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Banking advice and solutions for retired physicians

Banking that grows with you throughout your career

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Fit in a mortgage when it’s convenient for you.

The Scotiabank Healthcare+ Physician Banking Program has flexible mortgage solutions designed for your busy schedule.

Learn more

Advice for retired physicians

You dedicated your medical career to taking care of others and now it is time to enjoy the next chapter of your life — retirement. You deserve specialized advice and answers to your questions to help you manage your retirement finances. We break down some of the top banking questions that retiring and retired physicians ask.

Frequently asked questions

With Scotia Wealth Management Private Banking, you can simplify your life with a single point of contact for all your banking needs. We place a heavy emphasis on being responsive, working with a sense of urgency to prioritize your needs and requests. Consult with a Scotia Wealth Management Private Banker to help you navigate your financial needs. 

When you begin to draw income in retirement, there are different tax consequences for each source of cash flow. For instance, withdrawals from your registered retirement savings plan (RRSP) and registered retirement income fund (RRIF) and Canada Pension Plan/Quebec Pension Plan (CPP/QPP) payments are currently taxed as income. 

Your personal portfolio of investments and your corporate investments (if you’re incorporated) are taxed according to the type (e.g., interest, dividends, capital gains). There is no tax when you withdraw funds from your tax-free savings account (TFSA). 

If you want to minimize the tax you’re paying in early retirement, withdraw funds from your TFSA first, since withdrawals are tax-free. Follow this with your personal portfolio and your corporate portfolio, and then finally your CPP/QPP and RRSP/RRIF, because they are fully taxable. However, minimizing taxes today could see your taxes payable at death increase. Speak to an MD Advisor about the options and consequences of different retirement income plans. 

Learn how to minimize the tax you pay when you draw on your retirement income as an incorporated physician, read MD's e-book.

If you’re an incorporated physician (or a retired one with a holding company), estate planning can be more complex than for other physicians. Your executor must have the time — as well as the knowledge of business, tax and estate laws — to manage your estate and the corporation you’re leaving behind. 

There are possible taxes that many incorporated physicians need to take care of in their estate plan. 

Your MD Advisor can refer you to an MD Estate and Trust Advisor to discuss estate planning strategies to help protect your family’s assets. 

For more information on estate planning for incorporated physicians, read MD Financial's e-book.

Banking solutions for retired physicians

Together, Scotiabank and MD Financial deliver the Scotiabank Healthcare+ Physician Banking ProgramΔ tailored advice and banking solutions for retired physicians to enable you to enjoy your retirement.  Let our team of experts focus on your financial well-being so you can spend your valuable time on what matters most – your loved ones and yourself.

Personal Line of Credit

  • Preferred interest rate of Prime -0.25%1
  • No annual fee

Scotiabank Preferred Package Chequing Account

  • Monthly account fee waiver (value of $16.95 a month)
  • Unlimited Free Interac e-Transfer†transactions
  • 1 free non-Scotiabank ABM withdrawal per month in Canada2
  • Earn points on every purchase with choice of reward program (SCENE® or Scotia Rewards®)3
  • No monthly fee on a U.S. Dollar Daily Interest Account4

Scotiabank PassportTM Visa Infinite* Card

  • Save the annual fee ($139 annual fee waived continuously for Scotia Professional® Plan customers; customers not in Scotia Professional® Plan receive a first-year fee rebate only)
  • Earn up to 40,000 bonus Scotia Rewards® points in your first year5 (value of up to $400)
  • Earn up to 2X Scotia Rewards® points on eligible purchases6
  • Complimentary airport lounge membership including 6 free visits per year7 (value of $300)
  • 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
  • To qualify, the customer must have a minimum annual income of $60,000 or a minimum household income of $100,000 or a minimum assets under management of $250,000 

Scotiabank Gold American Express® Card

  • Save the annual fee ($120 annual fee rebated)
  • For a limited time, earn up to 40,000 bonus Scotia Rewards® points in your first year10 (value of up to $400)
  • Earn up to 5X Scotia Rewards® points on eligible purchases11
  • No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)12 and comprehensive insurances9
  • Preferred annual interest rates are 19.99% on purchases and 22.99% on cash advances

Mortgages and Home Equity Lines of Credit

Learn about mortgage solutions
  • Flexible solutions with preferred rates for residents, fellows and physicians on fixed, closed and variable rate mortgage terms13
  • Preferred interest rate of Prime -0.25%1 on Scotiabank Personal Line of Credit under the Scotia Total Equity® Plan (STEP)
  • Option to earn Scotia Rewards® points on your mortgage advance and cashback on your annual interest payments14
  • Miss-a-Payment and Match-a-Payment option15
  • Portability of your mortgage

Private Banking solutions for retired physicians

As a physician, continuing to build your practice, focusing on your family and planning for what’s next creates new and different financial opportunities. With Scotia Wealth Management Private Banking, you can simplify your life with a single point of contact for both your personal and practice banking needs.

We place a heavy emphasis on being responsive, working with a sense of urgency to prioritize your needs and requests. You can transact with confidence, meaning fewer delays or challenges and more time for you to focus on your medical practice and your family.

As a Private Banking client, you have access to banking and credit solutions for your personal and practice needs all in one place.

  • 12-month Private Banking monthly service package fee waived for your household, for up to five accounts16
  • Reduced monthly service package fee of $75 after the first 12 months16
  • Dedicated Private Banker and Associate, including access to their network of wealth management specialists
  • Access to our innovative Total Wealth Credit Solution™, a flexible borrowing platform that allows you to take advantage of investment opportunities using any combination of real estate, investment portfolios and/or insurance as loan collateral
  • Financing for clinic purchase and renovation: up to 100% financing/12-year amortization; leasing option available
  • Complimentary access to Pursuits™ our concierge and travel management platform17
  • Preferred foreign exchange rates
  • Annual fee waived for Scotiabank Passport™ Visa Infinite* Card18. No foreign currency conversion mark-up applies to foreign currency transactions made. Only the exchange rate applies19. You also receive six complimentary airport lounge visits20.
  • 10,000 SCENE Point welcome gift to use in theatres or online

Your Scotia Wealth Management Private Banker can provide credit solutions that support your immediate and long-term investment needs. As a credit strategist with expertise in debt structuring we will work directly with you to consider:

  • Your personal investment objectives
  • Assets held personally or through professional corporations
  • Tax-efficiency
  • Funding of interest expenses

When it comes to service and proactivity, insight and innovation are essential to maximize your opportunities and enable your life.

Ready to talk?

Find the right Advisor for your personal needs.

Scotiabank Advisor

To learn more, contact an Advisor, our Private Banking team, 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