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distressedpremed

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distressedpremed last won the day on May 22 2016

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About distressedpremed

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  1. If you have the passport gold already, can you upgrade to the infinite?
  2. distressedpremed

    2018 CaRMS Second Iteration Interview Thread

    Agree completely. I feel that I should be refunded all, if not a portion of money for repeating applying 2 different weeks at a time, after being rejected for your first application. As you apply for more electives and you secure more, then "last few weeks" to find a school with that particular time slot available in your specialty can be really costly. I understand that there is a cost to running systems and this electronic portal, but the application fee should not be kept at all.
  3. http://healthydebate.ca/opinions/should-we-embrace-a-return-of-the-rotating-internship In the words of the infamous Brooksbane, wherever he is now: "The return of the rotating internship will be meaningless unless general licensure is awarded with it. The entire problem with the system now is that in order to practice general medicine, one has to “specialize” in family medicine. To do so is a career dead end, so students opt to specialize instead. In the time before CaRMS, all graduating MDs were awarded a general license after completing a rotating internship. These doctors were then free to apply as many times as possible for specialty positions if they desired. Most did not want to re-train, and so the public’s access to primary care was better"
  4. distressedpremed

    When to use tuition tax credits?

    Not going to quote that amazing bit of information. Many thanks to you, good Sir R - for the advice and wisdom!! So basically if you could, you would just start off with vanguard through Questtrade then - buy and hold, don't need to rebalance For instance, Vanguard Growth -> set to maximum, and make regular contributions if possible.
  5. I would definitely love to live in Nova Scotia and potentially practice there as well. But I think a lot of individuals not from there (and from other posts in the forum) say that the tax rate for physicians/dentists are higher than the rest of canada, not to mention a very high sales tax, that is often a big deterrent from people migrating there to practice. However, I think for myself, if there was a job opening for my specialty at the end of my training I'm happy to move almost anywhere in canada.
  6. distressedpremed

    When to use tuition tax credits?

    Yeah - completely agree with R on this one. Ultimately I'm being a bit of a wimp haha, when I could be doing more. However, my rationale is that eventually the money will need to get paid. I don't mind spending 5-10 K on investments in residency to learn (that is ideal). But I think the BoC will push prime up to around 4% (so around 3.75%) and I could have saved more (like 30 K this year) if there wasn't so many unforeseen expenses. For instance, equipment is so irritating - our faculty/program won't offer any help in regards to that, so that was around 5K gone. Then the LMCC exams and the tuition fee for basically nothing. Then conferences with no external funding. Then study resources...US exams...etc. Ultimately it's good to have cash growing, I know time in market is key, but day-to-day sometimes things come up that are just tough to get around. My magic number is that when my LoC is 80K then the amount due per month to the bank just to pay down interest won't significantly impact my lifestyle and training costs, where if it went up now it would hurt it significantly. Have to save for fellowship applications and electives as well. Rmorelan, for the area highlighted above - I thought that wealthsimple was better for low investment amounts (ex. small TFSA for learning) compared to using Questrade directly? I mean you could throw it all into the new Vanguard fund and it could be the same, but I remember reading somewhere that for amounts less than 500K it's generally better to just use a roboadvisor to start (and you can transition to vanguard/questtrade later as staff). Not sure and would love your opinion.
  7. distressedpremed

    When to use tuition tax credits?

    Completely agree - only problem is that the interest rate increases are quite painful...like hanmari said, I treat my LoC as similar to buying low risk bonds. As my LoC is higher and I also have car payments, it's just a way to "redeposit" money that I can quickly draw upon if necessary. For instance, tuition (which I don't understand why we have to pay to a school we are working for...) I didn't have enough left over for this month. So I just took it out from my LoC easily and it won't affect the interest payments that much...I'll have the money next month and then I continue to hammer away. My reasoning is similar to this: http://www.moneysense.ca/save/pay-debt-or-invest-how-to-use-your-tax-refund-this-year/ The BoC is scheduled/predicted to raise rates again, and it's an extra $20-$30 more each month last time they raised it. Definitely rather get to a low number where the interest payments are no problem to me at all before starting with Wealthsimple (or TD series, or whatever....maybe just throw it all into that new combination index fund) and at least build/start the TFSA strategy. By the way, I'm proud to say it but man was it hard saving up like $20K in PGY-1. Not fun at all
  8. distressedpremed

    When to use tuition tax credits?

    ^agree strongly above. Definitely believe in at least TRYING some sort of investment. I am sadly not at that stage yet - I started at around 115K for my LOC and reduced it to around 90 K ish in my PGY-1 year...I think once I hit a more solid 80-70K ish it'll be time to start looking at investments.
  9. distressedpremed

    When to use tuition tax credits?

    I think what rmorelan is generally saying is to try to pay down as much debt first before thinking about a TFSA or RRSP. If you had to pick one, it would be the TFSA because of the flexibility in withdrawals. There are still a lot of expenses when you become staff (licensing, etc). The TFSA would allow you to withdraw some of that money without "penalty" compared to an RRSP, making it more useful in the short term (5-7 years).
  10. distressedpremed

    When to use tuition tax credits?

    We've had accounting sessions by the AMA/CMA/OMA. Accountants say there is no difference to when you are using it, due to the fact that they are applied to the lowest tax rate for a progressive tax system (income tax brackets). You can't save these credits...as soon as you have an income they have to be used. You're also saving interest on your LoC (depending how high it is) by using them during residency.
  11. If you do a search, there are helpful threads in re: to debt and repayment, anxiety, etc. I would recommend keeping on top of the interest payments and if possible, paying it down bit by bit. The Bank of Canada is projected to raise the interest rate again, and even a 0.25% increase hurts the wallet really badly on a PGY-1 salary (the more you owe, the more it hurts). Of course the big repayment comes when you're staff, but even if you can pay a bit down here and there it helps a lot
  12. distressedpremed

    Thanks

    Every step you take every move you make Ian’s watching you....
  13. As a non-radiologist (and maybe Rmorelan can chime in here), it's completely justified based on how hard they work. Everyone is sending stuff down and expecting radiology to find something, and according to everyone, everything is urgent. In the ER, CT PE protocols in some centers are way overused. It's almost calling on a friend to help you practice some form of defensive medicine. I don't understand sometimes - if you want to pay them less but send more scans down expecting immediate results, especially complicated modalities like MRI and thoracic CT, then I'm sorry but there needs to be some incentives to keep that in place.
  14. distressedpremed

    Unfilled carms spots

    This. absolutely this. This should be stickied because honestly, someone should have written this to me when I was an M3/M4.
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