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Business Banking advice and solutions for practising physicians

Banking that grows with you throughout your career

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Business Banking advice for practising physicians

At Scotiabank, our specialized business banking team has partnered with MD Financial Management (MD) to offer the right advice and banking solutions for you – no matter the size of your practice.  As a practising physician, the Physician Banking ProgramΔ offers you savings and rewards on business banking solutions to help you manage your finances.

Frequently asked questions

Based on your specific needs, there are a variety of business banking solutions to consider when incorporating.  You might only require an operating account and business credit card to allow you to separate your business expenses from personal ones. Or you may have more complex needs that include financing building purchases, leaseholds, and equipment; merchant and payroll services; and a business lines of credit to assist in managing cashflows. A Scotiabank Healthcare Specialists understand the unique financial needs of starting and managing a practice and can provide expertise and tailored solutions to manage your business finances.

Speak with a Scotiabank Healthcare Specialist

If you’re a physician who has incorporated your medical practice, the general advice you may have received in the past from tax experts was likely to retain any and all earnings you don’t need within your corporation. This strategy might be relevant for some physicians who are building their wealth — but with tax changes, a more balanced approach might be warranted depending on your financial circumstances. 

You might be affected by the new passive income rules, in which case a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA) can help you keep more of your money. Work with your tax advisor and MD Advisor* to better understand the tax benefits of these strategies for you. 

Learn if investing in your corporate account, RRSP, or TFSA as an incorporated physician is best for you, read MD's article.

You probably receive very little training on being a business owner in your medical training. The complexity can sometimes make the practice of medicine feel like a job as opposed to a calling. Having the right financial advice, expertise and tools to manage your business is crucial. 

Whether you are starting your own practice, buying into a practice, expanding or relocating your practice, your financial needs are complex. 

A Scotiabank Healthcare Specialist can help you better understand the business financing solutions available to you and provide customized options that best meet your unique needs. 

Speak with a Scotiabank Healthcare Specialist

Before making a decision to buy or lease, there are a number of factors that a physician may want to first consider. A big part of your decision will depend on your marketplace — what commercial space is currently available in the neighbourhood where you want to establish your practice and is it for lease or sale? With leasing there is less upfront investment as you build your practice in the early years; however, there is the potential of your landlord selling the property, resulting in having to relocate your practice. In addition to unforeseen set-up and relocation expenses, it can be costly if your practice needs to relocate in a different part of the city as patients may not move with you, resulting in having to rebuild your patient roster. 

Owning your own commercial property could help mitigate business risks like these down the road. It can also turn into a valuable investment and a significant asset upon entering retirement: Depending on your comfort level and other financial circumstances, you could consider becoming a landlord leasing to another physician, decide to sell the asset, which may have appreciated in value, or pass it on to children or other family members. 

A Scotiabank Healthcare Specialist can help you evaluate your options and provide advice to help you make the best decision for you, your patients and your practice. 

We can help advise on affordability and equity building to own your practice with manageable monthly payments over a 25-year amortization.

Speak with a Scotiabank Healthcare Specialist

Banking solutions for your practice

At Scotiabank, our specialized business banking team has partnered with MD Financial Management (MD) to offer the right advice and banking solutions for you – no matter the size of your practice. As a practising physician, the Scotiabank Healthcare+ Physician Banking ProgramΔ offers you savings and rewards on business banking solutions to help you manage your finances.

Scotia Professional® Plan

  • Scotia Professional® Plan line of credit with preferred interest rate of Prime1
  • Scotia Professional® Plan Lite with up to $5,000 in overdraft protection1
  • Low monthly plan fees 

Select Account for Business

  • Monthly plan fee waiver for Plan B (value of $35 a month ) with no minimum balance required
  • Plan B is a premium operating account which includes 70 transactions2 and 60 deposit3 items per month
  • Other Select Account for business plans are available

Scotiabank Passport Visa Infinite Business Card4

  • First year $199  annual fee waiver for primary card holder
  • For a limited time, earn up to 40,000 bonus Scotia Rewards® points in your first year5 (value of up to $400)
  • No annual fee for secondary card
  • Earn up to 1.5X Scotia Rewards® points on eligible business purchases6
  • Complimentary airport lounge membership including 6 free visits per year (value of $300)7
  • No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)8 and comprehensive insurances9
  • Preferred annual interest rates are 19.99% on purchases and 22.99% on cash advances

Scotiabank Momentum for Business Visa Card

  • Save the annual fee ($49 continuous annual fee rebated)
  • 3% cash back on eligible gas station, restaurant and office supply store purchases, and on eligible recurring bill payments and 1% cash back on all other everyday purchases for your business10
  • Longer interest-free grace period of 25 days11
  • 2.99% introductory interest rate on balance transfers for the first 6 months (22.99% after that)12

Important Notice: Effective April 1, 2021, the annual fee and certain other fees are changing.

View more details on all changes: to Scotia Momentum® for business Visa* Credit Card Accounts, effective April 1, 2021 View more details on all changes External Created with Sketch.

Chase Merchant Services13

  • Comprehensive payment processing solution with competitive rates for debit and credit card processing
  • Free deposits with Scotiabank Business Account Plan14 
  • Next business day funding15

Ready to talk?

Find the right Advisor for your business needs.

Scotiabank Advisor

To learn more, contact a Healthcare Specialist or call Scotiabank Healthcare+ at 1-888-222-3918

 

 

MD Advisor

Already an MD client and want to talk about your financial plans? Contact your MD Advisor or visit md.ca