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About Ostracized

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  1. What subjects do they need help with? Dental school is a deluge of information but none of it is very complicated. The most important thing to learn is good study habits.
  2. Basically, you can use your Corp as a retirement fund, with semi-deferred taxation. Not that different from an RRSP, but with an unlimited yearly contribution limit. So if you happen to have 6-figures of cash left over at the end of the year that you want to invest for the future, leaving it in your corp could save (actually defer) you tens of thousands of dollars in taxes compared to taking it all out and maxing your RRSP. But it only really makes sense if you know that you want to save a lot and spend a limited amount on living expenses. It comes down to a personal lifestyle and financial plan. It’s definitely less flexible than the alternative. Make sure you discuss this with a knowledgeable accountant who does a lot of professional corps.
  3. It mostly depends on the differential between your gross income and your personal expenses. If you’re making >$200,000 but you only need $75,000 to live on, then incorporation would be pretty good for you. That $125k in retained earnings would be taxed at ~15% rather than ~50%, saving you around $40,000 per year in taxes. The actual costs of incorporating are a pittance compared to that. Granted it’s a bit more complicated than that and it requires a lot of thought and long term planning.
  4. Ostracized

    Dental Anesthesiology as a specialty

    I don’t know. It was a paediatric office. Could have even been deep sedation. I just reviewed/rubber stamped the treatment that was provided.
  5. Ostracized

    Dental Anesthesiology as a specialty

    In Toronto you’d be mostly getting referrals for healthy smiles kids at 30 cents on the dollar. I wouldn’t recommend it. It could be very lucrative in other parts of the country. When I was doing work in Northern Ontario we sent kids to a paeds office in Winnipeg for GA. Each case worked out to be $2-4K and probably they did a handful each day.
  6. Ostracized

    Third Year Clinical Experience

    My reassurance is: this all sounds perfectly normal.
  7. Something to consider - is your disability ongoing and will it affect your ability to succeed in dental school? Dental school was by far the most challenging part of my life. Undergrad is a cake-walk in comparison. Admissions committees want to know that applicants will be able to make it through without failing out. I’d say that the workload and study-load of dental school is 2 to 3 times higher than that of a science undergrad.
  8. Ostracized

    How much will I really make?

    Heh, I worry about my finances anyway. Let’s say I wouldn’t have a mortgage right now if I had a large student loan.
  9. Ostracized

    How much will I really make?

    I’ve answered this question many times and the best answer is ‘it depends’. There are too many factors to consider to give a reasonable estimate. I will tell you about me personally. I work mostly in Toronto in one office and do occasional additional work trips in northern Ontario. Between my regular job and the side job I worked every week in 2018, generally 5 days a week but sometimes more. My gross income, after deductions, was about $160,000. That’s before taxes. The biggest drag to my income is lack of business and poor reimbursement for social assistance patients (mainly a problem in Ontario). Were I fully booked with full-fee patients, I could have cleared $250,000 and taken a few vacations to boot. But the reality is what it is. I can’t compare myself to other dentists because I do not know anyone else’s details. I assume that I’m actually doing better than the average Toronto associate dentist in my general age/experience range (many of whom are foreign trained). But that’s just a guess. I won’t lie that burnout is a problem when you have to work more and more to meet a minimum acceptable income. I also have a family now and a mortgage to pay. Fortunately for me, my student loans were very low and paid off very quickly.
  10. A MSc got me into UofT with a 3.5 cumulative undergrad GPA. But that was 10-11 years ago. My masters was 2 year research.
  11. Ostracized

    The slow decay of dentistry

    I work with an older dentist who will not work forever. I have no plan of buying the practice. I couldn’t make it work financially. Although he has no plan to retire right now, eventually he will have to.
  12. Ostracized

    The slow decay of dentistry

    I actually really love the job of being a dentist. I’m not going to say that it’s the best job out there but I very rarely dread going to work. My main stress with this career is financial. And I’m not that even bad off right now. It’s the future that scares me. I was born and raised in Toronto and I’ve started my own family here and (perhaps against my better judgement) recently bought a home here. I have a pretty good job situation right now (as far as Toronto is concerned). My income isn’t sky high but it is sufficient. But this job will eventually end. Perhaps in 10 years or perhaps in a month. I am very certain at that point that I will not be able to find a similar level of income within a reasonable commute from my house. Then we’ll have to sell the house and move (likely far away). Also, having just finished a tax return I decided to look at my income history. I’m 6.5 years out of school. My income peaked in my second year and has dropped by about 2-3% per year since then. This is not itself a disaster but it’s moving in the wrong direction and indicative of the current reality.
  13. Ostracized

    The slow decay of dentistry

    Somewhere in the range of $0 to $200,000. Sorry that’s a big range but that’s all I can say.
  14. Ostracized

    Need Help/Advice

    You’re in third year or second? Either way I definitely would not quit. Even if you’re behind the curve, you’ll catch up. If you do something for thousands and thousand of hours you’ll become competent. Maybe consider a good GPR after graduation. One with lots of clinical experience.