For incorporated professionals, preparing for retirement can go beyond finances, one of the biggest challenges is concern for the future of their clients or patients. Planning for retirement can take several advisors including a financial advisor, tax specialist and lawyer to help make the best decisions for their practice.

This piece was created for the advisor to help incorporated professionals plan for retirement.

Income Needs


  • If your client has any debts, you should encourage them to pay off their debts as soon as they can and preferably before they retire.


  • As your clients age, their insurance needs change. Review your clients’ insurance needs, in particular their medical and dental insurance- a lot of plans do not provide health plans to retirees.
  • Review your clients life insurance, they may not necessarily need as much life insurance as when they had dependents and a mortgage, but their insurable needs have changed.
  • Help your client prepare for the unexpected such as a critical illness or long term care.

Government Benefits

  • Check what benefits are available for your client on retirement.
  • Canada Pension Plan- help them decide when would be the ideal time to apply and receive CPP payment. Incorporated professionals also have a unique opportunity to control how much they contribute to CPP by deciding to pay salary or dividends. (Dividends don’t trigger CPP contributions)
  • Old Age Security- check pension amounts and see if there’s a possibility of clawback.
  • Guaranteed Income Supplement- if your client has a low income, they could apply for GIS.


  • Is your client an ideal candidate for an individual pension plan (IPP)?  IPPs can provide higher contributions than would be permitted to an RRSP and the ability to create a lifelong pension.
  • Check if your clients are saving regularly towards retirement- in an RRSP, TFSA or non-registered. Since incorporated professionals can control how they get paid- salary or dividends, dividends are not considered eligible income to create RRSP contribution room, therefore you should have a conversation with your client to ensure they create the optimal mix to address their financial goals.
  • Is your client a good candidate for setting up a trust? Trusts are useful tools for paying less taxes, transfer of wealth and to control and protect assets.
  • Don’t forget to check if there are any income sources.  (ex. rental income, side hustle income, etc.)


  • For incorporated professionals, the sale of the business can be part of their retirement nest egg. Therefore, one of your discussion points should include the valuation of the business and if they plan to  sell the business to family, employees, partner or a third party and when do they plan on selling. For medical professionals, understanding the value of your practice can be a little different since the valuation of patient lists and goodwill will differ from assets (such as medical equipment, fixtures and furniture.)
  • Are your clients planning to use the sale of their home or other assets to fund their retirement?
  • Will your clients be receiving an inheritance?

One other consideration that’s not included in the checklist is divorce. This can be an uncomfortable question, however divorce amongst adults ages 50 and over is on the rise and this can be financially devastating for both parties.

If you’re a subscriber advisor of ours, please let us know if you’d like this infographic checklist to use with your retirement clients and prospects and referral sources such as accountants or lawyers.

*Government of Canada. Key Small Business Statistics – June 2016.

Subscribe to our newsletter

* indicates required