beyond MD with Dr. Yatin Chadha

Welcome to my 50th episode!Today we focus on the most important insurance policy we all need: disability insurance (DI).  The discussion focuses on fully understanding the policy & key riders, and optimizing the policy for your needs (as well as cost).Please note: DI basics are covered in episode 2 for anyone seeking a refresher.My guest: Kristen Fazio from Professionals' Insurance Centre.Discussion Points:How much DI coverage do we need? (3:54)Max coverage, strategies for high earning professionals (6:43)When should medical trainees consider DI? (9:15)Future income rider (11:23)Ways to cut cost on your DI policy (13:23)Own occupation rider - who needs this? (15:24)Do radiologists need the own occupation rider? (18:49)What happens if your alternate job generates more income than medicine? (20:19)Partial and residual disability (21:40)When to consider canceling DI (25:16)Term life insurance - how much do we need? (27:37)Spousal income (31:54)The impact of inflation on your projections (33:54)Are we adequately insured? (36:15)Closing remarks (37:45)My Links:https://www.linkedin.com/in/yatin-chadha-29074b109/beyondmdpodcast@gmail.combeyondmdpodcast.comhttps://www.youtube.com/watch?v=5unvnOc0OIoKristen's Links:kfazio@professionalsinsurance.nethttps://www.professionalsinsurancecentre.com/

Thanks for joining me on part 2 of my money mistakes.....too many to count ;)After discussing the highlights from my California  road trip, I talk about 6 more mistakes that have cost me big & what we can learn from them.The first mistake starts at (6:09).This year we made a conscious decision to travel the world more & live our best lives today. I'm learning more about optimizing travel rewards & am sharing the link to my preferred card below:Amex platinum credit card (business owners & sole proprietors): https://americanexpress.com/en-ca/referral/yATINC4uFw?XLINK=MYCPPlease note: I use this card myself & will receive travel points through this link. You can support beyond MD using this link if you feel you would benefit.My links:https://www.linkedin.com/in/yatin-chadha-29074b109/beyondmdpodcast@gmail.combeyondmdpodcast.comhttps://www.youtube.com/watch?v=avyBAcrUSKg&t=2s

Thank you for tuning in to my 4th solo episode.We all make our fare share of mistakes & I am no exception. In fact, I've made so many financial mistakes that it will take at least 2 episodes to cover them all.Links to content covered in this episode:Amex platinum credit card (business owners & sole proprietors):  https://americanexpress.com/en-ca/referral/yATINC4uFw?XLINK=MYCPPlease note: I use this card myself & will receive travel points through this link. You can support beyond MD using this link if you feel you would benefit.Mark Soth's (The Loonie Doctor) RESP articles:https://www.looniedoctor.ca/2023/04/21/resp-contribution/https://www.looniedoctor.ca/2019/05/03/best-resp-contribution/My first home purchase by the numbers:https://beyondmdpodcast.com/leran-how-to-add-a-new-post/

Jamie Golombek is back!!! This time to discuss a frequently requested topic: TRUSTSOutline:Jamie's background (1:48)Basic overview of trusts (3:15)Big picture: why would one want to open a trust? (6:12)Trusts nitty gritty (contributions, assets, taxes, corporate transfers) (7:45)Income splitting using a trust (11:09)Tax implications for trust income (14:45)Investment strategies for a trust (15:47)Deferral of capital gains (16:42)Estate freeze - mechanics & role of a trust (17:50)Other trusts: alter ego, joint partner, foreign inheritance (20:35)A few notes on charitable gifting (24:45)The current landscape in advanced tax planning (26:46)Who benefits from a trust, how much $$ do you need? (28:56)Parting words, advice for 2023 (30:03)Jamie's article on trusts: https://www.jamiegolombek.com/media/in-trusts-we-trust-en.pdfYouTube Videos for this Episode:https://www.youtube.com/watch?v=y14V8TFUOwU&t=28shttps://www.youtube.com/watch?v=yT9gw7ZgB7s&t=10sMy links:https://www.linkedin.com/in/yatin-chadha-29074b109/beyondmdpodcast@gmail.combeyondmdpodcast.com

It's my pleasure to host Stefan Scott, a fee-for-service (flat-fee) Financial Planner. He is a valued voice on the Physician Financial Independence Facebook group & is exceptionally well versed on the First Home Savings Account (FHSA).Discussion points:- Stefan's background (6:42)- FHSA overview (9:10)- Eligibility, definition of first time home buyer (10:27) - How long can an account stay open for? (12:54)- Carrying forward contributions, over contribution penalties (13:36)- Tax deductions (15:26)- Transfers from FHSA to RRSP & vice versa (17:08) - Are home furnishings eligible? (19:25)- Spousal transfers (21:31)- the right way to make transfers (22:24)- FHSA types, eligible investments, investment strategies (23:40) - Foreign withholding tax exempt? (28:28)- Strategies if you don't buy a home (29:37) - FHSA vs RRSP Home Buyer's plan (33:19) - What happens to FHSA at death? (36:06)- Qualified withdrawals & withdrawal guidelines (37:44)- Closing thoughts on FHSA and beyond (42:40)Stefan Scott:HouseCallsFP@gmail.comhttps://www.youtube.com/watch?v=s_f78sa5vVk&t=15sYatin Chadha:https://www.linkedin.com/in/yatin-chadha-29074b109/beyondmdpodcast.combeyondmdpodcast@gmail.comhttps://www.youtube.com/watch?v=Rd90dJueAcgDEFINITIVE CRA WEBSITE on FHSA:https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html

Next to our volatile markets, guaranteed income certificates (GICs) have been one of the most discussed topics over the last year. In this episode I sit down with Mahima Poddar of EQ Bank to dissect these in a bit more detail.Mahima Poddar is the Senior Vice-President & Group Head of Personal Banking at Equitable Bank (EQ), which has now grown to $8 Billion in deposits and over 300K customers.Discussion Points:- what is a GIC? (6:15)- payment frequency (6:36)- reinvesting interest (7:11)- what influences GIC rates? (7:45)- registered vs non-registered rates (10:03)- GIC rates at big banks vs EQ & other smaller banks (10:30)- redeemable/cashable GICs: how much of your cash can you remove? (11:40)- what if you need to pull out $$ from a non-redeemable GIC? (12:20)- GIC protection through CDIC (13:06)- understanding a laddered GIC approach (14:33)- market-linked GICs (16:31)- the pain points EQ bank is trying to solve & plans for business banking (19:30)Reach out anytime: beyondmdpodcast@gmail.com.Mahima's LinkedIn: https://www.linkedin.com/in/mahima-poddar-73b1b430/Yatin's Resources:https://www.youtube.com/watch?v=LhaXNoURidAhttps://www.youtube.com/watch?v=gno63208wsY&t=8shttps://www.youtube.com/watch?v=CwviUABYzXMbeyondmdpodcast.comhttps://www.linkedin.com/in/yatin-chadha-29074b109/https://www.instagram.com/beyond.md/

I'm thrilled to host my colleague & friend, Dr. Matt Poyner. Matt is a former ER physician who paved his way to financial independence in his 40's. He made the decision to leave medicine, travel the world with his family, and to pursue his new passion of teaching other physicians about money. Matt is also currently pursuing his CFP designation.Matt's story is one of taking chances, carving out a different path, & striving to enjoy life today (not tomorrow). He was able to achieve a lot of this by playing the long game through common sense & evidence based investing. His approach includes great success with dividend investing, a topic he is highly knowledgeable about and has written about widely.Matt's Resources:https://moneysmartmd.com/ (course & blog)https://dividendstrategy.ca/ (blog)Yatin's Resources:https://www.youtube.com/watch?v=LhaXNoURidAhttps://www.youtube.com/watch?v=gno63208wsY&t=8shttps://www.youtube.com/watch?v=CwviUABYzXMbeyondmdpodcast.comhttps://www.linkedin.com/in/yatin-chadha-29074b109/https://www.instagram.com/beyond.md/Paper on dividend investing: https://www.hartfordfunds.com/dam/en/docs/pub/whitepapers/WP106.pdf

Welcome to part 4 of the Buy, Renovate, Rent, Refinance (& maybe repeat) method of real estate investing with Quentin D'Souza. Topic = Refinancing.Quentin is one of the most trusted voices in Canadian real estate investing. He started as a school teacher and has now built a real estate portfolio worth > $125 million.Discussion Points:- What makes a worthwhile BRRRR? (0:47)- Preparing for the appraisal (5:23)- Appraisal timing & mortgage considerations (10:55)- Variable or short term fixed? (13:03)- Closing remarks, how to reach Quentin (16:46)- BRRRR summary, interest rates (18:15)RESOURCESQuentin:website: https://quentindsouza.com/Durham Real Estate Investor's Club: https://durhamrei.com/IG: https://www.instagram.com/qmanrei/LinkedIn: https://www.linkedin.com/in/quentindsouza/Get Real Wealthy Podcast: https://podcasts.apple.com/ca/podcast/get-real-wealthy/id1556449211Books:The Property Management ToolboxThe Filling Vacancies ToolboxThe Finding Properties ToolboxThe Action Takers Real Estate Investing PlannerLink: https://www.amazon.ca/Property-Management-Toolbox-How-Investors/dp/0993671713Yatin:Email: beyondmdpodcast@gmail.comWebsite: https://beyondmdpodcast.com/LinkedIn: https://www.linkedin.com/in/yatin-chadha-29074b109/YouTube: https://www.youtube.com/@beyondmd7203IG: https://www.instagram.com/beyond.md/

Welcome to part 3 of the Buy, Renovate, Rent, Refinance (& maybe repeat) method of real estate investing with Quentin D'Souza. Topic = Renting.Quentin is one of the most trusted voices in Canadian real estate investing. He started as a school teacher and has now built a real estate portfolio worth > $125 million.Discussion Points:- Understanding debt coverage ratio, the multiple benefits of positive cashflow (2:10) - Quentin's comprehensive checklist & process for screening and selecting tenants  (5:52)- A, B, C, and D class tenants (16:02)- Using property management & freeing up your time (18:20)RESOURCESQuentin:website: https://quentindsouza.com/Durham Real Estate Investor's Club: https://durhamrei.com/IG: https://www.instagram.com/qmanrei/LinkedIn: https://www.linkedin.com/in/quentindsouza/Get Real Wealthy Podcast: https://podcasts.apple.com/ca/podcast/get-real-wealthy/id1556449211Books:The Property Management ToolboxThe Filling Vacancies ToolboxThe Finding Properties ToolboxThe Action Takers Real Estate Investing PlannerLink: https://www.amazon.ca/Property-Management-Toolbox-How-Investors/dp/0993671713Yatin:Email: beyondmdpodcast@gmail.comWebsite: https://beyondmdpodcast.com/LinkedIn: https://www.linkedin.com/in/yatin-chadha-29074b109/YouTube: https://www.youtube.com/@beyondmd7203IG: https://www.instagram.com/beyond.md/

Welcome to part 2 of the Buy, Renovate, Rent, Refinance (& maybe repeat) method of real estate investing with Quentin D'Souza. Topic = Renovation.Quentin is one of the most trusted voices in Canadian real estate investing. He started as a school teacher and has now built a real estate portfolio worth > $125 million.Discussion points:- Strategies for inspecting rental units & getting cost estimates (3:25)- Project timelines & high yield renovation planning tips (9:44)- Considerations for basement suites such as ceiling height, egress, natural light (14:35)- Small renovation maneuvers that can increasing property value (18:32)- Estimating post renovation appraisal value (21:03)RESOURCESQuentin:website: https://quentindsouza.com/Durham Real Estate Investor's Club: https://durhamrei.com/IG: https://www.instagram.com/qmanrei/LinkedIn: https://www.linkedin.com/in/quentindsouza/Get Real Wealthy Podcast: https://podcasts.apple.com/ca/podcast/get-real-wealthy/id1556449211Books:The Property Management ToolboxThe Filling Vacancies ToolboxThe Finding Properties ToolboxThe Action Takers Real Estate Investing PlannerLink: https://www.amazon.ca/Property-Management-Toolbox-How-Investors/dp/0993671713Yatin:Email: beyondmdpodcast@gmail.comWebsite: https://beyondmdpodcast.com/LinkedIn: https://www.linkedin.com/in/yatin-chadha-29074b109/YouTube: https://www.youtube.com/@beyondmd7203IG: https://www.instagram.com/beyond.md/