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Residency and future job discussion

silvantes

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medigeek Rookie

medigeek

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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.

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Der Kaiser Newbie

Der Kaiser

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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.

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silvantes Newbie

silvantes

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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

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rmorelan Community Regular

rmorelan

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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 B) 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.

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rmorelan Community Regular

rmorelan

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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).

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NLengr Newbie

NLengr

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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.

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champ Newbie

champ

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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).

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NLengr Newbie

NLengr

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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.

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champ Newbie

champ

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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.

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NLengr Newbie

NLengr

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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.

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rmorelan Community Regular

rmorelan

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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.

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NLengr Newbie

NLengr

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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.

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