Professionals
Planning for nurses and nurse practitioners
Nursing income is rarely a flat salary. Shift premiums, overtime, casual lines and pension membership all change the picture — and nurse practitioners running an independent or contract practice have a second set of decisions again.
Where we help
The decisions that come up most
Your pension, read properly
Most nurses belong to a public pension. Knowing what it will actually pay, and when, changes how much personal saving is required.
- Pension projections
- Bridge benefits
- Survivor options
Variable income
Overtime, premiums and casual shifts make some years much larger than others. We use the higher years deliberately rather than letting them disappear.
- RRSP timing
- TFSA room
- Cash reserve
Coverage beyond the group plan
Group coverage is real but often capped and tied to employment. We look at what remains uninsured, particularly disability and critical illness.
- Disability top-up
- Critical illness
- Life insurance
Nurse practitioners
If you bill independently or run a practice
Incorporation
Whether a professional corporation is worth it depends on how much income stays in the business rather than the household.
No employer plan
Contract and independent NPs replace group benefits themselves — coverage, and the savings a pension would otherwise handle.
Instalments and reserves
Setting aside tax and building a working reserve so a slow month never becomes a borrowing decision.
By career stage
Where are you today?
Common questions
Do I still need to save if I have a pension?+
Usually yes. A pension covers a meaningful share of retirement income, not all of it — and rarely the years before it starts.
Is my employer disability coverage enough?+
It depends on the definition and the cap. High-overtime earners are frequently insured on base salary only, which leaves a gap.
Should a nurse practitioner incorporate?+
Only when income is consistently more than the household spends. We model it with your accountant before anything is set up.
Talk to an advisor who works with nurses
Bring your pension statement and a recent pay statement — most of the answers start there.
Investco Financial is licensed in British Columbia and Alberta for insurance and related financial services. Information on this page is general in nature and is not individual advice. Coverage, eligibility and tax outcomes depend on your own circumstances and the terms of the contracts issued.