Giving back to the community is something many Canadians value deeply. When it comes to charitable donations you should be aware that there are several tax-efficient ways to contribute.
Donating Securities: Double Tax Benefits
Donating publicly traded securities, like stocks, bonds, or mutual funds, can be a highly effective way to give. This approach offers a dual tax advantage:
Charitable Donation Receipt: When you donate securities directly to a registered charity, you receive a tax receipt for the full market value of the securities at the time of the donation. This receipt can be used to offset your income tax liability. For instance, donating $10,000 in shares could reduce your taxes by approximately $4,000, depending on your income and province.
Capital Gains Tax Avoidance: Typically, selling appreciated securities triggers capital gains tax, with 50% or more of the gain being taxable. However, if you donate the securities directly, you avoid this tax altogether which can be especially beneficial for securities that have significantly appreciated.
Let’s look at an example for an Ontario resident:
In this scenario, donating securities directly to a charity results in a $2,400 higher tax benefit compared to selling the securities and donating the cash. That’s significant!
Donor-Advised Funds: Streamline Your Giving
A Donor-Advised Fund (DAF) simplifies and enhances charitable giving in several ways:
1. Immediate Tax Deduction: Contributions to a DAF offer an immediate tax deduction, even if funds are distributed to charities over several years.
2. Capital Gains Tax Avoidance: Donating appreciated investments to a DAF allows you to avoid capital gains tax, maximizing the value of your donation.
3. Tax-Free Investment Growth: Funds in a DAF grow tax-free, increasing your future charitable impact.
4. Create a Family Legacy: Using a DAF allows you pass on your giving values by creating a family foundation without the additional expense.
5. Simplified Giving: DAFs consolidate your donations, streamline tax reporting and maximize benefits.
Donating Life Insurance: Leaving a Legacy
Donating publicly traded securities, like stocks, bonds, or mutual funds, can be a highly effective way to give. This approach offers a dual tax advantage:
Charity Named as Beneficiary: Beneficiary designation allows the death benefit to go directly to the charity upon your passing. While this doesn’t provide an immediate tax benefit, your estate receives a donation receipt for the full death benefit amount, reducing estate taxes.
Transfer Policy Ownership: Transferring ownership of an existing policy to a charity creates a donation receipt for the policy's fair market value and any future premiums you pay, offering immediate and ongoing tax benefits.
Purchase a New Policy: Buying a new policy and transferring ownership to a charity provides donation receipts for all premium payments, reducing your annual income tax liability.
A Win-Win Strategy
Donating securities, life insurance policies, and using a Donor-Advised Fund are powerful strategies for tax-efficient charitable giving. Before proceeding, it’s advisable to consult with a financial advisor and a tax professional who can model the tax implications of your specific situation and help you navigate the best approach to maximizing your charitable giving strategy.
University of Waterloo School of Optometry & Vision Science
It takes more than one person to shape the future of an entire profession in this case, two. Drs. Michael Dennis and Julie Louie from Prince George, BC, are passionate advocates of optometry, and have been longstanding supporters of University of Waterloo’s School of Optometry & Vision. When they heard of the vision to create the Waterloo Eye Institute, Drs. Dennis and Louie made an initial pledge of $25,000 that inspired others to also get involved. They later renewed their pledge, donating a total of $50,000 that will leave a lasting legacy for generations to come.
“Julie and I believe it is fundamental to the future of our great profession for our scope to expand, and that the university leads the way in research and development,” Dr Dennis said.
Over the years, Dr Dennis has served in many leadership roles including President of BC Doctors of Optometry (BCDO) from 2005-2007 With Dr. Louie playing a crucial, proactive role in supporting the profession behind the scenes, Dr Dennis helped lead the improvement of relations with the Ministry of Health during his BCDO presidency.
Congratulations to the University of Waterloo School of Optometry & Vision Science, and the many generous donors like Drs. Dennis and Louie, on the start of construction for the Waterloo Eye Institute. This project ensures the enhanced education of the next generation of optometrists, as well as research in optometric innovation and support for the profession nationally.
How you can support the Waterloo Eye Institute: DOUBLE your impact today!
Drs. Michael Dennis and Julie Louiewith Prince George student Mitch Elliot, former hockey player withtheSeattleThunderbirds.
Dr. Victor Spear (OD ’82) is challenging the profession to support the Waterloo Eye Institute –a visionary project that will push the boundaries of eye and vision care, optometric education and research to benefit the profession across the country.
Dr. Victor Spear (OD ’82) is leading by example with an incredible offer: for every dollar you donate, he will personally match it – up to $250,000!
Thanks to the generosity of many, over $28 million has been raised to date – but there’s still more to be done. With only $7 million left, the finish line is within sight.
Donate today to double your impact and bring the WEI closer to reality.
For any questions about tax advantages or giving options contact Kelsey Gagnon at kelsey.gagnon@ uwaterloo.ca | 519-502-3131
Steps to SuccessStrengthening Rural Health Care Campaign
The Selkirk College Rural Pre-Medicine Program (RPM) stands as a beacon of opportunity in our province for aspiring health professionals that are interested in rural health care. RPM students are prepared to go on to become doctors, pharmacists, optometrists, dentists, physical therapists, midwives, veterinarians, and public health professionals.
Due to the success and longevity (10 years) of the RPM program, we are now witnessing alumni choosing rural locations to serve the health needs of communities as doctors and pharmacists!
The Steps for Success campaign is specifically geared towards strengthening rural health care in our province and highlights the successes now being achieved through the Rural Pre-Medicine program (RPM) at Selkirk College.
The Steps to Success campaign was spurred by a generous individual gift of $50,000 that requires
matching funds from the general community. With matching funds available, the time is now to make a real impact on the lives of those who will fill frontline health care roles into the future.
The Selkirk College Foundation is seeking your financial support. Any amount, great or small, will have double the impact in their aim to meet the matching campaign goal to create scholarships and financial awards that support students in their journey to becoming rural health care professionals.
With so many people in our rural communities feeling the challenges of not having access to primary care, we strongly believe this is an important initiative that Selkirk College is prioritizing to make an impact. Help them to meet their year end fundraising target and in return receive a charitable donation receipt.
today! Steps to Success | Selkirk College
Donate
Steps to Success
STRENGTHENING RURAL HEALTH CARE
In BC, nearly one million residents are without a family doctor and face significant challenges to accessing primary care.
Help Make a Difference
Now is the time to act. Education plays a key role in finding solutions for the acute shortfall and Selkirk College’s Rural Pre-Medicine Program (RPM) is one of the ways regional postsecondary is playing a part.
The Steps to Success campaign goal is to establish a new suite of financial assistance awards for students in the RPM program. Spurred by a generous individual gift of $50,000, this campaign requires matching funds from the general community. Your support has the power to transform a student’s life, empower our future health care professionals and make a difference in our region.
Give today and help us offer financial support to students entering and laddering into health care programs.
With matching funds available, the time is now to make a real impact on the lives of those who will fill frontline health care roles into the future.
Contact: Eden DuPont edupont@selkirk.ca Coordinator of Alumni & Donor Engagement
2024 BCDO Member Benef its
$1,500
The Cold Truth: Winter Brings on Dry Eye Symptoms
Winter may make us seek the comfort and warmth of our beds and fluffy blankets. But, for dry eye patients, the cold weather doesn’t seem to prevent them from visiting their eye health professionals.
Dry eye disease is a multi-factorial condition, affected by many causes such as aging, diseases, lifestyle, and environmental factors. [1] Emerging research suggests a strong seasonal pattern, with dry eye symptoms peaking in winter. In an international survey conducted in five European countries, 34% of patients suffering from dry eye reported that cold weather aggravated dry eye sensations, [2] and U.S data showed a similar seasonal increase in dry eye diagnosis during winter. [3] While the specific data to support it in Canada may be limited, we know that we can endure some pretty cold weather throughout our winter season.
Dry and Cold Winters Adversely Affect Dry Eye Patients
During winter, both outdoor and indoor air tend to hold less moisture, creating a dry environment that can compromise the tear film. The low relative humidity in cold air accelerates tear evaporation and destabilizes the tear film, leaving the eyes vulnerable to dryness.
Studies have shown that low relative humidity adversely affects tear stability, tear production, and overall ocular comfort. In a study that exposed healthy individuals to a desiccating environment with low relative humidity for an hour, their tear film parameters mirrored those of dry eye patients. [4] In support of these findings, populations living in areas with low relative humidity showed a higher prevalence of dry eye disease compared to those who live in more humid regions. [5] The seasonal decrease in relative humidity diminishes the moisture on the ocular surface, intensifying dry eye symptoms in winter.
Indoor heating further compounds the potential issue. Heated indoor environments often lower the relative humidity of the room. Hence, the sensation of dry eyes may aggravate even when the patients are indoors. This may be particularly pronounced in those already predisposed to dry eye.
This is not just anecdotal — tear film parameters can also validate those winter dryness observations in a clinical setting. Strip meniscometry—a test that measures tear production—reported lower levels in winter, along with seasonal dips of Schirmer test values in colder months. [6] Hence, the conclusion being that seasonality can play a role in dry eye symptoms.
Winter Dry Eye Can Take a Toll on the Patients
Dry eye symptoms may be more than just an inconvenience with irritations causing daily life activities like reading, and exercises not being as enjoyable as they once were, along with potential declines in work performance. [7] In severe cases, chronic dry eye symptoms may contribute to anxiety and depression, prompting the patients to seek professional care in winter. [8, 9]
Eye health professionals can have a significant impact on the patients’ dry eye experience. By understanding the seasonal dynamics of dry eye, proactive steps may be proposed to help manage dry eye symptoms and ensure comfort even in the driest months of the year.
HYLO® GEL and
HYLO® GEL
Mini: Winter Relief for Dry Eye Patients
When it comes to management, using a humidifier or lifestyle adjustments like avoiding excessive indoor heating can minimize exposure to dry environments. But precisely when these firstline measures fall short and dry eye symptoms aggravate or when patients inevitably need to be in dry environments, eye health professionals may often recommend lubricating eye drops.
Leading eye health professionals recommend HYLO® GEL mini/HYLO® GEL to their patients for dry eye relief:
• A high concentration (2mg/mL) of high molecular weight Sodium Hyaluronate provides long-lasting lubrication on the ocular surface for unparalleled dry eye relief experience. [10]
• HYLO® bottle features an airless, multi-dose delivery system with 6 months of in-use sterility, dispensing one drop at a time.
• Preservative-free and phosphate-free formulation ensures a comfortable and gentle application on the eyes.
• HYLO® GEL is available in two different pack sizes: HYLO® GEL mini, a starter pack size with 150 drops to help patients start STRONG and HYLO® GEL, a value pack size with 300 drops for long-term use.
• Compatible with contact lenses, hard or soft.
Offer HYLO® GEL mini/ HYLO® GEL for your dry eye patients today and Feel the Difference! HYLO® GEL mini/ HYLO® GEL are available at selected optometry and ophthalmology clinics and at pharmacies behind the counter alongside HYLO® family of dry eye treatments and CALMO® / NACLINOTM lid hygiene.
For more information and how to order, please visit www.candorvision.com
CandorVisionTM – Your eyes are everything!
Key takeaways
• Winter seasonality can play a role in aggravating dry eye symptoms due to low relative humidity.
• Clinical settings using tear film parameters can validate winter dryness observations
• Leading eye health professionals recommend HYLO® GEL mini/HYLO® GEL to their patients for long-lasting dry eye relief throughout the winter season.
References
1. Craig JP, Nichols KK, Akpek EK, Caffery B, Dua HS, Joo CK, Liu Z, Nelson JD, Nichols JJ, Tsubota K, Stapleton F. TFOS DEWS II Definition and Classification Report. Ocul Surf. 2017 Jul;15(3):276-283. doi: 10.1016/j.jtos.2017.05.008. Epub 2017 Jul 20. PMID: 28736335.
2. Van Setten G, Labetoulle M, Baudouin C, Rolando M. Evidence of seasonality and effects of psychrometry in dry eye disease. Acta Ophthalmol. 2016 Aug;94(5):499506. doi: 10.1111/aos.12985. Epub 2016 Apr 23. PMID: 27105776.
3. Kumar N, Feuer W, Lanza NL, Galor A. Seasonal Variation in Dry Eye. Ophthalmology. 2015 Aug;122(8):1727-9. doi: 10.1016/j.ophtha.2015.02.013. Epub 2015 Apr 6. PMID: 25912217; PMCID: PMC4757523.
4. Abusharha AA, Pearce EI. The effect of low humidity on the human tear film. Cornea. 2013 Apr;32(4):429-34. doi: 10.1097/ICO.0b013e31826671ab. PMID: 23023409.
5. Martin R; EMO Research Group. Symptoms of dry eye related to the relative humidity of living places. Cont Lens Anterior Eye. 2023 Aug;46(4):101865. doi: 10.1016/j. clae.2023.101865. Epub 2023 May 17. PMID: 37208284.
6. Ayaki M, Negishi K. Seasonality of Tear Meniscus Volume and Dry Eye-Related Symptoms - A Cross-Sectional Retrospective Cohort Study. Clin Ophthalmol. 2023 Dec 12;17:3809-3816. doi: 10.2147/OPTH.S442567. PMID: 38105909; PMCID: PMC10725749.
7. Morthen MK, Magno MS, Utheim TP, Hammond CJ, Vehof J. The work-related burden
of dry eye. Ocul Surf. 2023 Apr;28:30-36. doi: 10.1016/j.jtos.2023.01.006. Epub 2023 Jan 21. PMID: 36690155.
8. Hallak JA, Tibrewal S, Jain S. Depressive Symptoms in Patients With Dry Eye Disease: A Case-Control Study Using the Beck Depression Inventory. Cornea. 2015 Dec;34(12):1545-50. doi: 10.1097/ICO.0000000000000641. PMID: 26426334; PMCID: PMC4636920.
9. Denoyer A, Rabut G, Baudouin C. Tear film aberration dynamics and vision-related quality of life in patients with dry eye disease. Ophthalmology. 2012 Sep;119(9):18118. doi: 10.1016/j.ophtha.2012.03.004. Epub 2012 May 15. PMID: 22591770.
When you open a cold-start practice, you wonder how long it will take to get your footing. In my case, it didn’t take long at all. One of the key reasons our appointments were quickly booked was the technology I invested in from Topcon Healthcare.
This technology has allowed me to deliver a smooth and efficient patient experience, diagnose and monitor a wide range of conditions impacting eye health and vision, and launch a booming specialty contact lens practice.
A Strong Start for Your Cold Start
I attended Pennsylvania College of Optometry and completed a cornea and contact lens residency. After working in a few offices, I decided it was time to open my own practice. Eyediology Vision opened a year and a half ago in Providence, R.I.
I offer primary eyecare services, but I specialize in specialty contact lenses and generate significant referrals from both optometrists and ophthalmologists. Other healthcare providers feel confident about sending patients to me because they know we are equipped with advanced, cuttingedge technology. Topcon instruments provided a foundation for my office to become known for this high level of care amongst colleagues and patients.
Outfitting Your Office with the Best in Eyecare Technology
Nearly all the technology in my office comes from Topcon, including the Maestro2 OCT, KR-800 Auto- Kerato-Refractometer, CL-300 Compact Computerized Lensometer, CV-5000S Digital Phoropter, and MYAH Optical Biometer and Corneal Topographer, which enables me to measure axial length for myopia management patients and visualize the meibomian glands for dry eye patients.
The great thing about having almost all my instruments from Topcon is how well these individual pieces of technology communicate with each other and how easily I can access all the information that is gathered.
With the push of a button in the exam room, I immediately see all measurements and images taken with the instruments, which I can show my patients on a large display screen as they sit in the exam chair.
I never have to worry about going into the apps of different instruments or logging in and out of different systems. Not only does that save time, but it looks professional and smooth to patients.
Take Patient Education to A New Level
I use the Maestro2 OCT for anterior segment evaluation for my scleral lens patients. I can pull up the scan from this instrument in the exam room and show the patient why their current lenses are not comfortable and why I am prescribing a different lens or making changes to the lens.
Most patients I fit in scleral lenses tell me that they never learned as much about the fitting process as they learned from me. This high level of education makes it more likely that the patient will follow my recommendation and refer others.
Patients can also easily see the difference between the old and new lenses I prescribed, reinforcing the value of the care I provide. Scleral lenses are much more expensive than traditional soft lenses, so seeing the difference in the image I show them from the Maestro2 validates the new prescription for them.
Capture 76 Percent of Potential Myopia Management Patients
The MYAH is the newest Topcon technology addition to our office. The ability to measure axial length has made an enormous difference in our ability to explain the importance of myopia management to parents.
Before using the MYAH, our myopia management services capture rate for patients evaluated for myopia management was 40 percent. We now capture 76 percent of patients we evaluate for myopia management.
With the MYAH, I am now able to quantify the need for myopia management and the difference the treatment is making. It isn’t just me telling families how much progress the patient is making; they can see for themselves based on the axial length measurement.
Significantly Boost Efficiency
One of the best things about my Topcon technology suite is its ability to do all that it does in patient care and patient education, while simultaneously increasing efficiency.
With help from my Topcon instruments, the time it takes for the technician to start pretesting and for the patients to sit down in my exam room chair has been reduced from 12 minutes to seven minutes.
Topcon technology is so user-friendly that my technicians can do most of the testing themselves, allowing me to focus much more on the interpretation of the information collected. This leaves me more time to spend educating patients about the treatments or eyewear I prescribe, encouraging patient compliance and the purchase of products.
Time well spent.
Topcon’s complete exam package is fast, accurate, and affordable, so you can spend time on what matters most — your patients.
Modernize your practice with quick, reliable pre-testing, connecting directly to your digital exam lane. Elevate the patient experience and differentiate your practice with digital refractions, ergonomic chairs and stands, and slit lamps with digital imaging.
The Complete Exam Package
• Chairs and Stands
• CV-5000S
• SL-D701 Slit Lamp
• SOLOS
• KR-1
Talk to your local Topcon Healthcare representative or visit topconhealthcare.com/completepackage to learn more
Seeing the whole picture: The impact and differences between UltraWideField and WideField
In the world of optometry, advancements in imaging technology are revolutionizing how eye care professionals diagnose and manage retinal diseases. One such groundbreaking innovation is the introduction of UltraWideField (UWF™) retinal imaging devices from Optos, which provide an undilated single-capture 200° retinal image capturing over 80% of retina. Dr. Jon Laudadio, an optometrist in British Columbia, has two practice locations – one with an Optos UWF device and one with a wide field (100°, 40% of retina) camera. Dr. Laudadio has experienced significant differences and advantages with optomap® UWF imaging over wide field imaging.
The Confidence Boost In Diagnostics
Dr. Laudadio highlights that one of the main advantages with optomap UWF imaging is the heightened confidence it brings to his practice. Wide field imaging often leaves room for uncertainty, necessitating further examinations to ensure that no pathology is missed. With optomap, however, he can capture a comprehensive view of the retina in a single capture, significantly reducing the chances of missing critical details.
Real-World Examples of UWF’s Superiority
Dr. Laudadio recalls several instances where optomap imaging proved invaluable. One notable case involved an older patient experiencing lightning flashes and increased floaters. Despite a thorough examination and multiple images with a wide field camera, Dr. Laudadio couldn’t pinpoint the problem. It wasn’t until he took an optomap that the problem was detected.
“For two weeks, we tried to figure out what was going on,” he recalls. “I could visually see something was off, but I couldn’t image it with my wide field
machine. I took so many pictures in all kinds of directions, but I just could not see the problem on the image. On a hunch, I had him come into my other office where I have my Optos California, It took just one image, and there it was — a tear in the retina. It’s cases like these that make me wish I had UWF imaging from the start.”
Efficiency and Patient Comfort
The efficiency of UWF imaging is another significant benefit, impacting both clinic operations and patient experience. Dr. Laudadio notes that taking multiple images with a wide field camera can be timeconsuming and uncomfortable for patients. The bright flash of the camera, repeated multiple times, often causes discomfort and requires frequent pauses.
“With UWF imaging, it’s one image per eye, making the process much quicker and more pleasant for the patient,” Dr. Laudadio observes. “Patients often complain about the brightness of the flash with the wide field camera, and they have to sit through four of these flashes, but I never get such complaints with the Optos… and it’s only one image.”
Improved Workflow and Staff Satisfaction
The streamlined process with optomap imaging not only benefits patients but also improves clinic workflow and staff satisfaction. Taking fewer images means less time spent on each patient, which can lead to a more efficient practice overall.
“The staff definitely find it more irritating to take multiple images,” Dr. Laudadio says. “It’s not just that the patient dislikes it, but there’s always a waiting game. As soon as you take a picture with a bright flash, the patient’s pupil goes small. So when you go to take your secondary wide field image, it’s a bit tougher because their pupils are so much smaller. When you just have one image on one side and one image on the other with UWF, it’s so much easier for both the staff and the patient.”
Patient Education and Engagement
Another notable advantage of Optos technology is its advanced software, OptosAdvance™, which includes a 3D model of the retina. This feature greatly enhances patient education and engagement, helping them understand their condition better.
“The software from Optos has a lot of fantastic educational tools,” Dr. Laudadio states. “For example, I can put the image of a patient’s retina into a 3D eyeball that I can rotate and spin around. I would say every single time I do that, probably 100 out of 100 times, everybody goes, ‘Wow! That’s amazing!’ Not only does it look cool, it makes explaining their condition much easier and more effective.”
Conclusion: Embracing the Future of Optometry
For Dr. Laudadio, the addition of optomap has been a game-changer. It has improved diagnostic confidence, enhanced clinic efficiency, and provided a better experience for both patients and staff. “My confidence in finding problems is significantly better with the Optos,” Dr. Laudadio concludes. “If you come in for an exam, wouldn’t you want me to have the tools that will make sure I can see as much as possible? To me, that’s the obvious choice.”
Dr. Laudadio’s experience with UWF imaging highlights the transformative potential of this technology in optometry. As more practitioners adopt such advanced tools, the standard of eye care will continue to rise, benefiting patients worldwide.
optomap, the ONLY single-capture, 200° ultra-widefield retinal image.
As the calendar year winds down, optometrists like you often find your schedules packed with patients eager to maximize their benefits before they reset. It’s a busy, rewarding time as you provide crucial care and education to your patients—ensuring they maintain healthy eyes and address timely issues like dry eye care.
But while you’re helping others see clearly, it’s worth pausing to ask: is your own financial vision equally sharp?
Just as your patients rely on your expertise for their eye health, you can benefit from a team of professionals to guide your financial health. At Portfolio Planning Inc., we specialize in helping doctors like you navigate the complex world of financial planning with ease and clarity.
The Connection Between Dry Eye Care and Financial Health
Dry eye care is a significant focus for many of your patients at this time of year. You might advise them to use hydrating eye drops, apply heat compresses, or make other small adjustments to improve their comfort and vision. These measures might seem minor, but they’re critical for preventing bigger problems later.
Financial health works the same way. As the yearend approaches, taking proactive steps to review and fine-tune your finances can prevent costly mistakes and missed opportunities. Consider it the "dry eye care" of your financial plan—a way to ensure everything is in top shape as you move into the new year.
Why Year-End Financial Care Matters
The end of the year brings specific opportunities and challenges for optometrists, especially for those with incorporated practices. A financial health check at this time can help you:
1. Optimize Corporate Year-End Planning
• Are your business finances structured to maximize tax efficiency? Examples of this could be turning your passive returns into capital gains to reduce overall tax, taking advantage of all deductions available, reducing deductions if you have a lending need in the short term, and how to strategically sell off investments.
• Have you reviewed your salary-dividend mix? There are pros and cons to paying yourself dividends vs salary. Should you opt into CPP? If not, what is your alternative? What about EI? Do you need corporate deductions or lower personal tax rates?
• Are there unused deductions or credits you could claim? Do you have FHSA, or RRSP room? Does this match your plan? Tuition credits? These are all things that should be looked into before the year ends.
2. Harvest Capital Gains or Losses
• If you have investments, now is the time to evaluate whether you can offset capital gains with losses—or vice versa—to reduce your taxable income. If this is a short or mediumterm hold now may be the time to sell them off before you go over the new capital gains limits. If you are already over these, would charitable donations be a good fit to offset taxes?
3. Strategize FHSA Contributions
• The First Home Savings Account (FHSA) is a powerful new tool for those saving for a home purchase. Have you maximized contributions or considered how it fits into your overall strategy? If you are saving for a home you should open your FHSA before the year ends and fund it partially to ensure you get the $8,000 of contribution room for 2024 and then $8,000 in 2025. But consider that just the tax savings are not enough to get your down payment, you also need to decide on investment options.
4. Reassess Your Insurance Needs
• Just as you advise patients on preventive care, it’s worth assessing whether your disability, life and critical illness insurance coverage still aligns with your personal and professional goals. Has your situation changed over the year? Has the cost of living changed by more than 10%? This could be due to a new mortgage, marriage, or changes with your dependents. Or perhaps your business expenses have increased. This is a good threshold to trigger a review.
Taking a closer look at these areas now can help you avoid scrambling in the new year—and give you peace of mind that your financial plan is working as hard as you are.
Introducing Your Financial Report Card
To make this process easier, we’re offering you our exclusive Financial Report Card designed for optometrists. This simple, user-friendly tool allows you to self-assess your current financial health and pinpoint areas that need attention.
Think of it as the equivalent of the eye chart you use in your practice: a straightforward way to evaluate where you stand and identify potential blind spots.
To receive your free Financial Report Card, email us at info@portfolioplanning.ca and mention “BCDO”. We’ll send it to you promptly so you can take the first step toward clearer financial health.
Partnering With Experts for Long-Term Success
You’d never expect your patients to manage their eye care without professional advice—and the same is true for your finances. Having a trusted financial planner on your team ensures that every aspect of your financial life, from investments to tax planning, is handled with expertise.
Have you attended our monthly workshops from BCDO? At Portfolio Planning Inc., we work with doctors and incorporated business owners like you to create personalized financial strategies. Our approach is simple and jargon-free, so you can feel confident in your decisions, no matter your starting point.
If you’d like to schedule a meeting to review your financial health and prepare for the year ahead, we’d love to help. Reach out to us at info@ portfolioplanning.ca and let us know you’re part of the BCDO community.
IMPROVE SURGICAL OUTCOMES FOR YOU AND YOUR PATIENTS
Dry Eye is a common condition that can have surgical implications. More than 70% of cataract patients show signs of dry eye1,2,*,†
Dry eye can be an annoying complication when planning surgery. Dry eye is commonly considered as part of the post- operative standard of care.1 However, Dry Eye commonly results in impaired ocular surfaces, which increases surgical difficulty and creates adverse effects on preoperative planning for cataract surgery, including intraocular lens (IOL) calculations, toric IOL axis and magnitude estimates, keratometry, and topography measurements.5 Research suggests attentive peri-operative Dry Eye management, rather than post- operative alone, has positive implications for patients, practices, and, ultimately, surgical outcomes. Additionally, failing to manage Dry Eye in a patient peri-operatively can intensify Dry Eye symptoms.5 Dry Eye has been documented as a leading contributor to patient dissatisfaction following refractive LASIK and cataract surgeries.6,7 Neither you nor your patients want this. Therefore,
considering pre-operative assessment for and perioperative management of Dry Eye is incredibly beneficial to patients and your practice.
Dry eye is prevalent and significantly undertreated in cataract patients1,3
40% of the time, the surgical plan was changed in a study of patients whose dry eye was addressed before surgery4,‡
When artificial tears are needed, ophthalmic surgeons are tasked with choosing an effective treatment option for their patients.
Systane® HYDRATION has two times the moisture retention rate compared with artificial tears containing hyaluronic acid (HA) alone.11
It has been shown to significantly improve the rate of corneal healing and result in significantly faster ocular re-epithelization.vs. other leading HA-containing artifical tears.11,12,§
Treat your Dry Eye patients perioperatively by recommending, educating, and following up on their Systane® HYDRATION experience.
Together, we can relieve Dry Eye and improve surgical outcomes for you and your patients.
Financial Wellness for your Optometry Clinic
Scotiabank Healthcare & Professional Banking
As an optometrist, you manage multiple priorities. Along with providing a variety of services, you must manage the day-to-day challenges of purchasing inventory, hiring staff and planning your marketing efforts. How well you manage these tasks will go a long way towards determining how successful your optometry clinic is going to be.
Here are six smart strategies that can help your optometry clinic thrive:
1. Set short- and long-term goals
Managing your responsibilities well can help increase your optometry clinic’s revenue. But doing so isn’t a simple task. It requires you to analyze all aspects of your business and set both short- and long-term goals.
“There is a growing list of moving parts involved in managing an optometry clinic more effectively and competitively,” explains Charandeep Sandher, Director & Group Lead, Healthcare & Professional Banking, Western Canada at Scotiabank. “The owner needs to be thinking about a broad range of considerations – everything from customer service to controlling inventory to adopting the latest logistical/management technology. All this requires a carefully thought-out plan.” Set goals for managing your clinic in terms of opportunities for improvement and map out how you will achieve them. Doing so will help set you up for success.
2. Get expert advice
Consult with experts who can help make you aware of potential revenue-enhancing strategies. Sandher recommends working with a Healthcare & Professional Specialist, an accountant and a lawyer who have a thorough understanding of your industry. She says, “those partners are worth their weight in gold – not to mention the potential tax savings an experienced accountant may be able to assist with.” Additionally, a lawyer can provide preventative advice and avoid pitfalls in agreements and contracts.
Healthcare & Professional Specialists provide banking advice tailored to your unique situation. “When you are managing an optometry clinic in today’s everchanging environment, it’s critical to have the right kind of banking support on your options and opportunities,” says Sandher. “It is especially important when borrowing to renovate an existing clinic or purchase another one, to not overextend yourself. Obtaining the right advice can materially help your bottom line.”
3. Optimize your inventory
Having either too much, or too little inventory is a balancing act you may have to face. Surplus inventory sitting in storage can tie up your cash flow. However, not having the right eyewear and eye care products in stock can lead to customer dissatisfaction and lost sales. Having the right mix of products and services can give you an edge over your competitors. Adopting technology that enables you to easily and efficiently monitor and adjust your inventory based on electronic tracking can help you determine which items aren’t selling and replace them with ones that are, achieving inventory balance and optimal customer selection.
How your products are displayed can also help improve sales. One strategy might involve segmenting products by brand, type or colour. Being thoughtful about which products and brands
to order, as well as being creative about how you display your products could lead to an increase in sales. The mix of products such as glasses, contact lenses, accessories and cleaning products can also contribute to your sales and the bottom line while allowing your customers to take care of all their vision needs immediately with you at the same time as the eye examination versus a competitor.
4. Provide great customer service
Did you know that consumers will often pay more for a product if it comes with great customer service?1 It’s why training your employees to provide great customer service is so important in maintaining and growing your business. They can engage with customers to discover and document their opinions, likes and dislikes and help increase sales by recommending specific products. And remember, your employees are the face of your clinic. So, coach your team on how to improve customer service by reminding them to:
• Never keep customers waiting longer than necessary
• Always use positive, empathetic language
• Know your products so they can help customers find what they are looking for
• Take service to the next level by recommending and advising customers on options and solutions.
This may seem straightforward but in doing this customers will come to trust the service and advice provided by your clinic and employees creating long term loyal customers and even referring others.
5. Leverage new technology
Leveraging the right technology can greatly improve the management of your optometry clinic. Having technologically advanced equipment to monitor eye health and provide the best health outcomes could result in more customer recommendations/positive reviews and ultimately more customers down the road. You will have to choose the technology that is right for you and your clinic.
“It’s important to make sure you’re aware of everything your financial institution has to offer,” says Sandher. “Your bank can provide you with additional automation and cash management
services such as automated payroll services, signing authority controls and mobile cheque deposits for convenience that can help improve your bottom line as well and free up precious time.”
6. Remember – it takes a team
Managing an optometry clinic efficiently is a team effort. Make sure everyone is well trained in their roles, ensure regular communication and hold regular team meetings to keep everyone motivated, engaged and up to date on your management plans.
To help retain your employees, be sure to recognize their accomplishments. 57% of employees in one survey said feeling appreciated by their employer reduced their likelihood of leaving.2
There are many ways to show your appreciation to your employees. Perhaps it’s by providing them with a partial day off, or early leave from their shift to attend to a family matter or by recognizing an outstanding employee on your clinic’s website. Recognition comes in many forms, use what works for you and your team, be creative and it will create engagement. Providing meaningful recognition and appreciation is valuable for providing a positive work environment and fostering a great team. One of the easiest ways, is to simply remember to say thank you, this can be forgotten in a busy day of running your clinic as you get pulled in many competing directions.
For customized advice and support to help you manage a successful optometry clinic, visit scotiabank.com/optometrists.
Winter Eye Wellness: The Importance of Protecting Your Eyes in the Snowy Season
Winter transforms the world into a shimmering landscape of snow and ice, offering a stark beauty that captivates the senses. However, the colder months bring unique challenges to eye health that often go overlooked. Understanding the risks to eye health is crucial for those who spend time outdoors during winter, whether tobogganing down snowy slopes or simply walking in bright sunlight. Among these risks, the effects of heightened UV exposure due to snow reflectivity stand out as a significant concern.
Many associate harmful UV rays with summer, however, winter presents a different yet equally potent threat. Snow is highly reflective, bouncing
back up to 80% of UV rays. This reflection increases the risk of damage as sunlight reaches the eyes from both above and below, effectively doubling UV exposure. Combined with the sun’s lower position during winter, this creates conditions ripe for potential harm to ocular health. Wind and dry air can exacerbate eye discomfort and contribute to dry eye syndrome.
Prolonged exposure to UV rays during winter can lead to several short and long-term eye conditions, including:
• Photokeratitis – A painful condition resulting from overexposure to UV rays.
• Cataracts – UV damage is a known contributor to cataract development.
• Macular Degeneration – Prolonged UV exposure can increase the risk of age-related macular degeneration, a leading cause of vision loss.
• Pinguecula and Pterygium – Growths on the eye’s surface, often caused by UV damage, can impair vision over time.
The snowy environment amplifies glare—a combination of brightness and reflected UV light that can strain the eyes and make it harder to see. Glare not only causes discomfort but also compromises safety, particularly for drivers and winter sports enthusiasts.
One of the best solutions to combat glare and reduce UV exposure is the use of polarized lenses, which we will explore below.
Protect Your Eyes During the Winter Season
While winter’s unique risks to eye health may sound daunting, protecting your vision is simple with the right strategies and tools.
Sunglasses aren’t just for summer. High-quality sunglasses are essential for winter eye care, especially for those spending time outdoors. Look for sunglasses that have:
• Polarized lenses to help reduce glare from snow and ice.
• Polarized lenses filter horizontal light waves, improving visual clarity by cutting down glare/reflection and reducing eyestrain.
• 100% of UVA and UVB protection.
• Ensuring your lenses provide full-spectrum UV protection is the first line of defence.
For winter sports enthusiasts, protective eyewear is essential for both safety and UV defence. Skiers and snowboarders are at a higher risk due to prolonged exposure at higher altitudes where UV intensity is even greater.
Use ski goggles with UV protection and condensation coatings. Modern goggles provide a snug fit to shield the eyes from wind, block more light and debris while offering optimal visibility.
For patients who wear prescription glasses, photochromic lenses offer a convenient solution. These lenses automatically adjust to changing light conditions, darkening in bright sunlight and providing full UV protection in all environments like the HOYA Sensity family of photochromics.
Don't Forget about Children’s Vision
Children’s eyes are particularly susceptible to UV damage because their clearer ocular lenses allow more UV rays to penetrate. With snow reflecting up to 80% of UV rays, the risk is significantly heightened, making proper protection even more critical.
When choosing a lens for your child to protect them during the winter months, make sure to choose a lens that is either polarized or Sensity photochromic, which adapts to the changing outdoor light conditions to reduce unwanted glare and filters harmful UV rays when outside. Proper eyewear for children should reduce glare and provide essential protection against cumulative UV exposure.
Why UV Protection is a Year-Round Necessity
Although winter heightens the risk of UV damage, it’s important to remember that UV exposure is cumulative and occurs throughout the year. Educating patients about the dangers of UV radiation and emphasizing the importance of consistent eye protection is key to long-term eye health.
Four Practical Tips for Day-to-Day Winter Eye Care
1. Wear Sunglasses Daily – Whether it’s a bright, snowy day or overcast, UV rays penetrate clouds and reflect off snow. Regular use of UVblocking eyewear helps reduce exposure.
2. Shield Your Eyes – Wraparound sunglasses or goggles offer added protection by minimizing exposure from the sides.
3. Wear a Hat – A brimmed hat can help block direct sunlight, complementing your eyewear.
4. Avoid Direct Sunlight After Snowstorms –Snowstorms can create highly reflective conditions that significantly amplify glare.
Conclusion: See Winter Clearly and Safely
Winter’s allure comes with risks that should not be underestimated. By understanding the risks of heightened UV exposure caused by snow reflectivity and the role of blinding glare, you can take proactive steps to protect your vision. Whether it’s investing in polarized sunglasses, choosing UV-blocking ski goggles, or simply being mindful of outdoor conditions, these small actions make a big difference.
As an eye care professional, educating patients about the importance of UV protection and providing solutions tailored to their lifestyles will help ensure they enjoy the season safely.
Whether driving in the winter or taking to the hills for outdoor fun, don’t forget to wear your sunglasses with your favourite HOYA polarized lens designs and mirrors!
Contact us to learn more.
Winter Proofing Your Business: A Guide to Managing Inclement Weather
As winter sets in, with its sweeping snowstorms and plummeting temperatures, businesses face a unique set of challenges. From unpredictable weather disruptions to potential risks for employee safety, it’s critical for companies to take proactive measures to protect both their operations and their workforce. Implementing a well-defined inclement weather policy is one of the most effective strategies for ensuring business continuity during the harsh winter months.
An inclement weather policy outlines guidelines and procedures to help businesses respond effectively to extreme weather, natural disasters, and other emergencies. These policies typically cover temporary closures, scheduling protocols, and pay management during severe weather events. By establishing this policy in advance, businesses can provide a clear and consistent framework to address winter challenges, reducing confusion and ensuring everyone is on the same page.
Key Components of an Effective Inclement Weather Policy
A comprehensive inclement weather policy should address various factors to ensure that businesses continue operating efficiently while protecting their employees. Here are five key elements every business should include:
Clear Expectations for Employees
The primary function of an inclement weather policy is to set clear expectations for employees during winter disruptions. This includes defining work arrangements, specifying how employees should report absences, and outlining how time missed due to weather will be managed. By establishing these expectations early, businesses can avoid confusion and ensure that everyone knows what to do in the event of severe weather.
Employee Safety and Wellbeing
Ensuring the safety and wellbeing of employees is always a top priority, especially in the winter months when weather-related hazards are more frequent. The policy should include guidelines for when it’s unsafe to travel or work, helping mitigate the risks posed by icy roads, snowstorms, and other dangerous conditions, thus reducing the likelihood of accidents or injuries.
Minimizing Disruptions to Business Operations
While the weather may not always be ideal, most businesses still need to operate. An effective inclement weather policy should minimize disruptions by providing a clear plan for handling closures or delays. The policy may include instructions on how to communicate with customers about temporary closures and ensure essential services continue. A wellstructured approach to these challenges helps
maintain business continuity even during difficult conditions.
The Benefits of Proactive Winter Preparedness
A solid inclement weather policy not only protects employees but also boosts the overall resilience of the business. By planning for winter disruptions in advance, companies can respond quickly and efficiently when unexpected events arise. This proactive approach ensures businesses are better equipped to handle snowstorms, icy conditions, and other seasonal challenges without major losses in productivity or revenue.
Being well-prepared also helps businesses maintain a positive reputation by demonstrating care and responsibility toward employees. Prioritizing safety, clear communication, and business continuity can build trust and loyalty
with employees and customers. Ultimately, this strengthens the business in both the short- and long-term, enabling it to thrive even in the harshest winter conditions.
Winter presents a variety of challenges for businesses, but with the right strategies in place, these obstacles can be managed effectively. By implementing an inclement weather policy that addresses employee safety and operational continuity, businesses can navigate winter disruptions with confidence. With proactive planning and a commitment to preparedness, companies can weather the storm and continue serving their customers and clients, no matter what the weather brings.
