DENTIST’S DREAM TO MOVE WEST POSSIBLE BUT RISKY

The Globe and Mail – Financial Facelift by Dianne Maley

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“Life is good for Lou and Dan. They have a successful dental business in a small southwestern Ontario town where housing costs are low.  He’s 37, she’s 32. Their assets total $1.4-million, only $254,000 of which is their house – not bad for a couple with two young children.  Yet success has sparked other dreams. Dan and Lou look to the day they can leave it all behind, pack up their children, now age 2 and 5, and move out West. Dan would sell his practice – say in nine years – and go to work part-time for someone else until he retired at about 55. Life would be simpler, and there’d be the mountains. Their dental corporation grosses about $500,000 a year, from which they each take $35,000 in dividends plus a small salary. They have no company pensions. If they move, their family income will drop substantially and their housing costs will be higher. Is it a plan worth pursuing or is it a gamble?  Keith Copping, a financial planner at Macdonald, Shymko & Co. Ltd. in Vancouver, to look at Dan and Lou’s situation.”  Click here to read the rest of this article

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