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Extra and unexpected costs in final year

Guest windymountain2003

By Guest windymountain2003
in Clerkship Rotations and Electives (Med 3 and 4)

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Guest windymountain2003

Guest windymountain2003

Posted
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I am trying to budget and need to know what the final year costs in comparison to first or second year. I know there are interviews and test fees but what are they and what other costs should I know about?

 

Thanks,

 

WM

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Guest therealcrackers

Guest therealcrackers

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We just got hit with expenses to cover our MCCQE part I exam--- $680, and $1000 if you miss the initial deadline! Other expenses will include CaRMS, a minimum of $200 + $20 per program beyond the first four; accomodation, transportation, and clothing for interviews; accomodation, transportation and living expenses for any "away" electives you do; maybe an ACLS course? (I'm not sure if this is covered by the school). In Ontario you will also get hit with the first levy for your medical insurance before you start residency; this has been reported to be as high as $1500.

 

Plus incidental expenses related to graduation (which are minimal) and moving (which are not) depending on where you do your residency.

 

It's not cheap, but so far it seems worth it. Good luck!

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Guest not rex morgan

Guest not rex morgan

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Airmiles, airmiles, airmiles. Try to find a credit card with airmiles and no yearly fee and pay your tuition with it. I'm combining two family members airmiles and have bought a couple of seat sale tickets. The total cost of flying for my 18 day cross country tour is less than 500 bucks. I also have spent roughly that on flying to electives. Considering the amount of travelling that is, it's pretty good and saves you alot of money in the end.

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Guest nikkicell

Guest nikkicell

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4th year sucked

 

upcoming CPSO fees 400 bucks

LMCC exam 600 bucks

carms cost me 2000 bucks and i only went to 6 places

having said that, Carms meant staying away from my apartment and didn't have to pay for heat turned up......

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Kirsteen Newbie

Kirsteen

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4th year sucked

 

upcoming CPSO fees 400 bucks

LMCC exam 600 bucks

carms cost me 2000 bucks and i only went to 6 places

having said that, Carms meant staying away from my apartment and didn't have to pay for heat turned up......

Hey,

 

Don't some provinces cover the cost of the insurance fees? I don't recall that Ontario does, but I thought I'd read that others do? For those which don't, I'm assuming that this can be deducted from income tax as a professional expense?

 

Cheers,

Kirsteen

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crackers Newbie

crackers

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You can deduct your CaRMS application fee (they'll send you a receipt) and you can deduct your College fees as tuition and professional organization expenses, respectively; but in Ontario you cannot deduct your CMPA dues as they are often reimbursed at a pretty good rate by the ministry of health. And you can't yet deduct your LMCC fees because it doesn't directly lead to your professional certification! (I think you can hang onto it and claim it retroactively the year you start your practice, but check with an accountant or a tax lawyer about that.)

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Kirsteen Newbie

Kirsteen

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You can deduct your CaRMS application fee (they'll send you a receipt) and you can deduct your College fees as tuition and professional organization expenses, respectively; but in Ontario you cannot deduct your CMPA dues as they are often reimbursed at a pretty good rate by the ministry of health. And you can't yet deduct your LMCC fees because it doesn't directly lead to your professional certification! (I think you can hang onto it and claim it retroactively the year you start your practice, but check with an accountant or a tax lawyer about that.)

Hi there crackers,

 

Thanks for filling me in. I'll definitely be bending the ear of the accountant about all of this. Sounds like things get all the more complex in residency. :)

 

Cheers,

Kirsteen

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Nikhila Newbie

Nikhila

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Hi there,

 

CIBC offers an Aerogold VISA that allows you to collect Air Canada miles (1 mile for every $1 spent).

 

Cheers,

Kirsteen

 

 

Hi,

 

If I remember correctly I believe there is an annual fee for this credit card.... Something on the order of $120 per year. With Aeroplan miles, you generally get 1 mile per dollar spent however with Airmiles, it generally works out to less than this (i.e. at Dominion grocery store, you spend $20 you get maybe 13 miles). At least I think that is the difference!

 

Nikhila

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up doc Newbie

up doc

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How do these cards compare with the RBC Avion? I've heard that it is a good card as far as travel rewards, but I am leary about paying $120 / year just to have it. Are there any cheaper or free alternatives that are comparable?

 

cheers

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mei Newbie

mei

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For any of these cards you should calculate the % return. For example with Aerplan Gold card ($120/year) you get 1 mile per $1 spent.

 

A return flight in North America at most is worht about $800 but will cost you 50000 miles to book. This means you spent 50120 dollars to get 800 back. About 1.6% , maybe a bit more depending on how you value your flight and if you got thousands of bonus miles other ways (like signing up).

 

There are cards that just give you 2% back straight up, so you can think about which card is best for you. Although a lot of med students probably don't even spend $50000 in a year.

 

We have been using the Mosaik card and in 2 years of one of us in med school and one in grad school we have earned 2 flights in Canada. The Mosaik gives you a 2X better conversion rate for AirMiles than if you don't have the card.

 

When you work it out other % returns on some cards might be better, but having the miles encourages you to travel-which I like!

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Jag Newbie

Jag

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personally I had mosaik BMO for 3 years, and it was pretty much useless. Every flight I tried to book was full, or at really inconvenient times. One airmiles rep actually told me the gold card's popularity is the reason why there aren't many flights left to pick from anymore, and you need to book many months in advance. How am I supposed to know where I am going 7 months in advance?

 

Platinum avion offered the first year for free, and a bonus 10,000 points on sign up so I took that. Now that mosaik's fee's have been hiked up to $90 per year, there is a greater savings to be had in the avion card (and flight convenience)

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Michelle Newbie

Michelle

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I personally like the TD Travel Visa. You do have to pay a yearly fee, but it has still saved me a lot of money on travel. They basically have their own travel agency, so you can use your points to book travel on any airline, cruise, car rental, hotel, package vacation,etc. You get 1 point for every $1 spent, or 5 points for every $1 spent at their travel agency. 5000 points is worth $75 credit at their travel agency. Plus, you get to collect the points from whatever airline you are flying in addition to that (like Aeroplan miles or Airmiles). When I signed up, my yearly fee was $75, but they gave me 5000 bonus points, which basically cancelled out the fee I payed.

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