Dr. Roxanne Arnal, CFP®

After years of schooling, it’s time to transition into professional life. This exciting yet daunting phase brings new financial responsibilities. Here’s what to expect:

  1. Celebrate Responsibly: You’ve achieved a milestone, so celebrate, but be mindful of your finances as real-world expenses approach.
  2. Licensing Fees: In Canada, you’ll need to apply and pay provincial licensing fees, along with possible voluntary association memberships. These fees cover self-governance, support your profession, and provide valuable resources.
  3. Liability Insurance: Ensure you have comprehensive malpractice insurance, especially given the increasing litigious environment.
  4. Financial Aid Repayment: Address your student debt promptly. It’s considered “Good Debt” and may even be “Best Debt” with tax-deductible interest. Pay it off to improve your financial standing.
  5. Income Replacement Insurance: You are your greatest asset, so insure your income against disability. Early policy placement often leads to better rates due to more favorable health status and a younger age at entry. Young graduate plans also exist so you don’t need years of supported income to qualify. 
  6. Legal Services: Contracts will be commonplace. Consult a lawyer to understand contract terms fully. Legal advice is vital for your career and financial security.
  7. Taxes: Prepare for income taxes. Employees have withholdings, but consider saving extra to avoid surprises. Self-employed individuals should set aside 25-30% of earnings for taxes and CPP contributions.

Starting to practice is an exciting time. Proper financial planning ensures a smooth transition into your new career.

Advisory

As your Chief Financial Officer, I’m here to help you understand your money and assist you in making smart decisions about your debt repayment, insurance protection, tax management and wealth creation.

Have more questions than answers? Educating you is just one piece of being your personal CFO that we do. Call (780-261-3098) or email (roxanne@C3wealthadvisors.ca) today to discuss your practice.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission Empowering You & Your Wealth with Clarity, Confidence & Control.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. Errors and Omissions exempt.

We have enjoyed and trusted Roxanne since we started doing business with her some five years ago.  Over that period of time, Roxanne has expanded her knowledge and association with some great investment minds.  Confidence is required in any relationship, and we are confident with Roxanne and her team even in these volatile times.  We are looking forward to a great future.
Randy S
Estate planning to me was a daunting and stressful task. I knew it had to be done but where do I begin? How do I divide my estate? To whom? How much? The list goes on. However, lucky for me my estate planner, Roxanne Arnal has my back. What an enormous relief to have a person who knows the right questions to ask and delves into areas you had no idea existed. In the end, having an estate planner and having a plan in place is the best move you can make for your own piece of mind!
G Whiting
Roxanne has provided me with peace of mind financially and a clear path to retirement.
Dr. K. Jacobs

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Who wouldn’t want to take the stress out of their financial and wealth situation? Contact us today to get started.

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