Dr. Kevin Mailo and Dr. Wing Lim, co-hosts of Physician Empowerment, join together for this episode to talk about the recent Physician Empowerment Live Conference. They recount the success of the conference and attribute much of it to the vulnerability of the panellists and the willing feedback from the attendees. Addressing some of the topics broached, Kevin and Wing highlight lessons learned and stories shared that contributed to the atmosphere of positive connection. 

One of the things Wing revealed was that the conference was designed with the intent of the first day covering more ‘brainy’ subjects and the second day reaching more into the heart of physicians. Attendees were pleasantly surprised by that revelation and equally enjoyed another highlight of the second day which featured a non-medical spousal panel. Topics like burnout, experiences being the spouse of a physician, wealth creation, leadership, and technology were all addressed at the conference by Masterclass leaders and students alike. Acknowledging the real heart-felt success of the conference, Wing and Kevin then moved on to announce the upcoming more relaxed destination conference weekend in Canmore. Physician Empowerment continues to grow through the inclusion and involvement of all members and through the success of events like these where attendees allow themselves to learn and share.

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Physician Empowerment: 

• Attend an upcoming Empowerment Retreat
• Join the Physician Empowerment Masterclass now
• Website: PhysEmpowerment.ca

Dr. Kevin Mailo is joined by friend and ‘beyond MD’ podcast host Dr. Yatin Chadha in a conversation about why the balance of personal fulfillment and wellness is so important to keep in alignment with both work and finance. Dr. Chadha continuously explores personal and professional growth in his own life and it’s this experience that he draws on to illustrate how his mindset ensures the key relationships and goals in his life thrive alongside work. 

One of the first things Dr. Chadha addresses is the need to continue to find meaning in the work we do. He explains that he is continually asking himself what he can do to make his week better and answers that question by rotating focuses within his practice, pursuing additional education, honing a variety of skill sets, and finding the rewarding aspects of his daily tasks. Kevin and Yatin discuss the difficulty of focusing amidst today’s constant bombardment of distractions, the difference between time spent and the quality of time in terms of productivity, and how to assess what your mind needs to be challenged in the future. Dr. Chadha will join the conference later in May to share even more of his inspiring insights and knowledge.

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About Dr. Yatin Chadha:

Dr. Yatin Chadha is a practising radiologist in Toronto. He’s passionate about promoting financial literacy in the healthcare community as he believes exposure is lacking during training, leaving many unprepared as they transition to practice. This led him to create the beyond MD podcast. Outside of work and podcasting, Yatin is an avid golfer and proud father of 2 boys.

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Resources discussed in this episode:

• beyond MD with Dr. Yatin Chadha podcast
• “Balance: How to Invest and Spend for Happiness, Health, and Wealth” by Andrew Hallam

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Physician Empowerment: 

• Join the Physician Empowerment Masterclass now

Dr. Kevin Mailo welcomes close friend Dr. Dimitre Ranev back to the podcast to share some practice lessons learned in the past months. Dimitre addresses the value of delegation to medical practice and for mental health. Physician Empowerment has touched on the topic of delegation before but Kevin believes hearing about a subject that is key to growth from different perspectives is a major factor in determining happiness. Delegation can be a challenge but both Dr. Mailo and Dr. Ranev believe it is incredibly valuable. 

Delegation, as defined, is the transferring of the responsibility of a task from oneself to somebody else. In studies of health professionals, doctors, and professionals in general, Dimitre found evidence of the advantages of delegating. What Dimitre and Kevin explore is how to delegate, which tasks to consider moving to somebody else, and vitally, who to delegate to. Building a trusted team is the path to being able to delegate with confidence. Having others contribute to getting tasks done increases available time and, by extension, revenue. But it also relieves stress, improves wellness, and allows a focus on the most valuable aspects of the work.

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About Dr. Dimitre Ranev:

Dr. Ranev is a duly qualified medical practitioner in the province of Ontario and Quebec. His primary practice is in Gatineau, Quebec. He currently specializes in sexual health, LGBTQ+ health, and fertility health. He also provides private consulting for Telus Health in preventative care. He has past experience with home and palliative care as well as Geriatric rehabilitation medicine at Gatineau Hospital. In Ontario, Dr. Ranev has past experience with home care, nursing home care, and student health. He has a special interest in Medical Education being the co-host for the Primary Medicine Podcast and holding a position of Faculty Lecturer at McGill University.

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Interested in going further in your financial journey? Join our national conference and meet the PhE team live in Toronto this May 25 and 26th: https://www.physempowerment.ca/live 

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Physician Empowerment: 

• Register for the Physician Empowerment Live Conference in Toronto on May 25 - 26, 2024
• Join the Physician Empowerment Masterclass now

Dr. Kevin Mailo introduces Cherry Chan, a renowned author and expert in real estate taxation, who discusses the implications of the 2024 federal budget alongside Dr. Wing Lim. They delve into how the budget targets the wealthy but inadvertently affects the middle class, particularly through the increase in capital gains inclusion rates. Their discussion explores how the changes penalize not just the ultra-rich but also ordinary Canadians who have invested in properties or stocks for long-term financial security.

Cherry Chan and Dr. Wing Lim dissect the budget's effects on both unincorporated individuals and incorporated professionals. They explain how the changes disproportionately affect those who have incorporated their businesses to benefit from lower tax rates, as now, even the first dollar of capital gain within a corporation is subject to the elevated inclusion rate. This shift undermines the previous tax advantages of incorporation, significantly impacting investment strategies and financial planning for professionals like themselves. Cherry’s insights help unpack the changes being instituted and how to approach them.

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About Cherry Chan, CPA:

As a real estate tax expert, Cherry provides specialized advice to a wide spectrum of clients in the real estate sector, from investors to agents, ensuring tailored solutions for their unique needs. Concurrently, at OTUS Group, she contributes to revolutionizing financial management for non-profits and associations, offering strategic oversight akin to a CFO's role. Cherry’s dual involvement reflects a deep commitment to delivering expert financial guidance across diverse sectors.

Cherry Chan on LinkedIn

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Interested in going further in your financial journey? Join our national conference and meet the PhE team live in Toronto this May 25 and 26th: https://www.physempowerment.ca/live 

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Physician Empowerment: 

• Register for the Physician Empowerment Live Conference in Toronto on May 25 - 26, 2024
• Join the Physician Empowerment Masterclass now

Physician Empowerment Masterclass Faculty Members Nick Giovannetti and Simon Wong, both Certified Financial Planners, join Dr. Wing Lim as he referees a battle royale between T4s (represented by Nick) and T5s (represented by Simon). What’s best for incorporated professionals to pay themselves and why? What are the features of T4s and T5s? What do two financial planners advise? This episode will answer all these questions and prepare for more in-depth explorations in a future Masterclass. 

Accountants historically didn’t offer choices between T4s and T5s but the wind is changing, and now there are different champions for each camp. Nick Giovannetti explains Canada Pension Plan benefits that come with a T4 while Simon explores the potential to do better investing on their own, as made possible by a T5. Nick and Simon debate the benefits, challenges, expenses, and lower personal tax rates between the T4 and T5, showcasing both pros and cons from a financial and accounting perspective. This episode seeks to break down in simple terms who would be best served by a T4 versus who would do better with a T5 and why there is such a split between accountants. The information here is expansive, solid, and based on extensive mutual experience. Don’t miss this episode or the Masterclasses each Faculty Member contributes to in the future.

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About Nick Giovannetti:

Nick is a Certified Financial Planner® with a fully Integrated Wealth Planning Team. His approach to financial planning centers around a deep understanding of clients' goals and objectives, fostering long-term relationships built on trust and transparency.

About Simon Wong:

As an Integrated Wealth Planner, Simon’s expertise lies in simplifying complex financial concepts into clear, actionable insights, forming the cornerstone of his Financial Plans. He specializes in navigating individuals and businesses through the intricate landscape of finance, utilizing his extensive knowledge and experience to foster their financial success and stability.

Simon’s academic and professional credentials, including an MBA in Accounting and a prestigious trio of designations - Certified Financial Planner, Chartered Investment Manager, and Chartered Life Underwriter - empower him to provide holistic and strategic financial advice. His career spans beyond traditional wealth planning, enriched by collaborations with elite asset management firms and a notable tenure at a leading accounting firm. 

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Interested in going further in your financial journey? Join our national conference and meet the PhE team live in Toronto this May 25 and 26th: https://www.physempowerment.ca/live 

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Physician Empowerment: 

• Register for the Physician Empowerment Live Conference in Toronto on May 25 - 26, 2024
• Join the Physician Empowerment Masterclass now

Physician Empowerment co-founders Dr. Kevin Mailo and Dr. Wing Lim address why the events and masterclasses they hold are key to the foundations of Physician Empowerment overall. The promotion of wellness, health, and transformation in all areas of a physician’s life - mental, financial, leadership, practice - is the impetus behind everything they do. This translates into how they approach events and the focus of masterclasses.  

As Wing Lim reminds listeners in this episode, Physician Empowerment was created to form a community and network for peer-to-peer empowerment. He reiterates the four foundational pillars of its existence: 1. Physician wellness, 2. Financial health, 3. Leadership development, and 4. Practice transformation. Those pillars factor into how they present learning in a conversational and community-friendly way. Kevin Mailo stresses that it isn’t just about being better in the future but having that better life now. Wing and Kevin address what they’ve learned from mentors, what they hope to impart to the community, how the masterclasses are designed not just to impart facts but shape a different way of thinking, and their hopes that everyone can share their journeys together.

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Interested in going further in your financial journey? Join our national conference and meet the PhE team live in Toronto this May 25 and 26th: https://www.physempowerment.ca/live 

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Physician Empowerment: 

• Register for the Physician Empowerment Live Conference in Toronto on May 25 - 26, 2024
• Join the Physician Empowerment Masterclass now

Physician Empowerment Masterclass Faculty Member and tax lawyer Jason Pisesky returns to the show to talk with Dr. Wing Lim about capital gains in real estate investments. Jason and Wing explore everything to do with real estate from tax to property depreciation and personal versus corporate real estate purchases.

Jason addresses how the Income Tax Act applies to real estate and the nuances involved with the PRE or Personal Residence Exemption. He explains some of the insights that apply to buying and flipping houses, up markets and down markets, and depreciable capital property. Personal versus corporate purchases, income versus capital gain, and active versus passive axis are discussed in broad terms, enough to give a clearer understanding of what Jason will be addressing in greater detail in future episodes and at the Physician Empowerment Live Conference in Toronto in May. The knowledge Jason shares is foundational and directly applicable to anyone with an investment mindset.

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About Jason Pisesky:

Jason is a tax lawyer with an international accounting firm, KPMG. His practice background is extensive and includes personal and corporate tax planning as well as litigation and dispute resolution. Whether you are scaling up your practice or winding it down, proper coordination between a tax lawyer and your accountant can ensure you're doing it right.

Jason is one of Physician Empowerment’s professional Masterclass Faculty members.

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Interested in going further in your financial journey? Join our national conference and meet the PhE team live in Toronto this May 25 and 26th: https://www.physempowerment.ca/live 

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Physician Empowerment: 

• Register for the Physician Empowerment Live Conference in Toronto on May 25 - 26, 2024
• Join the Physician Empowerment Masterclass now

Dr. Kevin Mailo welcomes physician coach, Physician Empowerment masterclass student, and 2024 Physician Empowerment conference speaker Dr. Michelle Jackman to the show today. Physician Empowerment not only focuses on financial health but on the mental and emotional health of physicians as well. Dr. Jackman’s coaching aims at that need for emotional well-being and improves the mental health of physicians throughout their careers.

Dr. Michelle Jackman came to physician coaching during Covid, by asking questions about her own career path and satisfaction. She worked with Dr. April Elliott, an executive coach, and Dr. Nadeem Lalani, a physician coach, and the self-awareness she gained guided her into leaving the career path that wasn’t satisfying her and into coaching instead. She describes coaching as allowing us to prioritize ourselves and allowing us to make a commitment to ourselves and not just to our jobs and demands.

Dr. Mailo and Dr. Jackman discuss all aspects of physician coaching from acknowledging strengths and learning from accomplishments to evidence-based neuroscience and how our brains can be rewired to change our thought patterns. Michelle offers small group and one-on-one coaching and she describes the benefits of both to Kevin. She affirms that asking for help is not a sign of weakness but of strength and encourages physicians to seek out coaching if they need support.

Dr. Michelle Jackman will be at the Physician Empowerment Live conference in Toronto on May 25 and 26. 

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About Dr. Michelle Jackman | physician coach, PhE masterclass student, 2024 PhE conference speaker:

Dr. Michelle Jackman is a practicing pediatrician, born and raised in Ontario. She grew up in the City of Kawartha Lakes and is a University of Toronto Alumni OT1. She completed three years of surgical residency at Queen’s University in Kingston and earned her FRCPC in pediatrics in 2008. 

Dr. Jackman has been clinical lead at the Pediatric Centre for Wellness & Health at Alberta Children’s Hospital since it was established in 2012. Her clinical passion focuses on supporting children and youth at risk for obesity through this multi-disciplinary program. Her clinical expertise is in supporting children and youth with mental health and metabolic and mechanical co-morbidities of obesity to achieve their best health. 

She recently completed her executive coaching certification and coaching mastery program through Erickson International and is passionate about bringing coaching into the medical field to help her colleagues navigate challenges, excel in their professions and increase their fulfillment in all aspects of their lives.

Michelle lives in Calgary with her husband and daughter. She enjoys making her daughter laugh and being out in nature and mountains on bikes, skis and horses.

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Physician Empowerment: 

• Register for the Physician Empowerment Live Conference in Toronto on May 25 - 26, 2024
  *Early Bird pricing ends March 15*
• Join the Physician Empowerment Masterclass now

Dr. Kevin Mailo welcomes Toronto-based family physician and obesity medicine practitioner Dr. Angie Hong to the podcast. Dr. Hong has been involved in coaching for a few years now and joins Dr. Mailo to talk about the differences between coaching, mentoring and therapy and the specific value of coaching. 

Dr. Angie Hong stumbled into coaching when she accidentally joined the wrong course at the University of Toronto and found herself in Solution Focused Coaching instead of Solution Focused Therapy. She stayed in the course and “fell in love with coaching”. Angie describes the enjoyment she gets out of helping a client reach a goal that sometimes isn’t even their original goal but something born out of self-discovery. 

Dr. Mailo and Dr. Hong discuss how physicians specifically find Angie and the challenges that drive them to seek guidance. Angie describes the feelings of emotional burnout and exhaustion that coaching can be effective in assisting and preventing. The journey of a physician drives towards burnout in many cases and Angie believes that engaging with coaching earlier, in medical school even, can help combat the issues that compound later. Dr. Angie Hong will be at the Physician Empowerment Live conference in Toronto on May 25 and 26. 

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About Dr. Angie Hong:

Dr. Hong has been a family doctor for over 20 years and has focused on metabolic health and disease for almost a decade. She is a fellow of the CCFP and a diplomate of the American Board of Obesity Medicine, one of the first family doctors in Ontario to earn this credential.

Dr. Hong is also an International Coaching Federation Coach, a body recognized globally as the gold standard of professional coaching. In addition, she is a graduate of the University of Toronto Brief Coaching program and was mentored by world-renowned researcher and coach Dr. Haesun Moon.

For the past seven years, Dr. Hong has had the privilege of teaching coaches and healthcare providers throughout North America at various schools and organizations, including Obesity Canada, CBT Canada, the University of Alberta, and the University of Toronto, among others.

Dr. Hong lives in Toronto with her husband, three teenage daughters, and her dog Hugo. Her downtime is spent with family and friends and laughing at dog memes. However, she can usually be found taking another course to increase her skills and knowledge.

Dr. Hong’s passion for lifelong learning is driven by her commitment to providing the highest level of care and service to her patients and clients.

Learn more about Dr. Hong's services and contact her via her website at AngieHongMD.com

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Physician Empowerment: 

• Register for the Physician Empowerment Live Conference in Toronto on May 25 - 26, 2024
  *Early Bird pricing ends March 15*
• Join the Physician Empowerment Masterclass now

Dr. Wing Lim welcomes Physician Empowerment Masterclass Faculty Member and tax lawyer Jason Pisesky back to the show. Jason talks all about trusts from a tax perspective. He explains not only the history of how trusts came to be but also how they are defined today and how they work, offering knowledgeable insights into the complex topic.

Jason explores the tax and non-tax benefits of family trusts, detailing the tax advantage of the multiplication of the capital gains deduction. He also explains the lifespan of a trust, the beneficiaries, how income splitting factors into a trust, and how family trusts are useful in facilitating the movement of assets from one company to another in a tax-deferred way. The topic of family trusts is a dense and layered one but the information Jason provides here works as a good base of knowledge. This information can then be further explored in a Masterclass.

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About Jason Pisesky:

Jason is a tax lawyer with an international accounting firm, KPMG. His practice background is extensive and includes personal and corporate tax planning as well as litigation and dispute resolution. Whether you are scaling up your practice or winding it down, proper coordination between a tax lawyer and your accountant can ensure you're doing it right.

Jason is one of Physician Empowerment’s professional Masterclass Faculty members.

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Physician Empowerment: 

• Register for the Physician Empowerment Live Conference in Toronto on May 25 - 26, 2024
  *Early Bird pricing ends March 15*
• Join the Physician Empowerment Masterclass now