca/

Topics:
- evidence based investing basics (8:47)
- five factor investing (13:44)
- evidence based finance (37:45)
- why it can be so hard to follow evidence/your plan (49:37)

Factor investing subtopics:
- basics, growth vs value, ETF considerations, uncorrelated returns, downside protection?, historical data (US, Japan), long term mindset, practicality

Resources:

https://www.pwlcapital.com/resources/five-factor-investing-with-etfs/

https://ws-marketing-ui.s3.amazonaws.com/Wealthsimple_Our+Approach+to+Building+Portfolios_Final.pdf
 

Thank you for joining me on my first solo episode! :)

This episode is a covers my journey to this point & highlights key professional, financial, and personal lessons from my past, including mistakes.

Remember, mistakes should be viewed as learning opportunities, not viewed as regrets.

This episode is dedicated to my late father-in-law, Mahen Acharya, a remarkable individual. At the end of the episode I share what I learned from him.

Topics:
- my background/journey (1:10)
- professional, personal and financial lessons from San Diego (4:35)
- financial lessons and mistakes in Calgary (10:25)
- major take home points - marriage, delayed gratification, & lessons from Mahen (18:00)

Reach out anytime on LinkedIn or [email protected]

Yatin Chadha interviews Dr. Stephanie Zhou, MD.

Stephanie practices Addictions Medicine at Sunnybrook Hospital in Toronto. She is passionate about financial literacy & diversity and inclusion, and is well known for bringing financial education to medical school curriculum at the University of Toronto.

Stephanie is a strong advocate for equalizing student knowledge when it comes to personal finance. She blogs regularly about personal finance on Instagram (& YouTube) @breakingbaddebt.

Topics of discussion
- what motivated her to bring financial education to the curriculum (3:35)
- trends - lines of credit, leveraged investing (9:05)
- incorporation - rationale & considerations for when (20:00)
- the power of frugality (35:30)
- budgeting basics (41:39)
- investing approach (51:48)
- rapid fire (59:00)

Reach out to me anytime on LinkedIn or at [email protected].

Dr. Yatin Chadha hosts Sanjil Shah (CPA, CA) to discuss REITS with a focus on Alignvest Student Housing REIT (ASH REIT).

Sanjil has extensive experience in real estate and is the managing partner for ASH REIT, which is striving to consolidate purpose built student accommodations (PBSA) across various Canadian university markets.

Website: https://www.alignveststudenthousing.com/

We discuss:
- REIT tax (in)efficiency (1:12)
- Sanjil's background (5:52)
- about Alignvest Student Housing REIT (8:21)
- target markets (10:25)
- what is a REIT? (13:25)
- REIT pros/cons (15:29)
- types of REITs (19:10)
- returns, distributions, tax efficiency, return of capital (24:20)
- is real estate an inflation hedge? (29:08)
- RE macro outlook (32:08)
- trends in student housing (36:25)
- student housing talwinds/headwinds (38:05)
- challenging REITs (43:35)

Yatin Chadha hosts Sophie Cournoyer (FCIA, FSA, MBA, CFA) to discuss the retirement compensation arrangement (RCA).

The RCA is a lesser known retirement savings plan that can be relevant for incorporated professionals with substantial salary (T4 income).

Connect with me on LinkedIn or at [email protected]

We discuss:
1:08 - My intro to RCA
3:25 - our guest, conflicts on interest
4:40 - what is an RCA?
9:22 - differences between RCA and IPP
13:25 - basic features (governing body, creditor protection, tax deductions, tax deferral, buy back of past service, no impact on RRSP contribution room, considerations for income splitting)
16:53 - basic RCA structure (2 accounts: Investment account & Refundable Tax Account)
18:29 - basic RCA mechanics
20:13 - Sophie talks about eligible investments (very few restrictions)
21:28 - Example: depositing $50,000 into RCA - what happens
23:10 - Examples: what happens to interest income & realized capital loss in the investment account? 
24:18 - RCA tax efficiency (and inefficiency)
25:30 - potential benefit of RCA when retiring in low tax jurisdiction
26:18 - RCA and passive income rules
27:55 - RCA - any issues with excess returns?
29:15 - wealth transfers, what happens at death?
30:47 - RCA Cost - set up and maintenance
33:30 - what can go wrong with an RCA
35:15 - my summary (and room for DIY)