ally06 Posted January 8, 2009 Report Share Posted January 8, 2009 Hello, I'm starting to look into salaries during residency to help with financial planning in terms of paying back student loans, etc. According to PAIRO, the net bi-weekly pay for PGY1 is ~1250 (i.e. all deductions taken off). There's also $100 for in-house call. Is the call stipend $100 for the full night (1700-0700) or for each time you're called? Factoring in the call stipend, can any residents comment on what to expect for net bi-weekly paycheque? Are senior residents allowed to mooonlight and how much do you get paid for that? Do the majority of people consolidate their OSAP debt, ie. use LOC to pay OSAP since the gov't interest rate is usually higher than a bank LOC? Thanks for your help! Link to comment Share on other sites More sharing options...
blinknoodle Posted January 9, 2009 Report Share Posted January 9, 2009 I just pulled out one of my paycheques as a PGY1 in Ontario. My base pay was $1965.50 (we get paid twice a month at Toronto) Plus, I had 8 overnight calls from the previous month = $840 My total earning was $2805.50. My total deductions that pay was $865.66 (CPP/QPP, EI, Fed Tax, PAIRO, LTD). Every second pay I also contribute to mandatory life and group life insurance. I will most of these deductions back when I file my taxes, due to tuition credits. Some people opt to make themselves exempt from taxes upfront. So my net biweekly pay is 1939.84 this time, fluctuating with the number of calls you do. It is $105 per in-house or converted home call, or 52.50 for home call (just once for the night). I am not familiar with moonlighting. It is new in Ontario. Re: your OSAP loan, in my year many people consolidated it into a bank LOC since they could get a better rate that was still better than with the tax credit from the OSAP interest. I hear PAIRO is working towards getting OSAP extended into residency, continuing to be interest-free, but I am not sure when that will start. If it does, then it makes sense to keep all your money in OSAP. Link to comment Share on other sites More sharing options...
noncestvrai Posted January 9, 2009 Report Share Posted January 9, 2009 Wow you guys are rich in Ontario... Next time, my friend in TO will have to pick up the cheque... noncestvrai Link to comment Share on other sites More sharing options...
Lactic Folly Posted January 10, 2009 Report Share Posted January 10, 2009 I was thinking that blinknoodle's numbers were a little higher than I remember.. but it's probably due to the fact he/she did quite a bit of call (because of the holiday season?) and we get our call stipends paid every 2 weeks instead of a month at a time. My take home usually starts with a 13, 14, or 15. I know Quebec is lower though - goes along with the medical school tuitions Link to comment Share on other sites More sharing options...
blinknoodle Posted January 10, 2009 Report Share Posted January 10, 2009 I just checked and the pays without any calls net around ~$1440 after deductions. The number is higher than PAIRO's because I get paid twice a month as opposed to every 2 weeks. Eight in-house calls is a typical month of GIM where there is a rotating 1:4 schedule. Link to comment Share on other sites More sharing options...
Lactic Folly Posted January 10, 2009 Report Share Posted January 10, 2009 Ok, you've got me there, I haven't had more than 6-7 call/month yet, all these soft rotations I go on CTU soon though, so my stipends should catch up! Link to comment Share on other sites More sharing options...
Angela Posted February 26, 2009 Report Share Posted February 26, 2009 Curious what is PAIRO? I just pulled out one of my paycheques as a PGY1 in Ontario.My base pay was $1965.50 (we get paid twice a month at Toronto) Plus, I had 8 overnight calls from the previous month = $840 My total earning was $2805.50. My total deductions that pay was $865.66 (CPP/QPP, EI, Fed Tax, PAIRO, LTD). Every second pay I also contribute to mandatory life and group life insurance. I will most of these deductions back when I file my taxes, due to tuition credits. Some people opt to make themselves exempt from taxes upfront. So my net biweekly pay is 1939.84 this time, fluctuating with the number of calls you do. It is $105 per in-house or converted home call, or 52.50 for home call (just once for the night). I am not familiar with moonlighting. It is new in Ontario. Re: your OSAP loan, in my year many people consolidated it into a bank LOC since they could get a better rate that was still better than with the tax credit from the OSAP interest. I hear PAIRO is working towards getting OSAP extended into residency, continuing to be interest-free, but I am not sure when that will start. If it does, then it makes sense to keep all your money in OSAP. Link to comment Share on other sites More sharing options...
blinknoodle Posted February 27, 2009 Report Share Posted February 27, 2009 Curious what is PAIRO? PAIRO is the union for residents in Ontario. http://www.pairo.org/ Link to comment Share on other sites More sharing options...
JewelLeigh Posted March 6, 2009 Report Share Posted March 6, 2009 Hello, I'm starting to look into salaries during residency to help with financial planning in terms of paying back student loans, etc. According to PAIRO, the net bi-weekly pay for PGY1 is ~1250 (i.e. all deductions taken off). There's also $100 for in-house call. Is the call stipend $100 for the full night (1700-0700) or for each time you're called? Factoring in the call stipend, can any residents comment on what to expect for net bi-weekly paycheque? Are senior residents allowed to mooonlight and how much do you get paid for that? Do the majority of people consolidate their OSAP debt, ie. use LOC to pay OSAP since the gov't interest rate is usually higher than a bank LOC? Thanks for your help! - The stipend is for the full night of call. - In Ontario, the stipend is paid quarterly, so it does not affect your biweekly pay cheques. My bi-weekly cheque is right around $1500 (PGY1) which is about $200 more than most PGY1s. The reason for this is because I elected to not pay as much tax this year because of my monstrous pile of tuition/education tax credits. I figured better to keep it in my pocket than let the government keep it for the year before giving it back as a huge tax return. My financial advisor also recommended this. - Every 3rd month, I get around $1000 for the stipend, after tax. Obviously this varies with the rotation and its call volume. - Some senior residents can moonlight. This differs based on the province. I have no idea how much they get paid. - The majority of people USED to consolidate their debt. However, in Ontario, very recently the OMA approved a new contract that includes interest relief for government students loans while in residency so long as the resident agrees to work for 5 years in Ontario after finishing. Thus, for those planning to stay in Ontario, it will be more financially beneficial to NOT consolidate. (http://www.pairo.org/News/News.aspx?id=331) Link to comment Share on other sites More sharing options...
Lactic Folly Posted March 8, 2009 Report Share Posted March 8, 2009 The schedule of salary payment varies according to site.. some schools get the call stipends biweekly. Link to comment Share on other sites More sharing options...
Talon01 Posted March 10, 2009 Report Share Posted March 10, 2009 So are you still considered a "student" while doing a residency in NS? Link to comment Share on other sites More sharing options...
Smurfette Posted June 14, 2009 Report Share Posted June 14, 2009 The majority of people USED to consolidate their debt. However, in Ontario, very recently the OMA approved a new contract that includes interest relief for government students loans while in residency so long as the resident agrees to work for 5 years in Ontario after finishing. Thus, for those planning to stay in Ontario, it will be more financially beneficial to NOT consolidate. (http://www.pairo.org/News/News.aspx?id=331) I've heard about this. Does anyone knows what happens during fellowships and what happens if somehow you change your mind and you end up working in another province? Do you just pay back the interest? Link to comment Share on other sites More sharing options...
bugette Posted June 15, 2009 Report Share Posted June 15, 2009 I've heard about this. Does anyone knows what happens during fellowships and what happens if somehow you change your mind and you end up working in another province? Do you just pay back the interest? If you are required to repay the interest, how will this be calculated and will it include some sort of penalty fee? It's a tough call if you are unsure of your future location. Some specialties are less portable and more employer-dependent, so you might not be able to stay in Ontario even if you wanted. Student LOC @ prime vs. OSAP rates.... Link to comment Share on other sites More sharing options...
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