How much do residents make after taxes?

[leafs123]

hey guys,

i know how much residents make each year as per the pairo website, but i was wondering how much taxes do residents pay, and what is the ball-park final take home pay? thanks

leafs123

[up doc]

I was told that it is around $2500/month after taxes, not sure how accurate or what year that is though.

[SGMD09]

I would think most 1st year residents don't pay any tax at all, and 2nd year residents probably don't pay much because they'd be deducting their medical school tuition and other professional expenses.

[Kirsteen]

I was told that it is around $2500/month after taxes, not sure how accurate or what year that is though.

Hi there,

 

Yes, it's about that after taxes for PGY-1s. (Indeed, we do pay taxes up front, but hopefully many of us will receive that back post-return submission due to education (and parking!) credits.)

 

Cheers,

Kirsteen

[RuralDoc]

$1270 every two weeks in Ontario

 

It starts at $1800, but you end up with a ton of deductions. The 1270 doesn't include $200 you pay for CMPA each month (although this is reimbursed to a large percent every 3 months).

 

I've been putting every penny into my loan repayments. It means living with my parents for now, but my loans are down to only $5700 from $11500, so I should have it all paid off with my next 5 pay checks!

 

Ruraldoc

[agregson]

If you have all you tuition credits saved up, I think you can also fill out some tax forms so that you don't have to pay the taxes up front thereby increasing your monthly cash flow throughout the year. I mean if you know that you are going to get all the money back its better to not pay it so that you can invest it or whatever. Otherwise you are just giving the government the money so that they can make interest on it over the course of the year.

[BrendanJ]

if you're interested, the salary agreements for each province (by pgy) are available on the carms website

 

http://www.carms.ca/eng/r1_program_salaries_e.shtml

[BlackJack]

Keep in mind that if you are a Nova Scotia graduate, you are exempt from paying back tuition until you've completed residency. This really makes life easier.

[flying kumquat]

Keep in mind that if you are a Nova Scotia graduate, you are exempt from paying back tuition until you've completed residency. This really makes life easier.

 

Does this mean if you have NS student loans in general (but have not necessarily gone to med school/residency in NS), or if you've gone to med school or done residency in NS?

[BlackJack]

I believe it is if you go into medical school with NS student loans, even if your med school is elsewhere in the country...I'm not 100% sure about that though.

[BrendanJ]

Keep in mind that if you are a Nova Scotia graduate, you are exempt from paying back tuition until you've completed residency. This really makes life easier.

 

I think this is also the case in AB starting this year

[agregson]

A new program offered by Alberta Student Loans keeps the Alberta portion of your loan interest free in residency.

 

Normally your home province issues your loan regardless of where you are training, so this is only of benefit to people who grew up in Alberta and are eligible for Alberta loans.

[cluelesswonder]

that's awesome, i didn't know that! thanks for posting about it.

[Medhopeful]

A new program offered by Alberta Student Loans keeps the Alberta portion of your loan interest free in residency.

 

Normally your home province issues your loan regardless of where you are training, so this is only of benefit to people who grew up in Alberta and are eligible for Alberta loans.

 

Actually, student loans go by where you lived for the last 12 months as a non-student, so even though I grew up in BC, I worked in Alberta the last two years so I had to get my student loan through Alberta.