aaronjw Posted March 28, 2013 Report Share Posted March 28, 2013 Useful things to know! Thanks!The advice is appreciated from all of us I am sure. I know very little about how people deal with their money. mattress 10char Link to comment Share on other sites More sharing options...
medigeek Posted March 28, 2013 Report Share Posted March 28, 2013 Lines up with recent talks I have gone to at the CFMS and CMA. Again that 220K that is taxed - with med corps that taxation is a lot different than you might initially expect. Different in what way? curious. It seems like a family doctor makes more by the hour than most specialists/surgeons. Or at minimum it has the potential to. Considering the 9-5 gig they have vs. ~60 hours weeks/call. Link to comment Share on other sites More sharing options...
Der Kaiser Posted March 28, 2013 Report Share Posted March 28, 2013 Your first year residency income is in the low 50s, then it goes up by 5k in the year after. And up by a few thousand to 5 thousand every year after that. You're making what a pharmacist does in terms of net income during your residency (and possibly more). A full time family doctor makes on average 300k/year gross income in ontario. After overhead, you're left with like 220k. Then do the tax on that. See a bit more patients and you can make ~400k/year, depends on you. Family doc pay depends a lot on location, how fast you work, what kind of payment scheme you have, etc. If you are in Ontario I would recommend joining a FOH or FHT. For myself the ideal would about 1500 patients with a FOH. Income would vary based on types of patients. Link to comment Share on other sites More sharing options...
silvantes Posted March 28, 2013 Author Report Share Posted March 28, 2013 Different in what way? curious. It seems like a family doctor makes more by the hour than most specialists/surgeons. Or at minimum it has the potential to. Considering the 9-5 gig they have vs. ~60 hours weeks/call. yea, I am willing to work 50+ hours (and open to working late shifts if it is possible, my mother worked nights at wal-mart so I get that people have a hard time making certain appointments)... what would this mean? hahaha Link to comment Share on other sites More sharing options...
rmorelan Posted March 28, 2013 Report Share Posted March 28, 2013 Different in what way? curious. It seems like a family doctor makes more by the hour than most specialists/surgeons. Or at minimum it has the potential to. Considering the 9-5 gig they have vs. ~60 hours weeks/call. In short dividend vs non-dividend income is taxed differently. Plus there is income splitting to reduce the tax load as well. Oh and you don't have to pay for CPP if your income is all dividends. Of course you lose out on that being a retirement income course, but a) we don't know what the government will do with that program in 30 years and you can get a higher return on your own IF you are disciplined. You have to be disciplined here - you have a lot of control so use it wisely. Link to comment Share on other sites More sharing options...
champ Posted March 29, 2013 Report Share Posted March 29, 2013 You will get all the talks later anyway, it will make more sense after that Where do we get this information/talks? Just curious. Link to comment Share on other sites More sharing options...
rmorelan Posted March 29, 2013 Report Share Posted March 29, 2013 Where do we get this information/talks? Just curious. I have attended lunches sponsored by industry that is provided to residents and our 4th year class also has literally over a dozen of them in 4th year. If your schools doesn't allow that - and some don't - they usually provide their own version in medical school but even if not everyone knows you need this sort of thing anyway and there are a bunch of other ways of getting (MD Financial is all over this, but they are not the only one). It is amazing how valuable an asset people consider medical students to be but for this and say LOCs as well (banks don't make money really on LOCs when you do the math - it is your future business they are particularly interested in). Link to comment Share on other sites More sharing options...
NLengr Posted March 29, 2013 Report Share Posted March 29, 2013 Where do we get this information/talks? Just curious. My residency program also has started providing us with business type education. One of our staff has an MBA and is quite interested in the admin/business/management side of healthcare. I don't know how many other programs give similar education. At my center, we are the only program as far as I am aware. Link to comment Share on other sites More sharing options...
champ Posted March 31, 2013 Report Share Posted March 31, 2013 Thanks. I don't think UOttawa will allow industry anywhere near medical students because they don't want to corrupt our innocent minds lol. I have attended lunches sponsored by industry that is provided to residents and our 4th year class also has literally over a dozen of them in 4th year. If your schools doesn't allow that - and some don't - they usually provide their own version in medical school but even if not everyone knows you need this sort of thing anyway and there are a bunch of other ways of getting (MD Financial is all over this, but they are not the only one). It is amazing how valuable an asset people consider medical students to be but for this and say LOCs as well (banks don't make money really on LOCs when you do the math - it is your future business they are particularly interested in). Link to comment Share on other sites More sharing options...
jrmch Posted April 2, 2013 Report Share Posted April 2, 2013 Thanks. I don't think UOttawa will allow industry anywhere near medical students because they don't want to corrupt our innocent minds lol. ... Surprising, but good to know. Link to comment Share on other sites More sharing options...
aaronjw Posted April 2, 2013 Report Share Posted April 2, 2013 Thanks. I don't think UOttawa will allow industry anywhere near medical students because they don't want to corrupt our innocent minds lol. True of most programs, not just medicine Link to comment Share on other sites More sharing options...
rmorelan Posted April 2, 2013 Report Share Posted April 2, 2013 True of most programs, not just medicine Ottawa is very, very strict that way. Most other places are not so much Link to comment Share on other sites More sharing options...
holiday1001 Posted April 2, 2013 Report Share Posted April 2, 2013 ... Surprising, but good to know. that's why they don't get the MD backpacks Link to comment Share on other sites More sharing options...
Der Kaiser Posted April 2, 2013 Report Share Posted April 2, 2013 that's why they don't get the MD backpacks That would actually affect my choice of schools (hypothetically). Link to comment Share on other sites More sharing options...
NLengr Posted April 2, 2013 Report Share Posted April 2, 2013 that's why they don't get the MD backpacks Really? That seems overly strict since MD management is a non profit owned by the CMA whose whole role is to help physicians. Then again, it's Ottawa, so if anyone is gonna be overly strict with applying policy to the point of inanity, I would guess it would be there. Link to comment Share on other sites More sharing options...
tooty Posted April 2, 2013 Report Share Posted April 2, 2013 that's why they don't get the MD backpacks can't the students ask for it directly from the CMA? Link to comment Share on other sites More sharing options...
rmorelan Posted April 3, 2013 Report Share Posted April 3, 2013 can't the students ask for it directly from the CMA? I was told a few did but without the entire class etc doing it I don't think the effect is the same. Someone mentioned actually having to go to their office to pick it up as well(?) Link to comment Share on other sites More sharing options...
holiday1001 Posted April 3, 2013 Report Share Posted April 3, 2013 can't the students ask for it directly from the CMA? nah the CMA will directly refuse! at least that's what they said to my friend. Link to comment Share on other sites More sharing options...
champ Posted April 3, 2013 Report Share Posted April 3, 2013 nah the CMA will directly refuse! at least that's what they said to my friend. Yeah you cant get them as a UOttawa student period. From my understanding the faculty made it clear to the CMA that they cant give out the bags to Ottawa U students even if they ask. Link to comment Share on other sites More sharing options...
NLengr Posted April 3, 2013 Report Share Posted April 3, 2013 Yeah you cant get them as a UOttawa student period. From my understanding the faculty made it clear to the CMA that they cant give out the bags to Ottawa U students even if they ask. That's BS. Especially if the students are OMA (and hence CMA) members. They're already associated with MD management since they technically belong to the group that owns it. Like I said, I'm hardly surprised Ottawa would be the place to do this. Typical government town. Are MD management completely banned from the med school? In my experience they're an invaluable resource at all levels of training. From insurance to financial planning they're more than willing to advise and help in a friendly manner. The whole point of the company is to help physicians get ahead and to avoid financial mistakes. When you have a bunch of young adults with no real world experience taking on hundreds thousands of dollars of debt maybe, just maybe, someone should be giving them some financial and business advice. Link to comment Share on other sites More sharing options...
A-Stark Posted April 3, 2013 Report Share Posted April 3, 2013 Wait... I'm fairly sure I remember seeing plenty of current Ottawa students with the backpacks when I was there in November. And if hippy-dippy Mac allows them, what's Ottawa's problem? Link to comment Share on other sites More sharing options...
rmorelan Posted April 3, 2013 Report Share Posted April 3, 2013 Wait... I'm fairly sure I remember seeing plenty of current Ottawa students with the backpacks when I was there in November. And if hippy-dippy Mac allows them, what's Ottawa's problem? complete blanket ban on advertising - actually extends through the University etc. Link to comment Share on other sites More sharing options...
jrmch Posted April 3, 2013 Report Share Posted April 3, 2013 complete blanket ban on advertising - actually extends through the University etc. Good to know, an important factor in my decision making - if I need to make one! Link to comment Share on other sites More sharing options...
tooty Posted April 3, 2013 Report Share Posted April 3, 2013 And if hippy-dippy Mac allows them, what's Ottawa's problem? that's exactly the reason. mac is hippy dippy. ottawa is run by tightasses. Link to comment Share on other sites More sharing options...
NLengr Posted April 4, 2013 Report Share Posted April 4, 2013 I hate Ottawa for that reason. It almost feels like when channel surfing, my remote control ran out of batteries on CBC right when Air Farce comes on, or worse: Little Mosque. Ottawa sucks. Oh God, Little Mosque. That show couldn't have tried any harder to shove politically correct pan Canadian feel-goodism down viewers throats. It was borderline insulting to watch. Link to comment Share on other sites More sharing options...
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