42 - T4 vs T5: Battle of the Taxes

Physician Empowerment Masterclass Faculty Members Nick Giovannetti and Simon Wong, both Certified Financial Planners, join Dr. Wing Lim as he referees a battle royale between T4s (represented by Nick) and T5s (represented by Simon). What’s best for incorporated professionals to pay themselves and why? What are the features of T4s and T5s? What do two financial planners advise? This episode will answer all these questions and prepare for more in-depth explorations in a future Masterclass.

Accountants historically didn’t offer choices between T4s and T5s but the wind is changing, and now there are different champions for each camp. Nick Giovannetti explains Canada Pension Plan benefits that come with a T4 while Simon explores the potential to do better investing on their own, as made possible by a T5. Nick and Simon debate the benefits, challenges, expenses, and lower personal tax rates between the T4 and T5, showcasing both pros and cons from a financial and accounting perspective. This episode seeks to break down in simple terms who would be best served by a T4 versus who would do better with a T5 and why there is such a split between accountants. The information here is expansive, solid, and based on extensive mutual experience. Don’t miss this episode or the Masterclasses each Faculty Member contributes to in the future.

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About Nick Giovannetti:

Nick is a Certified Financial Planner® with a fully Integrated Wealth Planning Team. His approach to financial planning centers around a deep understanding of clients' goals and objectives, fostering long-term relationships built on trust and transparency.

About Simon Wong:

As an Integrated Wealth Planner, Simon’s expertise lies in simplifying complex financial concepts into clear, actionable insights, forming the cornerstone of his Financial Plans. He specializes in navigating individuals and businesses through the intricate landscape of finance, utilizing his extensive knowledge and experience to foster their financial success and stability.

Simon’s academic and professional credentials, including an MBA in Accounting and a prestigious trio of designations - Certified Financial Planner, Chartered Investment Manager, and Chartered Life Underwriter - empower him to provide holistic and strategic financial advice. His career spans beyond traditional wealth planning, enriched by collaborations with elite asset management firms and a notable tenure at a leading accounting firm.

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Interested in going further in your financial journey? Join our national conference and meet the PhE team live in Toronto this May 25 and 26th: https://www.physempowerment.ca/live

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Physician Empowerment:

• Register for the Physician Empowerment Live Conference in Toronto on May 25 - 26, 2024
• Join the Physician Empowerment Masterclass now