Search the Community
Showing results for tags 'tax'.
Found 3 results
The FMRQ publishes their salary scale at http://www.fmrq.qc.ca/en/working-conditions/salary-scales, so I understand that resident salaries currently range from $44,552 for an R1 to $72,841 for an R8, for those who actually hit R8. I'm looking for some information about what a medical resident in Quebec can realistically expect to earn in the real world. 1) Call and teaching premiums ($565 and $223): I assume that these amounts are monthly (?) -- How often would your average resident qualify for these? If you got it every month, it could add $9,456 a year to your salary. Add to that the potential Assistant chief resident and Chief resident responsibility supplements ($396 and $543), which I assume are brief stints at the end of training, and it could make a big difference. 2) Fees: Are there any major expenses associated with training (tuition?) that a resident can expect to pay? 3) Tax: Aside from any leftover tuition tax credits from medical school that are carried forward, are there any major deductions for being a medical resident, or does a resident pay similar amounts of income tax to a normal working individual with a similar salary? 4) Government loans: As far as the Quebec Government Aide financière aux études program is concerned, does a resident maintain "full time student" status, or does a new resident have to start paying back their government loans as soon as the grace period is over (or, as most people do, just pay off the government loan with their bank line of credit)? 5) New collective agreement: Does anyone know if a new FMRQ collective agreement with changes to the salary scale is expected any time soon? 6) Any other bonuses or expenses specific to residents that I'm not thinking of? So, basically, at the end of the day, what can your average Quebec resident (say, R1, or in any other year for that matter) actually expect to clear at the end of the year? Thanks!
Did you know your hobbies could help you save taxes? Keeping all your receipts related to your hobby such as photography or baking for example, maybe used when it comes time to preparing your tax return.
It is important to keep organized records of your income and expenses for the year. This will ensure you do not miss out on any deductions and keep your accounting fees down. Be ready for the 2016 tax year. Follow the link below for a complimentary Tax Organizer: https://www.dropbox.com/s/ewquwc1qwaz14ns/Bookkeeping%20%20template%20-%20Associate.xlsx?dl=0