Heisenberg_ Posted April 13, 2019 Report Share Posted April 13, 2019 On average, how much do 2018 PGY1 residents in Ontario make after tax? Quote Link to comment Share on other sites More sharing options...
wishcalculator Posted April 13, 2019 Report Share Posted April 13, 2019 https://www.carms.ca/match/r-1-main-residency-match/salary/#1511459027032-06ec5e41-5301 Quote Link to comment Share on other sites More sharing options...
Heisenberg_ Posted April 13, 2019 Author Report Share Posted April 13, 2019 2 hours ago, wishcalculator said: https://www.carms.ca/match/r-1-main-residency-match/salary/#1511459027032-06ec5e41-5301 What does this come out to after-tax, other administrative fees, and call stipends (on average)? Quote Link to comment Share on other sites More sharing options...
Edict Posted April 13, 2019 Report Share Posted April 13, 2019 Around 3600 a month without call stipends, and probably up to 4200-4300 with 1 in 4 call. Then you might get tax reimbursements, but that is your take home every month. Heisenberg_ 1 Quote Link to comment Share on other sites More sharing options...
ZBL Posted April 14, 2019 Report Share Posted April 14, 2019 5 hours ago, Heisenberg_ said: On average, how much do 2018 PGY1 residents in Ontario make after tax? Not enough Quote Link to comment Share on other sites More sharing options...
deathvvv Posted April 14, 2019 Report Share Posted April 14, 2019 BC gets even less, stop whining Quote Link to comment Share on other sites More sharing options...
Edict Posted April 14, 2019 Report Share Posted April 14, 2019 Ontario isn't too bad especially if you aren't living in Toronto. Quote Link to comment Share on other sites More sharing options...
LittleDaisy Posted April 14, 2019 Report Share Posted April 14, 2019 20 hours ago, Heisenberg_ said: On average, how much do 2018 PGY1 residents in Ontario make after tax? They usually reimburse all taxes, since our tuition credit is quite high. The tuition credits run out by PGY3. So you make around 60,000 as a PGY1 in Ontario (you don't pay any taxes given we invested so much for our medical school tuition)! The call stipends depend on your specialty, but 1 in 4 call sounds about right for the majority of off-service in-hospital rotations. I do agree that 60,000 is pretty good unless you live in Toronto, where the rent is crazy high (> 2000 for "1 bedroom apartment" no utilities included). Heisenberg_ and Edict 2 Quote Link to comment Share on other sites More sharing options...
Edict Posted April 16, 2019 Report Share Posted April 16, 2019 On 4/14/2019 at 12:45 PM, LittleDaisy said: They usually reimburse all taxes, since our tuition credit is quite high. The tuition credits run out by PGY3. So you make around 60,000 as a PGY1 in Ontario (you don't pay any taxes given we invested so much for our medical school tuition)! The call stipends depend on your specialty, but 1 in 4 call sounds about right for the majority of off-service in-hospital rotations. I do agree that 60,000 is pretty good unless you live in Toronto, where the rent is crazy high (> 2000 for "1 bedroom apartment" no utilities included). Yes, this. The tuition tax credits you amass are actually incredibly helpful because it means you essentially aren't paying taxes for the first few years of residency. Quote Link to comment Share on other sites More sharing options...
insomnias Posted April 16, 2019 Report Share Posted April 16, 2019 Those of us who move from OOP or started studying after 2017 will still end up paying provincial taxes, however, since Ontario abolished the provincial tuition tax credit in 2017 and doesn't provide credit for provincial tuition tax credits from other provinces Quote Link to comment Share on other sites More sharing options...
ellorie Posted April 16, 2019 Report Share Posted April 16, 2019 1 hour ago, insomnias said: Those of us who move from OOP or started studying after 2017 will still end up paying provincial taxes, however, since Ontario abolished the provincial tuition tax credit in 2017 and doesn't provide credit for provincial tuition tax credits from other provinces Yeah not going to lie, that is an INCREDIBLY raw deal. Quote Link to comment Share on other sites More sharing options...
batmanisthebestsuperhero Posted September 1, 2019 Report Share Posted September 1, 2019 On 4/16/2019 at 12:32 PM, Edict said: Yes, this. The tuition tax credits you amass are actually incredibly helpful because it means you essentially aren't paying taxes for the first few years of residency. . Quote Link to comment Share on other sites More sharing options...
NeuroD Posted September 1, 2019 Report Share Posted September 1, 2019 Yes. Quote Link to comment Share on other sites More sharing options...
Monkey D. Luffy Posted September 1, 2019 Report Share Posted September 1, 2019 On 4/16/2019 at 5:30 PM, insomnias said: Those of us who move from OOP or started studying after 2017 will still end up paying provincial taxes, however, since Ontario abolished the provincial tuition tax credit in 2017 and doesn't provide credit for provincial tuition tax credits from other provinces Wait so we don't get 15% back on any tuition paid starting in 2017?! Quote Link to comment Share on other sites More sharing options...
stethoscope2019 Posted September 1, 2019 Report Share Posted September 1, 2019 17 minutes ago, Monkey D. Luffy said: Wait so we don't get 15% back on any tuition paid starting in 2017?! ...yeah what? Also so if you study outside of Ontario, you don't get the credit? Quote Link to comment Share on other sites More sharing options...
LittleDaisy Posted September 1, 2019 Report Share Posted September 1, 2019 2 hours ago, stethoscope2019 said: ...yeah what? Also so if you study outside of Ontario, you don't get the credit? Yeap that's exactly what it meant! Quote Link to comment Share on other sites More sharing options...
Internalmed1234 Posted September 6, 2019 Report Share Posted September 6, 2019 What about if you studied in ontario and moved OOP for residency (Alberta)? Quote Link to comment Share on other sites More sharing options...
Redpill Posted September 6, 2019 Report Share Posted September 6, 2019 1 hour ago, Internalmed1234 said: What about if you studied in ontario and moved OOP for residency (Alberta)? It's based on the province you file your taxes in when you are in school, because that's when you accrue tuition tax credits. So if you were filing your taxes in Ontario throughout medical school, you haven't accrued tuition tax credits since 2017. Quote Link to comment Share on other sites More sharing options...
Edict Posted September 7, 2019 Report Share Posted September 7, 2019 Wow, that is a raw deal, didn't know this was a thing... Its amazing because as docs we never talk about finances but in reality the decisions we make are worth thousands even in residency. Quote Link to comment Share on other sites More sharing options...
insomnias Posted September 21, 2019 Report Share Posted September 21, 2019 On 9/5/2019 at 8:49 PM, Internalmed1234 said: What about if you studied in ontario and moved OOP for residency (Alberta)? Actually, I'd asked an accountant at BDO a variation of that question: what if I move to ON, don't fully exhaust my tuition tax credits, and move back to AB? AB considers the unused provincial amount to be equal to the unused federal amount. So you will get AB tax credits moving ON->AB but not vice-versa. Which blows, since I have ~$200k of those and kind of wanted to do my residency in Toronto/Montreal/Vancouver -- none of which have provincial tuition tax credits anymore as of 2019. Quote Link to comment Share on other sites More sharing options...
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