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This article originally appeared in the BC Medical Journal.
In your life time, it is likely the three largest areas of wealth you will accumulate and access to achieve your financial goals are your home (as your principal residence), your tax advantaged Retirement Savings Plan and your incorporated Professional Practice.
Do you understand the common characteristics, as well as the differences between these?
If you don’t, you aren’t alone. Let’s start with the differences.
When you invest money:
When you realize on the equity:
In your home (as your principal residence), you normally expect to pay no income tax.
When you withdraw money:
So what are the real differences? Just the timing of when the income tax is paid in each case.
The common element among all three is that the total income tax paid over time is roughly the same amount.
The opportunities are created by understanding how to use this timing to your advantage.
In future articles we will expand your knowledge around each of these three key wealth strategies.
With 16 locations throughout B.C., MNP provides support to medical professionals at all stages in their careers.
For more information contact Don Murdoch, B.C. Leader, Professionals Services at 1.877.766.9735 or
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