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shematoma last won the day on August 19 2014

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  1. Are there tax advantages to having a corporation and a professional LOC?
  2. shematoma

    Income and Lifestyle

    3 years is still 3 years extra, and many specialties require a fellowship. So it's anywhere from 3-5 years extra on top of FM to do a specialty. A lot of people in FM didn't actually want to be there but as you know CaRMS is a one shot deal in most cases and if you back up to FM and match... which happens to a lot of people every year, you're generally stuck. Just look at the recent CaRMS statistics... most specialties have more interested applicants than spots. Even psychiatry became competitive. So it's not like people aren't picking specialties out of interest, in many cases there just aren't enough spots and someone's going to get the short end of the stick. If your colleagues got into FM by default after 2 rounds of CaRMS then I doubt they got into FM by choice. More like the school took mercy on them and created spots.
  3. shematoma

    Income and Lifestyle

    I hear you. I think OP is lamenting the fact that his/her income in FM isn't going to afford a fabulous lifestyle in an urban top tier city - and they don't seem particularly frugal, wanting "2 decent cars," $3k a month on "fixed" costs and $2k+ in discretionary spending. People who burn through that kind of monthly cash flow should go for derm/uro or bust.
  4. shematoma

    Income and Lifestyle

    At the end of the day, being a physician, especially in primary care, doesn't make you wealthy. If you expect to have your choice of living wherever you want (urban Toronto or Vancouver) owning a house with kids and a spouse who doesn't work then family medicine probably won't cut it. Maybe you can consider urology or cosmetic dermatology. Many people are content living in 2nd or 3rd tier cities, or even smaller towns where living costs are low. They might even be better places to raise kids. Or maybe you could be one of those "doc families" that doesn't need to spend lavishly. Maybe one car is enough when you live in a big city, and maybe it can be a Toyota.
  5. shematoma

    Program Descriptions

    Correct me if I'm wrong but this doesn't affect Canadian USMGs who can get an OPT work permit to start residency, followed by H1B visa. They don't have to deal with J1 visas or the SON process. These individuals usually have the option of staying in the US long term (whether they want to is a different story).
  6. shematoma

    Program Descriptions

    Not every school's program descriptions are up (almost a week after the deadline... I'm looking at you, Calgary, McGill and Toronto) but it's sad and disconcerting to see the number of CMG spots is essentially unchanged from last year. Dalhousie added 14 spots this year, some schools have even cut, albeit slightly: Sask -2, Alberta -4. To Sask's credit, they made several former IMG spots "competitive" this year so CMGs can apply for them too. There's a few new MOTP-designated spots at places like Western and Queen's, probably part of the military's drive to fill physician vacancies. Overall, it doesn't seem like there's any concerted effort to address the unmatched CMG problem. We may have a somewhat smaller backlog than last year after Ontario made an extra 50+ spots, but that cleared at most 50% of the accumulated backlog of unmatched graduates nationwide.
  7. shematoma

    Where to pay tax?

    It's not necessarily true that residents have to register for health insurance and driving license in the province where they're doing residency. You could come to this conclusion based on the same decision you cite above. If you're both a full time student and full time employee then it's a gray area. By your reasoning, a full time undergrad student studying outside of their home province who also happens to work full time, should be a resident of that province, but that's not necessarily true. If this had to be argued in court, it might be pointed out that a resident is a full time employee only insofar as they're a full time student. The two come part and parcel. The resident is a trainee and has a fixed term employment contract. It's not indefinite and it's not a permanent job. I don't think there's a definite answer to this question until it goes to court, and the court's interpretation is ultimately the only one that matters.
  8. shematoma

    Where to pay tax?

    Are you sure about this? Residents are full time students.
  9. Your new bank will pay off the old LOC and they will close it for you. Both those steps happen at the same time. They will not pay it off and let you keep it. This was the procedure when I switched to National for the $500 offer.
  10. Thanks guys, I think I will lay low for the time being, see how things go in a few months, and if I'm 100% sure I want to switch, then I'll give it my all. I can't switch in the first 6 months anyways, and I hope that in 6 months if I still feel this strongly about switching, I can press hard to get my schedule moved around if I need a pre-transfer elective. I want a shorter residency, a better location, and found that later in my clerkship I really loved family. As a non-trad student, the shorter residency and flexibility, and being closer to family, have became increasingly important to me.
  11. The terms and conditions don't say anything about needing to use the LOC, just opening it is enough for the $500 bonus.
  12. I'm in a bit of a dilemma. I'm strongly considering a transfer to family medicine in the 2nd round of CaRMS this upcoming year. But I can't get an FM elective scheduled early in the residency year (before even the second round of CaRMS). My program has asked why I care if my FM elective is early in the year. I haven't told them the truth. Is it ever a good idea to tell your program the truth about these things? What if they don't give me an early enough elective in the year? I feel it might be important to get an FM reference letter and have the elective on my record.
  13. The iPad retails for $429. You can get the bank account without the LOC, but with the LOC you get the account fees waived without a minimum balance.
  14. As of today, MD Financial still issues LOC via National Bank. You can get a $500 bonus if you sign up with them. After the acquisition closes, your LOC would still be with National Bank. You can then switch to a Scotiabank LOC with a new application, and MD Financial can help you with that. The big difference is that National Bank doesn't give you access to the full LOC all at once, they do a staggered amount per year. But $500.
  15. I am one of those is often quite ambivalent and even negative about my experience in medicine and I'm very upfront in saying I wouldn't do it again. But this varies wildly based on individual circumstances as well. To the OP: 1. Age 23 is very, very, very young. I know it doesn't feel like it now, but it is. Trust me, when you look back in 10 years time, you will think you were a baby, because you are. Not to have income until you're 27... honestly, this isn't nearly as big of a deal in the grander scheme as you might think. A lot of people meet their partners in medical school, and you will be going to medical school in a big city where there are plenty of people to meet both in and out of school. Whether you are a boy or a girl, you will still be prime dating and childbearing age when medical school is done. You could even have a baby during or after medical school, while in residency. 2. I'm surprised you've had all these attendings, especially FM ones, tell you they were miserable. What would they rather be doing instead? Have they experienced other careers? We all suffer to some degree from a "grass is greener" on the other side mentality. People who work at "regular" jobs aren't always happy either where there's the real possibility of getting fired, having to compete for promotions, etc. You might hate your boss or coworkers, your work might be a long drive from where you (can afford to) live. There really are no guarantees. 3. If you are thinking about options, maybe you school would let you defer your decision for a year. However, I would think twice about doing this. One year goes by quickly, and you will have to make the same agonizing decision next year. It's a lot of time to be stuck in limbo, but might not be enough time to explore another viable career, before the decision comes up again, making things all the more muddled. 4. Many of my complaints about medicine stem from the fact that I had a viable career before medical school and only decided to go the medicine route in my late 20s. It made medicine a lot more difficult to bear - there was the opportunity cost of all the income I was giving up, having to move away from my friends, a lot of factors that contributed to my life feeling like a real funk. These things have gotten all the worse as I've matched to a 5-year residency in a location I don't want to be. If I knew things could end up so bad I would have taken the match a lot more seriously and put more effort into gunning for a good location. I'd feel a big sense of relief if I could go to a family program in the same city as my family - at this point I don't care about specialty anymore, I just want my life back and be close the ones I love. I also realize that a lot of my feelings could change later in residency or when I'm an attending. 5. You will never know in advance what's the right thing to do because life is a one shot deal and you don't get to know what would have happened if you had picked another option. Despite all the posts and blogs you read and all the people you talk to, it's still possible that you end up very happy in medicine and glad you picked this path. It's also possible that you leave medicine now and it later becomes a gnawing regret. Or maybe you leave medicine now and never look back. But what we do know is that even with a less-than-ideal career, you can still make your life very satisfying, both inside and outside of the career. So it may not matter which career pick so much as how well you deal with life's challenges as they come up and your ability/luck in finding a niche where you're happy. And if you're someone who's prone to depression, you will be prone to depression no matter what you do. It's something that will stay by your side through thick and thin, ready to pounce. Sorry, that sounds terrible but as someone who's also prone to depression, that's my experience.