Tag: optometrists

Waterloo Eye Institute Event Showcases Cutting-Edge CE and Trade Exhibit

Career Options, NextGenOD

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Waterloo Eye Institute

From November 15 to November 17, the Waterloo Eye Institute (WEI) hosted an exceptional event in Markham, Ontario, offering an engaging mix of continuing education (CE) and industry networking opportunities for optometric professionals. Over three days, attendees participated in 20 hours of COPE-accredited CE sessions for optometrists and 6 hours of tailored CE programming for optometric assistants.

The event also included a three-hour trade show on Saturday, featuring more than 30 industry-leading exhibitors showcasing the latest innovations in eye care products and technologies. NextGEN OD Canada Student Ambassadors attended the show

Highlights from the Distinguished Lecture Series

Dr. Etty Bitton: On Friday, Dr. Etty Bitton delivered the prestigious Woodruff Distinguished Lecture, presenting on the differential diagnosis of anterior blepharitis.

A celebrated expert in tear film physiology and dry eye, Dr. Bitton holds a Doctorate in Optometry from the University of Waterloo and a Master’s in Physiological Optics from the Université de Montréal. Currently a full professor and director of the Dry Eye Clinic at the École d’optométrie, she has been a leader in dry eye research and a contributor to global initiatives like TFOS DEWS II. Her presentation was a tribute to Dr. Emerson Woodruff’s legacy, whose contributions helped shape optometry education and research at the University of Waterloo.


Dr. Donald Hood: On Saturday, Dr. Donald Hood took the stage to deliver the 33rd Bobier Distinguished Lecture, titled A Novel Approach to Identifying Glaucoma Based on a Large Real-World OCT Database from Optometry Cases.

Dr. Hood, Professor Emeritus at Columbia University, is a renowned figure in retinal and optic nerve disease research, with nearly 400 publications and numerous accolades, including an honorary degree from SUNY College of Optometry. His lecture honored Dr. Clair Bobier’s pioneering vision for integrating scientific research into optometry education, further solidifying the importance of evidence-based practice in the profession.

Networking and Innovation at the Trade Show

Saturday’s trade show provided a bustling platform for attendees to explore cutting-edge technologies and services from over 30 exhibitors. This interactive session fostered connections between practitioners and industry leaders, further supporting the WEI’s mission of advancing patient care and optometric education.

NextGEN OD Student Ambassadors, Sara Baig and Shreya Jain, supported Clinical & Refractive Optometry during the 3-hour trade show.

Engaging Panel Discussions

The event concluded on Sunday with a dynamic “Rapid Fire Panel Discussion” on advanced scleral imaging and specialty contact lens technology. Moderated by Drs. Chelsea Bray, Shalu Pal, and Vishakha Thakrar, the panel provided practical insights and innovative approaches to enhancing patient outcomes through emerging lens technologies.

Looking Ahead

The success of the WEI’s November event underscores its commitment to fostering collaboration, education, and innovation within the optometric community. With initiatives like these, the WEI continues to pave the way for advancements in vision science and patient care, benefitting practitioners and patients alike across Canada.

 

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Why Elevating Your Emotional Intelligence Enables You to Provide Superior Client Service

Human Resources, Training & Onboarding

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two women shaking hands

In the service-oriented world of business, exceptional client service is vital. While technical expertise is important, the ability to connect with clients on an emotional level is what truly sets you apart. Emotional intelligence (EQ) is key to building these meaningful connections. By enhancing your EQ, you not only improve your professional abilities but also elevate the quality of service you deliver to your clients. Here’s how developing EQ leads to better client service:

  1. Enhanced Decision-Making for Client Needs

When you possess high EQ, you excel at making decisions that are both rational and emotionally attuned to your clients’ needs. By understanding their emotions and concerns, you can offer solutions that are not only effective but also resonate with them on a personal level. This fosters stronger client relationships and increases satisfaction, as clients feel heard and valued.

  1. Improved Client Relationships

Building and maintaining strong client relationships is essential for long-term success. High EQ allows you to connect with clients on a deeper level, fostering trust and mutual respect. When clients feel understood and appreciated, they are more likely to remain loyal and refer others to your services. Demonstrating empathy and understanding consistently creates a positive and memorable client experience.

  1. Increased Adaptability to Client Expectations

Client needs and expectations can change rapidly. Emotional intelligence provides the flexibility needed to navigate these changes effectively. Whether it’s adjusting to evolving requirements or handling unexpected challenges, high EQ enables you to stay calm, responsive, and solution focused. This ensures that clients receive the best possible service, regardless of the circumstances.

  1. Enhanced Communication with Clients

Effective communication is the foundation of excellent client service. With high EQ, you can convey your ideas clearly while understanding the emotions and concerns behind your clients’ words. This ensures that your communications are not only clear and concise but also empathetic and supportive, leading to better outcomes and stronger client relationships. Enhanced listening skills, a core component of EQ, help you fully understand your clients’ needs and respond in ways that meet their expectations.

  1. Better Stress Management for Client Satisfaction

Managing stress is crucial when working closely with clients, especially in high-pressure situations. High EQ equips you with the tools to manage your emotions, allowing you to stay composed and focused when challenges arise. This calm demeanor reassures clients, contributing to a positive experience and enhancing their overall satisfaction with your services.

  1. Delivering Consistent, High-Quality Service

By elevating your EQ, you position yourself to deliver consistent, high-quality service that meets or exceeds client expectations. The ability to manage relationships, adapt to changing needs, and communicate effectively ensures you can provide tailored solutions that genuinely benefit your clients. Consistency in service delivery not only strengthens client loyalty but also enhances your reputation as a reliable and professional service provider.

Elevating your emotional intelligence isn’t just about personal or professional growth—it’s about providing the best possible service to your clients. By improving your decision-making, communication, adaptability, and stress management, you offer a level of service that stands out in today’s competitive market. This professional edge keeps clients satisfied, loyal, and willing to refer others to your business.

Ready to elevate your client service to the next level?
Visit www.emotionalintelligenceconsultinginc.com to explore available trainings and discover how enhancing your EQ can transform your client interactions and boost your business success. Don’t just meet expectations—exceed them with the power of emotional intelligence.

 

Jade Bodzasy

Jade Bodzasy

Jade Bodzasy, Founder of Emotional Intelligence Consulting Inc., is a dedicated Coach and Consultant for Optometric Practices. Her extensive background includes over 20,000 hours of expertise focused on customer relations, work structure refinement, training method development, and fostering improved work culture within Optometric practices.

Certified in Rational Emotive Behavior Techniques (REBT), Jade possesses a unique skillset that empowers individuals to gain profound insights into the origins of their behaviors, as well as those of others. Leveraging her certification, she equips optometry practices with invaluable resources and expert guidance to establish and sustain a positive, healthful, and productive work environment.

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Small Business Tax Rate and Its Erosion with Passive Income

Finance|Wealth, Tax & Legal Matters

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Taxes C3 Wealth article

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

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OSI key image

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

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Specsavers Dr. Theodor Buzea featured image

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

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.

 

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.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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Career and Ownership Paths in Optometry: Find Your Fit

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Specsavers Sarnia

Since arriving in Canada less than three years ago, over 250 optometrists and 300 opticians have joined the Specsavers network.

Why have so many have chosen to partner or join an independent clinic in the Specsavers network?

It started 40 years ago with two optometrists, Doug and Mary Perkins, who had the vision to make quality eyecare and eyewear accessible to all. Globally, Specsavers supports over 2,700 healthcare businesses, passionately caring for more than 44 million patients and customers worldwide.

Wherever you are in your career, there are many pathways to join the fastest growing network of optometrists in Canada.* There are even flexible options for existing business owners to convert their business to a Specsavers store.

Here’s a detailed look at the unique opportunities and benefits each career path offers you and how they can shape your future in optometry.

Which path is right for you?

Associate Optometrist

Overview: As an associate optometrist, you’ll be a crucial part of an independent optometric practice, focusing on delivering quality eyecare.

Key benefits:

  • Clinical excellence: Get access to the NIDEK Tonoref 3, NIDEK automated lensometer, Topcon Maestro2, NIDEK intelligent refract RT-6100, NIDEK slit lamp SL-1800, Marco M2 Ultra Slit Lamp, and Zeiss HFA3 with SITA Faster visual field.
  • Culture of dedication: Work with a team committed to community eyecare and monitoring the eye health of patients for preventable vision loss, which is why OCT is available for all your patients.
  • Pre-test support: Trained eyecare consultants welcome and take your patients through pre-testing so you have reports sent directly to your exam room for your consultations.
  • Professional development: Benefit from mentorship from a network of peers dedicated to delivering exceptional patient care.

Signing bonus: You can also qualify for a sign-on bonus. Connect with a recruiter about the forgivable loan of up to $100k for recent graduates, relocation bonus, and more.

Ideal for: Optometrists who seek flexibility with clear pathways for career growth, professional development, and work-life balance.

 

Optometry Partnership: Ownership with no/low financial barriers

Overview: Optometry partnership is a unique opportunity for optometrists to start their own independent clinic within a Specsavers location and earn 100% of clinical billings while receiving 40% share of dividends from the retail store. Starting your business in partnership with Specsavers offers a chance to run your own business while benefiting from the support and resources of a global optical retail leader. What’s exciting for many optometrists is the opportunity to have your location start-up costs covered.

Key benefits:

  • Low barrier to entry: With only a $25,000 entrance fee, your location start-up costs are covered – removing what can be a significant financial barrier to starting your own business.
  • Clinic ownership with autonomy: As a partner, you will have an independent clinic fitted with advanced clinical technology within the Specsavers location to manage and grow your own practice.
  • Paired with a retail partner: Be matched with a retail partner who is an experienced optician and/or retail professional to manage the day-to-day retail operations.
  • Comprehensive business support: Receive payroll, accounting, supply chain, marketing, IT support, and more, to free your time so you can focus on your patients.
  • An asset for the future: With 40% share of the retail store, you can benefit from dividends while growing a valuable asset for your future.

Ideal for: Optometrists who have an entrepreneurial spirit and are ready for the rewards of owning an optical retail store with a retail partner, as well as their own independent clinic.

 

Convert your existing business to become a Specsavers partner

Overview: Specsavers optometry partners come to us from all kinds of backgrounds. The key to our partnerships is flexibility – it doesn’t matter how you’re starting out with us, we can find a way to make it work. So, if you have an existing business and you’re looking to join up for more business support or to receive the backing of an established brand, this might be the right opportunity for you.

Key benefits:

  • Location build out costs are covered: Have the cost of design, construction, displays, and much more covered to convert your business to a Specsavers store.
  • Clinic ownership with autonomy: Have an opportunity to further the direction of optometry with advanced clinical technology and OCT for all your patients.
  • Paired with a retail partner: Be matched with a retail partner who is an experienced optician and/or retail professional to manage the day-to-day retail operations.
  • Comprehensive business support: Receive payroll, accounting, supply chain, marketing, IT support, and more, to free your time so you can focus on your patients.
  • An asset for the future: With 40% share of the retail store, you can benefit from dividends while growing a valuable asset for the future.

Ideal for: Optometrists who are looking for more business support with an established brand and to enjoy the benefits of being part of a larger network of doctors.

 

Ready to explore these opportunities?

Start a conversation with the Specsavers Partnership Team at enquiries.ca@specsavers.com or learn more at  .

 

Whichever path you choose, you can have a fulfilling and dynamic career ahead of you within the Specsavers network.

 

* Based on LinkedIn reports. Data on file.

 

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Your Lease Needs a Health Checkup Too!

Practice, Real Estate

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Leasing agreements

What you don’t know about your lease will hurt you. Your patients ought to have a regular eye health examination. Why don’t you have a periodic lease health checkup?

You check to ensure your staff are paid properly, your bank account charges are reasonable, your loan payments are reasonable, and you are not overpaying for equipment and supplies. Why would you not check to make sure you are being treated fairly under your lease?

Believe it.
Each year many tenants unknowingly find themselves in huge lease trouble simply because they didn’t understand what their lease really says. Do you think your landlord is going to call you up and tell you that you are overpaying and write you a check? Not likely.

Lease issues can be ongoing, chronic and expensive “gotcha’s”, which appear in at least 30% of the leases we review. For example, are you overpaying rent?

  • Typical overpayment of additional rent is $3,000 per year. Tenants pay for items that they didn’t agree to pay for because they don’t check their additional rent statements against their lease.
  • Time and time again we see base rent payments $1000 or more per month more than is typical for a tenant’s market because tenants don’t understand the realty market or lease negotiation strategy.
  • Frequently tenants pay more than the lease indicates simply because the lease has been misread. A 200 square foot mathematical error costs a tenant $6,000 each and every year! Latent issues in one form or another appear in almost every lease we review and include a collection of very nasty “traps” which like land mines are set years in advance and surprise tenants at an inopportune time. For example:
  • Can you assign your lease, or are you “on the hook” long after retirement? Can your landlord terminate the lease instead of agreeing to assignment?• Did you agree to overpay rent at term renewal?
  • Can your landlord kick you out or move your practice at your expense “out of the blue”?

As you read this, are you thinking “not me?” Baloney.

Very likely your lease DOES contain at least one of the problems indicated above. Administering your lease on a periodic basis will save you thousands of dollars by identifying and enabling you to deal with issues on a proactive basis.

Every lease should be reviewed by a skilled, experienced and capable professional within the first 18 months of the tenancy, and once a year each year thereafter.

The review should take no more than two hours and should identify material issues to be corrected now or at some future point.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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IRIS x Cherry Health – A Partnership with an Eye to the Future

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IRIS and Cherry Health

At IRIS, our mission is to modernize and personalize communication with Optometrists about our job offers and the many career opportunities available. That’s why we’re proud to announce our partnership with Cherry Health.

 

What is Cherry Health?

Cherry Health is an innovative network that enables organizations and healthcare professionals to interact for various job opportunities across Canada. Thanks to its Internet platform and smartphone application, Cherry Health is revolutionizing the healthcare job search process.

 

The Benefits of Cherry Health

By collaborating with Cherry Health, we simplify the search for job offers and replacement positions for Optometrists, ensuring fast and efficient matches. Here’s what Optometrists can benefit from:

 

  • Professional Networking: Communicate securely with other healthcare providers across Canada, expanding your professional opportunities.
  • Flexible Opportunities: Gain access to short- or long-term practice opportunities paid at the level you expect and tailored to your reality and professional and personal aspirations.
  • Intuitive platform: Take advantage of an easy-to-use interface that displays job openings or replacement opportunities in real-time. Be among the first to know and maximize your career potential by improving access to vision care in high-need areas.

 

A Step Towards More Effective Communication

This partnership with Cherry Health represents a significant step forward for IRIS towards more effective, personalized and modern communication with Optometrists. By integrating advanced technological solutions, we can better meet the professional needs of our Optometrists while contributing to the improvement of vision care across Canada.

 

We are convinced that this collaboration will enrich the experience of Optometrists seeking new opportunities and strengthen ties within the healthcare professional community. Join IRIS in this quest for an optimized career and a brighter professional future with Cherry Health.

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Get to Know FYidoctors – Meet Dr. Devin Almond

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FYidoctors logo trade mark

FYidoctors is Canada’s largest network of optometrists. Doctor-led, professionally managed, and patient-focused, the organization concentrates on delivering outstanding eye care with patient-centric products and services.

In this article, we will be getting to know Dr. Devin Almond, Lead Optometrist at the FYidoctors Kelowna Spall Plaza clinic.

Dr Devin Almond, Lead Optometrist at the FYidoctors Kelowna Spall Plaza clinic

  1. Tell us about yourself!

I was introduced to Optometry through my father Dr. Brad Almond. He was an Optometrist in Calgary and Kelowna for many years. I always gravitated towards healthcare and decided to become an Optometrist after job shadowing at a few clinics in Kelowna. I went to Pacific University and graduated in 2014. Upon graduation, I moved back to Kelowna with my wife and opened a cold start practice with my dad in 2014. It was a humbling but invaluable experience building up a patient base from 0 to what it has become today. During the first few years of opening the practice, I locumed at FYidoctors in Penticton, and that was how I became introduced to the FYi organization.

 

  1. Why did you choose to join FYidoctors?

In 2022, my dad had decided that he wanted to retire so our practice was going through a transition. I had to choose between buying him out, bringing on a partner, or merging with FYi. I chose to merge with FYi because it would allow me to have more work-life balance, reduce the stress associated with running a business by myself, stay competitive against large optometry chains, and still maintain autonomy over my optometric practice. I am very grateful that I made this decision. I believe that FYi is the future of optometrist-owned practices in Canada. With climbing interest rates, excessive amounts of student debt, and rising costs to buy existing practices, I don’t think it’s realistic for many new grads to buy-in to practices anymore. FYi provides a way to not only own shares within a single practice but of the entire company as well. In my opinion, this is a better investment than owning your own practice in this market.

 

  1. What was it like to switch over to FYi?

Anytime a practice is going through a transition, it is difficult. The staff must learn new processes, new products, new sales techniques, and have more meetings. When transitioning, there will always be some resistance and you can expect it to take around a year before everyone has fully adjusted. FYi has a great management team at Home Office for support to make the transition as easy as possible. After getting through the transition period, I believe my staff is performing at a higher level than before due to the training and support they received from FYi. The best thing about FYi has been the centralized recalls. This has taken the burden off my staff from taking time out of their days to call patients and it has improved our patient retention. We have been getting lots of patients returning to the clinic for their eye exams, some of whom haven’t seen in 4 or 5 years! FYi is also great at ensuring its practices have state-of-the-art technology, which some independent practices may not be able to afford – when our OCT machine went down a few months ago, we received a new one very quickly, which is a powerful benefit of being part of a larger organization.

 

Overall, I am very grateful to have joined the FYidoctors team. They provided me with competitive compensation and being able to optimize my work-life balance has improved my quality of life. If you’re an optometrist in Canada, definitely consider joining FYi if your practice is going through a transition or you’re looking for a new job.

 

Looking for career opportunities with FYidoctors?

Contact me at Michelle.Melnyk@fyidoctors.com

FYidoctors Michelle Melnyk

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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Understanding the 4 D’s of Maximizing After-Tax Income

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After-Tax income

With all the recent talk about potential changes to capital gains taxation, now is an excellent time to revisit strategies for maximizing your after-tax income. Here’s a breakdown of the 4 D’s: Defer, Deduct, Differentiate, and Divide. These strategies can help you manage your tax bill today and in the future.

  1. Defer: Shift Taxes to Future Years

Deferring tax is a smart move, especially if you’re currently in a high tax bracket. The idea is to reduce your current tax burden by shifting it to future years when you expect to be in a lower tax bracket. A few examples are:

  • RRSPs: The most common tool for tax deferral is the Registered Retirement Savings Plan (RRSP). Contributions are tax-deductible today. The growth and contributions are tax-deferred until you withdraw the funds in retirement.
  • Capital Gains: Managing the timing of an asset sale to defer capital gains tax can also be beneficial. This is especially true given the proposed changes to the capital gains inclusion rate that bumps up the 50% inclusion to 66.7% for personal gains over $250,000 in a given tax year.
  • Corporate Accounts: For business owners, leaving funds in your corporate account can delay personal taxation. Keep in mind, this strategy may also come with some negative implications to your overall corporate tax bill. Balance is key here. Speaking of which, is it time to consider full deferral of investment growth tax through the use of permanent life insurance?

  1. Deduct: Maximize Your Tax Credits and Deductions

Everyone likes to pay less tax, and one of the simplest ways to achieve this is by ensuring you’re taking full advantage of all available tax credits and deductions. A couple of common credits that are often missed include:

  • Charitable Donations: Instead of small donations at the cash register, make larger donations directly to registered Canadian charities to get a tax receipt.
  • Medical Expenses: These can be claimed for any 12-month consecutive period. Sometimes it’s more advantageous to run calculations outside of the calendar year, like May 1 to April 30.

  1. Differentiate: Understand Tax Rules for Different Types of Income

Different types of income are subject to varying taxation rules. This differentiation is particularly valuable when managing investment income, especially for non-registered accounts. Another differentiation point worth exploring is the age old question of:

  • Salary vs. Dividends: Business owners can choose between salary and dividends, or a blend of both. Even though recent tax changes have led to near-perfect tax integration, those who opt for a salary will need to make CPP contributions, which entitle them to CPP disability, death and retirement benefits. Understanding what is important to you and your current situation keeps this a very individualized discussion.

  1. Divide: Income Splitting

While opportunities for income splitting have been reduced in recent years, some options remain.

  • Spousal RRSP: Contributing to a Spousal RRSP can help divide income more evenly between spouses when it comes to early retirement.
  • Non-Arm’s Length Employees: Business owners can still hire family members to help spread the household taxable income, as long as the salary paid to family members is reasonable.
  • Family Shareholders: In certain cases, naming family members as shareholders can be beneficial. Typically I recommend a different class of shares per family member so dividends can be distributed as needed. This can also be beneficial when it comes to selling your business as all shareholders may be entitled to the Lifetime Capital Gains Exemption.

A Holistic Approach to Tax Management

Reviewing various tax strategies that apply to you is just one part of our holistic financial planning approach. Working together as a team with other key advisors, including accountants and lawyers, ensures that no stone is left unturned.

If you’re curious about how these strategies might benefit you, don’t hesitate to ask. Effective tax management is not just about today; it’s about planning for a secure financial future. Reach out to us to learn more about how we can help you navigate the complexities of the tax system by calling (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) to set up your next conversation with us.

Roxanne Arnal is a 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

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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