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Frequently Asked Questions by Dental Students and New DentistsWhy does the Canadian Dentists’ Insurance Program offer insurance to dental students at no cost? Why should I open an RRSP now? What is New Dentist Services?New Dentist Services is a team of licensed, insurance and investment planning advisors at CDSPI Advisory Services Inc. (an affiliate company of CDSPI), who work exclusively with dental students and newly practising dentists. As a dental student or recent graduate (those who graduated within the past five years), you can obtain no-cost advice from the New Dentist Services team on virtually all aspects of your insurance and investment needs — from selecting the insurance you need at the start of your career to managing your debt load and implementing an investment strategy. Contact New Dentist Services at 1-877-293-9455 or (416) 296-9455 Insurance*: extension 5007 or email: grads@cdspiadvice.com * Restrictions may apply to advisory services in certain jurisdictions. Why does the Canadian Dentists’ Insurance Program offer insurance to dental students at no cost?CDSPI, the administrator of the Insurance Program, which is a member service of the CDA and nine co-sponsoring provincial dental associations, provides no-cost insurance to give dental students and newly practising dentists who are CDA members a financial head start. These essential coverages, including life, accident, disability and office insurance (TripleGuard™ Insurance), could help you cope financially in the event of serious accidents, illness or office mishaps. To apply for no-cost insurance, contact New Dentist Services at extension 5007. What is the Grad Pack?Graduating dental students, who are CDA members, are offered a package of insurance, the Grad Pack, that’s effective on their graduation date and continues at no cost until December 31 of your graduation year. For 2008 graduates, the Grad Pack, which is valued at many hundreds of dollars, includes life insurance, accident insurance, long term disability insurance and TripleGuard™ insurance, which includes coverage to help you repair or replace damaged office equipment and hand tools and cover legal expenses and damages arising from injury to others or their property (not including malpractice claims). To apply for the Grad Pack, contact New Dentist Services at extension 5007. What is an RRSP?A registered retirement savings plan (RRSP) is an investment vehicle that allows you to grow your retirement savings “tax free” while they’re in the plan. Because your savings stay in the plan their growth is compounded, so they can grow much faster than similar taxable investments. It’s why RRSPs are the single most powerful investment tool available to the average Canadian today. Why should I open an RRSP now?If you have the money to invest and the RRSP contribution room, the sooner you can open an RRSP, the better. (You’re allowed to contribute 19 per cent of the previous year’s earned income to your RRSP, up to a maximum contribution of $18,000 for the 2007 tax year. If you’ve ever had a summer or part-time job and collected a salary, you have received “earned income.”) An RRSP contribution made when you’re young can be worth significantly more than one made when you’re older, since your savings will have more time to compound their growth. Consider the following example. Helen invests $1,000 a year, starting at age 25. At age 65, her retirement nest egg will be worth approximately $280,000 (assuming an 8 per cent average annual rate of return in tax-sheltered environment such as RRSP). On the other hand, her twin brother, Henry, waits until he is 45 years old to start investing. As a result, he will find it almost impossible to make up for those lost years. In each of the remaining 20 years, Henry will have to invest more than five times the amount his twin Helen does in order to catch up. To obtain answers to questions not covered here, please contact New Dentist Services at 1-877-293-9455 or (416) 296-9455, extension 5007 (insurance) or extension 5009 (investment). Restrictions may apply to investment advisory services in certain jurisdictions.
CDSPI | Insurance | Investment | Affinity Services | New Dentists/Students | Dental Staff
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