Page 9 – Eye Care Business Canada

Small Business Tax Rate and Its Erosion with Passive Income

In recent years, the landscape of Canadian small business taxation has undergone significant changes, particularly concerning the small business deduction (SBD) and its interaction with passive income. Understanding these changes is crucial for small business owners who rely on the SBD to reduce their tax burden and promote growth.

What is the SBD?

The SBD is a tax benefit on the first $500,000 of active business income (ABI) in a Canadian-controlled private corporation (CCPC). This reduction is designed to help stimulate business growth and job opportunities.

The Tax Advantage of the SBD

The current combined federal and provincial corporate tax rate on income eligible for the SBD is 11% in Alberta. This represents a 12% tax savings compared with the general rate income pool (GRIP) tax of 23% on active income.

Changes in Corporate and Personal Taxation (2018)

In 2018, the Canadian tax system underwent significant adjustments aimed at achieving greater integration between business and personal taxation. This overhaul primarily affected business owners and their comparison to salaried individuals, creating a near-perfect tax alignment.

2018 Tax Changes Affecting the SBD

The 2018 federal budget introduced significant changes to the impact of passive income within corporations. If passive income exceeds $50,000 in a given year, a clawback* begins on the $500,000 of eligible ABI for the SBD.

Understanding Passive Income

Passive income includes interest, dividends, and capital gains. The taxable portion of these forms of income is termed adjusted aggregate investment income (AAII).

How is Corporate Passive Income Taxed?

Following the 2018 tax changes, corporate passive income as AAII is currently taxed at a rate of 46.7% in Alberta (combined federal and provincial rate).

The Tax Impact is Greater after June 25, 2024

In 2018, at the time of “near perfect integration” the capital gains inclusion rate was 50%. This means that 50% of the gain was deemed taxable as AAII. On June 25, 2024 the capital gains inclusion rate for corporations was increased to 66.7%, making it easier to surpass the $50,000 threshold, thereby affecting SBD eligibility.

How SBD Erosion Works

For every dollar of ABII that exceeds the $50,000 threshold, SBD eligibility is reduced by $5*. Once passive income surpasses $150,000 in any given year, the entire SBD on active income is eliminated.

Example of SBD Erosion in Alberta

Consider a scenario where a corporation has $500,000 in taxable active business income. Without any investment income, the corporate tax bill would amount to $55,000.

If this corporation also has $100,000 of ABII**, which exceeds the $50,000 threshold, the SBD rate of 11% will apply only to $250,000 of active income, with the remaining $250,000 taxed at the GRIP rate of 23%.

SBD Tax on $250,000: $250,000 × 11% = $27,500

General Rate Tax on $250,000: $250,000 × 23% = $57,500

Total Tax Bill on Active Income = $85,000 which is $30,000 MORE than if the corporation had passive income less than $50,000!

**this example does NOT include the tax bill on passive income. To see examples for other provinces and the tax on passive income visit our website to access a simple calculator.

A Complex Conversation

Navigating investment and divestment strategies within your corporation has become increasingly complex due to ongoing tax changes. A holistic financial plan that integrates both business and personal aspects of your wealth and taxation is essential to empower you in your financial journey.

It is never too early or too late to initiate your financial planning. Contact us at 780-261-3098 or email (Roxanne@C3wealthadvisors.ca) to set up your next conversation.

*Note: Ontario, Quebec and New Brunswick provincial tax calculations do not mirror the federal rules for the SBD clawback.

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

These articles are for information purposes only and are not a replacement for personal financial and tax planning. Individual circumstances and needs vary. Errors and Omissions exempt.

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

Roxanne Arnal graduated from UW School of Optometry in 1995 and is a past-president of the Alberta Association of Optometrists (AAO) and the Canadian Association of Optometry Students (CAOS). She subsequently built a thriving optometric practice in rural Alberta.

Roxanne took the decision in 2012 to leave optometry and become a financial planning professional. She now focuses on providing services to Optometrists with a plan to parlay her unique expertise to help optometric practices and their families across the country meet their goals through astute financial planning and decision making.

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Episode 4: Eyes Wide Shut

Practice, Revenue RX

By Joseph Mireault
Optical Retail Entrepreneur, Podcast Host, Certified Business Coach

How do you attract more customers to your optical store? The answer might be right in front of you. In this episode of Revenue RX: Optical Retail Wins, I’m sharing insights from my journey in the optical retail world—and beyond—that helped me uncover hidden opportunities. You don’t need to reinvent the wheel to make a difference in your business.

Sometimes, the smallest changes, if done with intention, can yield the biggest results.

When I took over the store, I wasn’t just facing competition—I had eight other optical stores on the same street. Outspending them wasn’t an option, but out-thinking them was.

I wasn’t an optician or an optometrist; I was an entrepreneur, and I knew my first challenge was visibility. One rainy day, a bright yellow DHL truck drove by, and I thought, You can’t miss that thing! That’s when the idea hit me: if the truck can grab attention, why not the store? I got permission from the landlord, bought the paint, and turned the store into a bright yellow beacon.

Innovative (and Cost-effective) Marketing
But I didn’t stop there. I had a yellow Toyota FJ Cruiser at the time, and I figured, why not turn my car into a rolling advertisement? I wrapped it with the store’s name, address, and phone number, and suddenly, my daily commute became a mobile billboard. Every day, as I drove the same route my customers took, I was marketing the business—creating impressions, rain or shine, without lifting a finger.

Foot traffic was another challenge. There was a busy bus stop right outside the store, but it faced away from the building, with people lining up with their backs to me. Across the street were parking meters, and I saw an opportunity. Every morning, I parked my branded yellow SUV at one of those meters.

For just $4 a day, I had a prime advertising spot—right where people waiting for the bus could see it, and directly across from my competitors. It was far cheaper than a bus stop poster, and it gave me visibility all day long.

Even with all these efforts, I quickly learned that just being visible wasn’t enough. One day, I asked a passerby if they knew where the nearest optical store was. They looked confused and said, “No idea.” They had just walked right past my store—past the bright yellow paint, the sandwich board sign, and even a bus stop poster. That’s when I realized I needed something extra, a small touch to tie everything together.

One day, I saw a party nearby with someone carrying a helium balloon, and I thought, That’s it! A balloon catches the eye like nothing else. So I tied a bright balloon to my sandwich board outside the store. The effect was immediate. People who had missed the sign before now noticed it, and once their attention was on the balloon, they saw the board, the yellow store, and everything else. It was all connected. When I asked someone again where the nearest optical store was, they pointed right at my place and said, “It’s the one with the balloon!”

This episode is packed with lessons from moments like these—ways I found to stand out without breaking the bank. I didn’t just rely on paint and balloons. I also built innovative marketing partnerships.

I also learned the value of taking advantage of slow economies. During the recession, other businesses cut back on marketing, but I doubled down.

Running a business isn’t easy, and I know how tempting it can be to get stuck in the day-to-day operations. But I focused on working on my business, leaving my well-trained staff to handle customer care so I could keep coming up with new ways to attract customers. It’s all about staying creative and finding your own “balloon”—that one thing that makes your store stand out and draws people in.

Because what got you here today won’t get you where you want to go tomorrow.

Keep your eyes wide open, stay creative, and remember—innovation is simply doing new things.

Joseph Mireault

Joseph Mireault, Optical Entrepreneur, Business Coach, and Published Author.

Joseph was the owner and president at Tru-Valu Optical and EyeWorx for 16 years. During his tenure, he consistently generated a sustainable $500K in annual gross revenue from the dispensary.

He now focuses on the Optical industry, and as a serial entrepreneur brings extensive experience from a variety of different ventures.

Joseph is also a Certified FocalPoint Business Coach and looks to work directly with ECPs in achieving their goals.

Through his current endeavour, the (Revenue RX, Optical Retail Wins podcast) he shares the challenges and solutions of running an Optical business.

His insights are shared with optical business owners aspiring for greater success in his new book, “An Entrepreneur’s Eye Care Odyssey: The Path to Optical Retail Success.”

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Episode 3: Embrace Change For Optical Retail Survival

Practice, Revenue RX

By Joseph Mireault
Optical Retail Entrepreneur, Podcast Host, Certified Business Coach

In this episode of Revenue RX, we unpack the mindset and strategies necessary to not only keep up with change but to harness it as a tool for success.

Change is not just an option in optical retail—it’s a necessity. In the latest episode of Revenue Rx, we dive deep into the essence of change, exploring why it is the price we pay for survival in this dynamic industry. If you’re standing still, you’re not maintaining your position—you’re falling behind.

The Illusion of Standing Still

Let’s start with a hard truth: standing still doesn’t exist in business. If you’re not moving forward, you’re slipping backward. The world around you is constantly evolving, and if you’re clinging to the status quo, you’re at risk of being left behind. This episode is a wake-up call, an intervention of sorts, urging you to take action before it’s too late. You have a choice: become a maker of change or fall victim to it.

Success in optical retail—or any business for that matter—requires a willingness to embrace risk and do things differently. What got you here won’t get you where you want to go next. Complacency is the enemy of progress. The discomfort you feel when making changes is natural, but it’s also a sign that you’re on the right path. This episode introduces the concept of the Sigmoid Curve, a crucial principle in business that underscores the importance of reinvention at the height of success.

Understanding the Sigmoid Curve

The Sigmoid Curve represents the life cycle of businesses, products, and even personal growth. It has four key stages: start-up, growth, decline, and reinvestment. The latter two are where many businesses falter. As your business matures, growth slows, competition increases, and the market becomes saturated. It’s at this point that reinvestment and innovation are essential to avoid a downward spiral.

The episode highlights the downfall of once-great companies like Blockbuster, Kodak, and Sears—giants who fell because they didn’t adapt in time. The lesson here is clear: no one is immune to failure. Even if you’re riding high now, complacency can lead to a slow but inevitable decline.

The key takeaway? Anticipate the need for change before you hit the decline phase. Reinvestment, whether it’s in new ideas, technologies, or business models, is essential for sustained success. Transform your business to a new curve before the current one goes too far into decline.

The Psychology of Change

Change isn’t just about strategy—it’s deeply psychological. Making decisions, particularly those that involve significant changes, is stressful. It’s no surprise that many people resist change because of the fears associated with it. These fears range from fear of the unknown and fear of failure to fear of loss and even fear of success.

This episode delves into these common fears, encouraging you to confront them head-on. Recognizing these fears is the first step in overcoming them. The episode offers practical advice on how to build confidence and reduce anxiety by taking small, manageable steps toward change.

One powerful example is how we approach major life changes, like marriage or starting a family. We don’t let fear hold us back from these significant life events because we focus on the positive outcomes rather than the potential risks. The same mindset should apply to business. By focusing on the benefits of change rather than the discomfort it might cause, you can push through resistance and make the necessary adjustments to keep your business thriving.

Why Change is Critical in Optical Retail

The optical retail industry is no exception to the rule of change. Markets are constantly evolving, and if you don’t adapt, you risk becoming irrelevant. Whether it’s changing styles, new technologies, or shifting demographics, staying ahead of the curve is crucial.

Innovation is a driving force behind success. In this episode, I share examples from my own business journey, such as giving my stores a facelift every five years to keep the environment fresh and engaging for customers. Simple, thoughtful changes can make a big difference, whether it’s updating your store’s layout, introducing new product displays, or enhancing the customer experience with interactive elements.

But change isn’t just about aesthetics. It’s also about the practical aspects of running a business, like cost savings and resource management. Regularly reviewing your processes and making adjustments can lead to significant improvements in efficiency and profitability. In my case, I made a habit of reviewing balance sheets monthly and challenging suppliers to offer more competitive pricing.

The Bottom Line: Make the Commitment to Change

The path to success in optical retail—or any business—requires a commitment to change. Stagnation is the enemy, and the way out is through strategic reinvestment and continuous innovation. The decisions you make today will determine your future. So, start by setting aside resources for reinvestment, identify one key area of your business that can directly impact your bottom line, and focus on making meaningful changes there.

In the end, thoughtful change is not just about keeping up—it’s about getting ahead. It’s about making your business more resilient, more competitive, and more successful in the long run.

Call to Action

Don’t let complacency be your downfall. Listen to the full episode of my podcast and learn how to embrace change as the key to thriving in the optical retail industry. Your business’s future depends on the decisions you make today—so make the commitment to change now.

Joseph Mireault

Joseph Mireault, Optical Entrepreneur, Business Coach, and Published Author.

Joseph was the owner and president at Tru-Valu Optical and EyeWorx for 16 years. During his tenure, he consistently generated a sustainable $500K in annual gross revenue from the dispensary.

He now focuses on the Optical industry, and as a serial entrepreneur brings extensive experience from a variety of different ventures.

Joseph is also a Certified FocalPoint Business Coach and looks to work directly with ECPs in achieving their goals.

Through his current endeavour, the (Revenue RX, Optical Retail Wins podcast) he shares the challenges and solutions of running an Optical business.

His insights are shared with optical business owners aspiring for greater success in his new book, “An Entrepreneur’s Eye Care Odyssey: The Path to Optical Retail Success.”

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5 Principles of Cash Management

Building Wealth, Finance|Wealth

In our cashless society, it’s common to lose the connection between what we are earning and what we are spending, often leading to empty bank accounts and increasing debt. How do you manage debt effectively while building long-term financial security and peace of mind?

Review Your Cash Outflows

Sounds so simple, but do you know where your money is actually going?

Review a minimum of 3 months of bank and credit card statements. Summarize where your money has been going. Be honest. You might be surprised how much you are spending eating out, the number of “tap” charges you are paying, and the actual burden of interest charges.

Create a Cash Flow Plan and Stick to It

Now that you know where the money is going, create a better solution.

This solution still needs to be realistic in order to be successful. Build in your mandatory payments like student loan repayment, car payments, rent and disability insurance premiums. Add in your after tax income. Then review how much you can allocate to everyday expenses like gas, groceries, gifts, clothing and social activities. Tracking this spending allows you to manage it and discipline gives you a clear plan for reaching your goals.

Build and Maintain an Emergency Fund

An emergency fund is your personal safety net. Life is unpredictable and unexpected expenses, like a car repair or sick pet, can throw your financial stability into chaos. Your emergency fund should also be able to cover your basic needs while you wait out the elimination period before your disability insurance benefits are payable in the event that you are unable to work due to illness or injury.

The general recommendation is to have at least 3 to 6 months worth of living expenses set aside in an accessible, but separate, account from your daily spending.

Carve out a piece of your monthly income to build up this pool and use it for true emergencies only.

Control Debt Wisely

Debt isn’t inherently bad, but it’s important to manage it carefully and use it strategically.

First focus on paying off high-interest debt, like credit card balances (and be committed to permanently keeping it off). These debts grow quickly and can easily overwhelm your finances if not addressed promptly. Look back at our previous article on Tackling Debt [https://www.eyecarebusiness.ca/resources/tackling-debt/ ] to learn about the Avalanche & Snowball methods.

Save & Invest for Your Future

The final principle of personal cash management focuses on the future you. Sometimes hard to image when you are in the here and now, but the future you deserves your love.

Once you’ve build up your emergency fund and managed your debt, you can begin focusing on saving for future goals – buying a home, funding your child’s education and saving for retirement.

It’s essential to have a plan in place for your savings goals and the investments you pick should align with the time frame of each goal to help create a financial future of true freedom.

A Fool & His Money are Soon Parted

Understanding income, expenses, debt and savings are key to creating a stress free present and a future filled with opportunity. A holistic financial plan should integrate all aspects of your life in order to truly put you in the driver’s seat.

The best plans use a long-term strategy where your progress is measured and goals are adjusted as your life changes.

It is never too early or too late to set your financial plan in motion. Interested in an advisor that understands how to live for today and tomorrow, give us a call (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) to set up your next conversation.

Roxanne Arnal is a CFP®, former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower 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.

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

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Episode 01 – Navigating Optometry Practice Settings

Future Focus Podcast, NextGenOD

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Welcome to the inaugural episode of Future Focus: The NextGEN OD Canada Podcast. In this episode, our hosts engage in a compelling discussion about various optometry practice settings, including corporate, independent private practice and surgical settings. Our hosts delve deep into the differences in patient interactions, follow-up care, and the unique challenges faced in each of the optometry practice environments.

Independent Private Optometry Practice
Corporate Settings
Independent Contractor in Optical Retail Settings
Surgical Care Settings

Key Points Discussed:

Patient dynamics in the various settings and how they affect optometric practice
How surgical and hospital settings offer opportunities to engage with unique and complex cases, enhancing skills in ocular disease management.
How various settings present challenges that can affect control over your work schedule and work-life balance.
How to balance personal standards of care with business pressures in each setting

This conversation underscores the importance of understanding the advantages and challenges of different optometry practice settings for new optometrists, serving as a valuable resource for students and recent graduates navigating their early careers.

Your Hosts:

Amrit Bilkhu, OD, FAAO, FOVDR
Dr. Amrit Bilkhu graduated from the Illinois College of Optometry in 2019 and completed a Vision Therapy & Rehabilitation residency program at UC Berkeley School of Optometry in 2020. She is a fellow of the American Academy of Optometry and the Optometrists in Vision Development and Rehabilitation. Dr. Bilkhu owns her private practice, Northern Sight Optometry, in Vaughan, Ontario. In her spare time, she serves as a board member for Vision Therapy Canada, writes articles for optometry blogs, and shares her knowledge on her professional social media page.
Alexa Hecht, OD
Dr. Alexa Hecht obtained her Doctor of Optometry from the University of Waterloo in 2021. She currently practices at Bayview Vision in Toronto, Canada, where she enjoys seeing patients of all ages and has a clinical interest in dry eye disease and ocular aesthetics. Dr. Hecht has a significant social media following on Instagram and TikTok, where she aims to educate the public about the importance of eye health and clean beauty habits. She is passionate about inspiring and mentoring the next generation of optometrists.

Future Focus is proudly sponsored by Eye Recommend.

Eye Recommend - Exclusive Sponsor Eye Recommend is a dynamic network of independent optometrists dedicated to providing personalized, comprehensive eye care. They offer outstanding career opportunities across various optometry specialties, along with signing bonuses, mentorship programs, and access to exclusive world-class events and education. With a vast network of experts and clinics nationwide, they empower optometry students and recent graduates to build successful and fulfilling careers.

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Vision Entrepreneur by OSI Group: Your Key to a Successful Optometry Practice

sponsor, Sponsored Posts

Ready to turn your passion for optometry into a thriving business? The Vision Entrepreneur program is your gateway to launching or enhancing your optometry practice. Whether you’re a newcomer or a seasoned professional aiming to delve into optometry entrepreneurship, this program offers unwavering support at every turn. With experienced coaches deeply passionate about the field, you’ll gain the necessary skills and insights to navigate the complexities of entrepreneurship and build a thriving practice.

Develop a Clear Vision and a Solid Business Plan

Turn your aspirations into reality with guidance from our expert coaches. They’ll help you set clear business objectives, pinpoint your target market, and devise an effective strategy.

Master the Essentials of Optometry Practice Management

Achieving success in optometry requires more than just clinical prowess; robust management skills are just as critical. This program provides hands-on coaching in vital areas such as finance, operations, and business development, ensuring a comprehensive approach to practice management.

Enhance Your Confidence and Motivation

The path of entrepreneurship is full of challenges, but you won’t be alone. Our coaches offer continuous encouragement and support, empowering you to unlock your potential and tackle obstacles confidently.

Build Networks and Access Key Resources

Vision Entrepreneur connects you to a vast optometry community. Our coaches introduce you to professionals, mentors, and investors. By expanding your professional network and resources, they open doors to clinic acquisition opportunities.

Craft Effective Marketing and Sales Strategies

Develop marketing and sales strategies that attract and retain clients. By adjusting a game plan to your niche and budget, our coaches guide you to create compelling marketing materials and targeted sales strategies while enhancing your online presence.

Navigate Legal and Regulatory Frameworks

Starting an optometry practice involves a deep understanding of the legal and regulatory landscapes. Our program offers expert advice and links you with legal professionals to ensure full compliance with all regulations.

Manage Stress and Achieve Work-Life Balance

Balancing the demands of entrepreneurship without compromising personal well-being is crucial. Our coaches provide strategies to help you manage stress and maintain a healthy balance, ensuring you thrive both personally and professionally.

Invest in Your Future

Transform the dream of a successful optometry practice into reality with Vision Entrepreneur. Ready to take the first step toward a successful optometry practice? Visit us today to learn more.

visionentrepreneur.ca

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7 Key Features to Look for in a Financial Advisor

Finance|Wealth, Resources

The world of financial advice can be very confusing – it is proverbial alphabet soup out there. Let’s take a look at some of the features you should be looking for in a true advisor.

What training have they undergone?

The worldwide standard for financial planning is the CFP^®. A Certified Financial Planner^® has undergone rigorous training and examination, adheres to a strict ethical standard and is committed to ongoing professional development. There really is no substitute for this designation.

Are they truly a fiduciary?

A requirement of CFP^® certification is that designates must commit to serve in the best interests of their clients. Unfortunately, the certification doesn’t guarantee true fiduciary advice. A fiduciary must make recommendations that are truly in the best interest of the client. Not their pocket book or employer.

Are they licensed to sell products and other services?

CFP® professionals can be licensed to sell products alongside providing advice. It is imperative that you understand their licensing credentials and how recommendations are made within any licensing restrictions. Understanding your options is critical to making smart financial decisions.

Do they utilize an Investment Policy Statement (IPS) to provide you with suitable recommendations?

An IPS is a document that outlines your risk tolerance, risk capacity, and overall opinions regarding investing. Your investments should align with your personal situation.

Are they a specialist in the circumstances that apply to you?

Financial planning has many facets and finding an advisor that understands your situation is critical to long term success. Planners that understand the business of optometry will have far more to offer you than just reviewing your investment strategy.

Do they integrate the various tax “persons” that apply to your situation?

The CRA defines “persons” as different tax entities. To have a truly efficient tax and planning strategy, your professional advisor should integrate all “persons” for your personal situation, such as spouses, operating companies, holding companies and trusts for example.

Do they provide you with actionable items to bring you closer to your goals?

A planner should have a deep understanding of your goals and where you are today. The plan should help bridge that gap. Because life is ever changing, your goals will change too. How often are your goals reviewed? Is there follow-up on actionable items? How is your progress measured?

A Holistic Approach to Financial Planning

A holistic financial plan should integrate all aspects of your life: personal and business. It should include an IPS, a Letter of Engagement, goal creation and action items. The best approach is a long term strategy where your progress is measured and goals are adjusted as your life changes.

If you aren’t sure your advisor is a CFP^® professional who is acting in your best interests first, don’t be afraid to ask the questions.

It is never too early or too late to set your financial plan in motion. Interested in an advisor that not only understands optometry deeply but is truly your fiduciary, give us a call (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) to set up your next conversation.

Roxanne Arnal is a CFP®, former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower 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.

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

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Opportunity is Focus of NextGEN OD Canada Podcast

NextGenOD

EyeCare Business Canada Unveils NextGEN OD Podcast with Eye Recommend as Exclusive Sponsor

EyeCare Business Canada, a division of VuePoint IDS, is thrilled to introduce the NextGEN OD Canada Podcast, a brand-new series tailored specifically for young optometrists and Canadian optometry students, both domestically and internationally. Set to premiere in late September 2024, the podcast will be co-hosted by two esteemed young professionals in Canadian optometry, Drs. Amrit Bilkhu and Alexa Hecht.

This dynamic podcast will cover a wide array of topics vital to optometry students, ranging from career development and job market trends to board exam preparation. Episode themes will be shaped by a recent survey of Canadian optometry students, ensuring the content is relevant and impactful.

With monthly episodes, the podcast will feature guest appearances from leading experts and thought leaders, offering invaluable advice and perspectives to help guide the next generation of Canadian optometrists.

“We’re excited to create a space for optometry students to explore future career opportunities and gain practical insights,” said Dr. Amrit Bilkhu, co-host of the podcast. “Our aim is to support students as they transition from academic life to successful optometry careers.”

Dr. Alexa Hecht echoed these thoughts, adding, “We want to provide students with the tools and information they need to excel—whether that’s exam preparation or finding the perfect career match. We look forward to connecting students with essential resources.”

The NextGEN OD Canada Podcast is exclusively sponsored by Eye Recommend, a prominent network supporting independent optometry clinics throughout Canada. Eye Recommend equips independent optometrists with the technology, resources, and services they need to thrive in today’s competitive landscape.

Lee Raffey, CEO of Eye Recommend, shared, “We’re proud to sponsor a podcast focused on the development and success of future optometrists. Eye Recommend is dedicated to the growth of independent optometry, and this podcast is an excellent opportunity to invest in the next generation.”

David Pietrobon, Publisher of EyeCare Business Canada, commented, “The NextGEN OD Canada Podcast provides an exciting and engaging platform to inspire and educate Canadian optometry students. We’re grateful for Eye Recommend’s sponsorship, which aligns with our shared mission to support young optometrists from the outset of their careers.”

The podcast will be accessible on all major podcast platforms, including Apple Podcasts, Blurberry, Spotify, and Google Podcasts. Additionally, each episode and its summary will be available on the NextGEN OD website and featured in both the NextGEN and OptikXTRA e-newsletters, ensuring seamless access for students and professionals alike.

With insightful content and subject-matter expert guest speakers, the NextGEN OD Canada Podcast promises to be a must-listen for students preparing to embark on their careers in optometry. Don’t miss the debut episode, launching later this month.

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Partnering for Success: Dr. Theodor Buzea’s Story with Specsavers

sponsor, Sponsored Posts

Dr. Theodor Buzea always had a clear vision for his future – he wanted to be an optometrist and a business owner. With his path set, he oriented his education towards becoming an optometrist, completing both his undergraduate and optometric degree at the University of Waterloo. After years in the optical industry, Dr. Buzea took the early leap to become an optometry partner with Specsavers. Today, Dr. Buzea has achieved both of his goals and owns an independent clinic located in Specsavers Southcentre in Calgary.

Dr. Theodor Buzea

Q: What inspired you to become a business owner?

I strongly believe that business ownership is one of the best ways to create change in the world. The desire to try and create an amazing work environment where people can come to learn and progress their careers is what inspired me the most, but opening a business holds a certain level of risk. I wanted to get hands-on experience in the field to understand the growth opportunities and needs before jumping into ownership.

Q: What initially drew you into partnership?

Specsavers are pioneers in how they provide eyecare support to optometrists. I really appreciate and value the way they put patients first and how they’ve been able to maintain that throughout the years.

They also hold the same values as I do when it comes to fostering a healthy work environment and making quality eyecare accessible. This encouraged me because I wanted to partner with a company that would help facilitate my goals for both my patients and team.

Dr. Buzea at the opening of his Specsavers store and independent clinic at Southcentre Mall in Calgary, AB.

Q: What has surprised you about partnering with Specsavers?

The sense of community is absolutely amazing. I’ve had the opportunity to meet so many talented individuals and it’s been great to work with like-minded people. Everyone at Specsavers approaches situations with a team mentality, we’re all working towards the same goal to provide great care for our patients and customers. Working with the people here is truly a breath of fresh air.

Q: How have things been going since opening your independent clinic?

We’re happy to see the community appreciating us for being here to help them. I believe that patient volume grows when your end goal is to provide patients with the best care and service possible. We’re seeing exam bookings fill up quickly and we always do our best to help anyone who drops by the clinic. I was very open-minded coming into this and mainly wanted to make a difference in the community.

Search for associate and partnership opportunities at join.specsavers.com/ca.

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Students Complete FYidoctors Summer Program Feeling Enriched and Inspired

sponsor, Sponsored Posts

“Participating in the summer student program at FYidoctors was an amazing hands-on and inspiring experience. I appreciated the flexibility to choose whether I wanted to work at the reception or the dispensary, allowing me to tailor the program to my interests and refine any skills that I wanted to improve. Guest speakers, including experienced doctors with special interests, provided us with insightful presentations each week that broadened and deepened my understanding of the field. This program truly offered a customizable and enriching experience that has left me more excited for my future career.”

~ Sandra Nguyen, 2nd year Optometry student at University of Waterloo, School of Optometry and Vision Science

FYihealth group has had a very successful summer student year in 2024, welcoming a total of 80 students to its FYidoctors, Visique, BonLook and solis optics practices across Canada through its Summer Student Program. Students in various years of their optometry studies attended a customized program tailored to their areas of interest, including mentorship from practicing optometrists, hands-on experience performing patient pre-tests and exams, and a look into the clinics’ business operations.

“This year, we’ve welcomed our largest cohort of student optometrists ever in our organization’s history,” shares Harneet Gill, Senior Director of Talent Acquisitions for FYihealth group, “Over these last few weeks of summer, I have heard so many amazing stories from our clinics about this group of optometry students and I do hope we get the chance to welcome them back as fully licenced and practicing doctors after graduation!”

“In optometry school, many different individuals and companies speak to students with offers, programs, and messages. However, none were more hyped up within the student body than the FYidoctors Summer Student Program, thanks to the great experiences of past students to partake. Now nearing the end of my own experience in this program, I can absolutely see why my colleagues were so enthusiastic. I have worked many jobs, but none have come close to being so educational, relevant for my future career, and focused on providing a great experience at the workplace. My only regret is not jumping on this opportunity a year earlier!”

~Jeremiah Hyslop, 2nd year Optometry student at University of Waterloo, School of Optometry and Vision Science.

The Summer Student Programs offered by FYihealth group are highly competitive and sought-after positions for young optometrists-in-training, hailing from Universities across the US and Canada.

“The Summer Student Program has been instrumental in fostering connection and collaboration with future leaders in optometry. The mutual benefit that this program offers can only be described as incredible,” says Dr. Ryan Hogan, FYidoctors Optometrist and Advisory Committee Campus Ambassador. “Opportunity comes from both angles as students are able to learn from established doctors while current optometrists can source new talent to join their practices. All of our summer students have joined the FYidoctors family after graduation and this program helps ensure continued success in the field of optometry.”

“The FYidoctors Summer Student Program gave me the opportunity to enhance my clinical skills, particularly with patient communication and the use of diagnostic tools like the OCT and Humphrey Visual Field. It was valuable to shadow ODs during complex eye exams as well as having the opportunity to practice the skills I had learned in school like retinoscopy and refraction. The discussions I had with the seasoned professionals at a rural clinic not only boosted my confidence in my skills but also deepened my understanding of the importance of trust in the patient-doctor relationship. The advice and mentoring I received this summer led to an invaluable learning experience.”

~ Brett Corner, 1st year student at New England College of Optometry (NECO)

Founded in 2008 by a small group of optometrists, FYihealth group’s structure and operations is based on the essential belief that doctors need to be at the center of all eye care health and vision solutions, and that patients deserve access to the best technology, doctor care, and experience. Today, FYihealth group is Canada’s leading diversified healthcare organization with over 650 optometrists serving over 370 locations coast to coast.

Named one of Canada’s Best Managed Companies for five consecutive years, Canada’s Top Growing Companies for two years in a row, and recently certified a Great Place to Work® for the second year, team members credit the company’s success to its dedication to its people and their communities. The organization looks forward to continuing its growth, not only through its student programs, but by welcoming experienced doctors to the team as well.

FYihealth group is a strong supporter of the growth of future optometrists as exemplified by its $5 million donation in 2023 to help build the Waterloo Eye Institute, officially breaking ground to begin construction earlier this year in June. “I wouldn’t be where I am today without optometry,” explains Dr. Alan Ulsifer, Chair & CEO of FYihealth group, “Being able to give back to the place that I owe my profession to is not only a privilege but almost like a professional obligation. As optometrists, we should not be competing against one another, but working together to bring the best eye care possible to the public and finding the best solutions for their eye health needs.”

Emily Chan 2nd year student Pacific University “I had an amazing experience participating in the FYidoctors Summer Student Program after my first year of optometry school. It was a fantastic opportunity to work in a clinic, observe the patient pathway, and apply what I learned in school into what I was learning in clinic. Because there are many FYidoctors locations across Canada, I am fortunate to be able to work and provide care to patients within my community. I was also able to connect with optometrists in my clinic. During the program, I was able to work and shadow the doctors, opticians, pre-screen, and front desk staff. I was also able to meet and learn from other doctors and peers in the program through weekly lunch hour socials and presentations. It is a truly rewarding and enriching 3-month experience interacting with patients and learning more about optometry!”

~ Emily Chan, 2nd year Optometry student at Pacific University, College of Optometry.

FYihealth group wishes all its summer students the best in their next year of studies!

To learn more about FYihealth group’s Summer Student Programs, please visit https://fyihealthgroup.com/careers/ or contact Michelle Melynk at Michelle.Melnyk@fyidoctors.com

Michelle Melnyk

With over a decade of dedicated service, Michelle Melnyk has been proud to have influence across various roles in Talent Aquisition. At FYidoctors, she began as the Optometrist Recruiter for the Ontario region, and soon after, stepped into her current role as Manager of Campus Engagement. Her journey began with a Bachelor of Arts in Psychology from Mount Royal University with a minor in Human Resources, where she developed an understanding of human behavior and organizational dynamics. Beyond her professional endeavors, Michelle is known for her advocacy for work-life balance and her passion for family, plants, and travel. With her background and dedication, Michelle continues to shape the careers of individuals while making meaningful contributions to the field of talent management.

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