I'm Robin, a practicing physiotherapist and Certified Financial Counsellor (CFC). For 14 years I've worked clinically while quietly building a multi-million-dollar estate through index funds, rental properties, and private lending. Every Sunday I send one email to 600+ healthcare pros: real numbers from my own portfolio, tax strategies that actually work, and the kind of advice your bank's commission-paid advisor will never give you.
Why getting a massive tax refund is actually a bad thing
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Reader, Happy Sunday! If this newsletter feels a little shorter than usual, it is because I am writing this while still unpacking our bags. Today is Katie’s 33rd birthday; she's halfway to 66 (she'll hate me for saying that). To celebrate, I put together a surprise weekend trip. I even wrote her a custom riddle to reveal where we were going and who was coming with us:
"We’re packing our bags, leaving the Hammer behind,
With a compass set south, a new coastline to find.
We’ll drive past the windmills and farmland for miles,
To a shore by a Great Lake that brings out our smiles.
But before we arrive where the grapevines are bent,
We’re stopping for burgers with the good Sons of Kent.
A brewpub on Friday, a pint in our hand,
On our way to the sunniest tip of the land.
Where are we sleeping? It's an EPIC retreat,
With lakeside patios, cold beer, and wood-oven meat.
Think of London's home county across the great pond.
Of this waterside wine country, I know you'll be fond.
But sipping this wine is no fun on our own,
So I’ve summoned some "Royalty" down from the throne.
First is a Queen from a grand British story,
Though you probably know her much better as..
And who is her escort? A Prince of the realm,
To help us drink pints and to stand at the helm.
He shares his grand name with a Duke, it is true,
So pack up the car, because here comes...
We left Hamilton, drove down to Colchester Beach (in Ontario's EPIC wine country), stopped for burgers and beers at the Grove Brewery and spent the weekend at an incredible Airbnb right by the water. The "Royalty" from the riddle? I secretly invited her best friends, Tori and Andrew, to make the trip down with us.
We talk a lot about investing, real estate, and building wealth in this newsletter. But weekends like this are the entire point of the FFP philosophy. We automate our investments and build side incomes so we can practice values based spending. The ultimate Return on Time (ROT) is spending it making memories with the people you love. But now, we are back to reality. And reality means tax season is officially over. 🛑 Why I Absolutely Hate Tax RefundsWith the April 30th deadline behind us, millions of Canadians are checking their bank accounts and celebrating because they just got a massive tax refund from the CRA. I hate tax refunds. People treat a tax refund like it's a magical bonus or free money from the government. It is not. A tax refund simply means that you overpaid your taxes on every single paycheck for the entire year. You essentially gave the government a massive, interest-free loan for 12 months. While inflation was eating away at your purchasing power, the CRA was holding onto your cash. If you got a massive refund, it feels good today, but it means your tax planning throughout the year was inefficient. That being said, the check has cleared, the money is in your account, and now you have a choice to make. Do not blow this on lifestyle creep. Here is exactly how I am thinking about deploying that capital. How I Am Deploying My Own Tax Cash Because I run a professional corporation, my tax situation looks a little different than a standard T4 employee, but the principles of how to deploy excess cash remain the exact same. Here is exactly what I am doing with my capital right now: 1. Funding Future Corporate Installments The CRA requires me to pay corporate tax installments for next year. So, the very first thing I am doing is setting aside a dedicated cash account just for those taxes. It is boring, but it ensures I never get caught scrambling for cash when the government comes knocking. 2. Long-Term Investing Once the tax buffer is full, the next chunk goes straight into our long-term investment accounts. I am buying more broadly diversified, low-cost index funds and letting the market do the heavy lifting. 3. The "Couch Fund" (Values-Based Spending) Whatever is left over after taxes and investing is going straight into our "Couch Fund." Katie has been wanting to upgrade our living room, so we have a nice, peaceful spot to relax, and selfishly, I want a much more comfortable place to sit while I write this newsletter for you every Sunday. Maybe we can even purchase a TV that I've been putting off since 2021. That's right, I've been without a TV on my main floor (that I used to watch a lot while cooking) for 5 years. Sure, I miss the entertainment, but I value not having that distraction. The 3-Step Tax Refund Deployment PlanIf you just got a lump sum back from the government, treat it as a tool to buy back your time. 1. Kill the "Hair-on-Fire" Debt. If you have a balance sitting on a credit card charging you 20% interest, or a high-interest unsecured line of credit, every single dollar of your refund should go here immediately. Paying off a 20% credit card is a guaranteed, risk-free 20% return on your investment. You cannot beat that in the stock market. Kill the bad debt first. 2. Build the Buffer (Cash on Hand). If you are debt-free (excluding your mortgage/student loans), look at your emergency fund. Do you have 3 to 6 months of living expenses sitting in a high yield savings account? If not, use your refund to build this buffer. Having cash on hand for unforeseen circumstances (a blown furnace, a sudden dip in clinic caseload, an unexpected vet bill) is what keeps you out of high-interest debt when life happens. 3. Invest for the Future. If your bad debt is gone and your emergency fund is full, it is time to put those dollars to work. Deploy that refund straight into your TFSA or RRSP to buy broadly diversified, low-cost index funds. Let that money compound in the background so it can generate more wealth (and potentially lower your future tax burden). 🤝 Elevating My Circle: The Fund ClubWe talk a lot about investing cash, but investing in your network yields some of the highest returns possible. My friends Mallory Rowan and Josh Reyes recently launched an incredible new project called Fund Club. I am officially joining the club. Why? Because if I want to continue scaling this business, expanding my wealth, and elevating my mindset, I need to interact with individuals who are pushing the boundaries and operating at the next level. You are the average of the five people you spend the most time with. If you are looking for a room that will force you to level up your business and your mindset, you need to check out what they are building. 👉 Click here to learn more about Fund Club! I am going to finish unpacking, spend the rest of the evening celebrating Katie, and start looking at couch catalogs. @financiallyfulfilledpro and Certified Financial Counsellor CFC™ Do you get value from these weekly emails? |
Navigating Finances as a Healthcare Professional
I'm Robin, a practicing physiotherapist and Certified Financial Counsellor (CFC). For 14 years I've worked clinically while quietly building a multi-million-dollar estate through index funds, rental properties, and private lending. Every Sunday I send one email to 600+ healthcare pros: real numbers from my own portfolio, tax strategies that actually work, and the kind of advice your bank's commission-paid advisor will never give you.
Reader, I want to start today by wishing a massive Happy Mother’s Day to all the incredible moms reading this. Raising kids while balancing a career (especially in healthcare) is the hardest job on the planet. I especially want to take a moment to celebrate my own mom, Teresa. So much of the drive, work ethic, and foundational values that allowed me to build the life I have today came directly from her. She has always been an unwavering pillar of support for our family. If you are lucky...
Reader, Before we dive into the financial deep end today, I have a quick personal update: I officially turned a year older this week. 6 layer cookie cake To celebrate, Katie completely surprised me. She took me out for a lovely dinner and gifted me two very different things: a brand new set of shoes (because she says she wants me to be "cool" 😎) and a new portable microphone for my video content 🤓 It is a hilarious dynamic. On one hand, the wireless mic makes me feel young, like a trendy...
Reader, We are officially back on home soil, my legs have almost fully recovered from the Patagonia treks, and we are diving headfirst back into the deep end of reality. In case you missed last week's edition, I pulled back the curtain on our "Marathon Honeymoon", including a totally transparent breakdown of how we allocated ~$9.5K over, 3 countries, 6 cities in 17 days. You can catch up and read the full breakdown here Also, a massive shoutout to everyone who grabbed a spot in the Adulting...