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shematoma

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shematoma last won the day on August 19 2014

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  1. shematoma

    Bank of Canada Rises Rates - again!

    Your point is taken though... if someone needed the LOC for personal purposes, perhaps they could ask their bank to split the total LOC limit over 2 separate lines (i.e. 200K + 100K) , so that one account is used only for investing, and the other account for personal purposes, to keep things separate. Kind of complicated but doable.
  2. shematoma

    Bank of Canada Rises Rates - again!

    I don't use the LOC for any purpose other than investing.
  3. shematoma

    Bank of Canada Rises Rates - again!

    Even at these interest rates, there are those of us taking out our LOC to invest in the stock market. There's a big correction in the market right now and the interest you pay on a line of credit can be deducted off the top of your income in most cases. The exceptions are if you put the money into RRSP or TFSA.
  4. shematoma

    Family Medicine Income

    https://www.taxtips.ca/calculators/basic/basic-tax-calculator.htm This calculator will give you a rough idea of taxes payable on personal income
  5. Interesting. Do you know of people who've gone this route? Is it possible to find work as a non certified FM physician? I assume that merely prescribing medical marijuana isn't gonna cut it
  6. What would most people do the +1 in? It has to be a CCFP approved R3, or could be done in the USA as well - but in what form would that be? Most of us who'd move to the USA want to at least be board certified rather than practicing with only PGY1 as this would be needed to get paid by insurance. It would seem wise to do all 3 steps of the USMLE just to not be restricted from practicing in any particular state. It's a small price to pay. Also, the latest Medscape compensation report shows FM average in the US is now $219K, which works out to about C$286K. Assuming that's net income after overhead (if applicable - many FMs in the USA are employed), that's not bad. It's also been steadily rising the last few years.
  7. If I had to speculate, one reason compensation in Canada won't drop much is the potential for doctors to relocate to the US. Most doctors wouldn't be willing to do this (politics, family, having to take USMLE, etc. and FM need a 3rd year of residency), but all it takes is a small number before the healthcare system starts feeling the pinch.
  8. Are there tax advantages to having a corporation and a professional LOC?
  9. 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.
  10. 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.
  11. 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.
  12. 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).
  13. 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.
  14. 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.
  15. shematoma

    Where to pay tax?

    Are you sure about this? Residents are full time students.
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