Residency take home pay

[youngdad]

I am trying to reformulate my budget now that I will be a resident and moving to a new community. My salary as a UBC resident will be 49,934.50 but I don't know how much I will actually take home. I know tax is taken off each pay check (google told me how much) but is there union fees or other junk to pay? Can any residents let me know if there are hidden fees?

 

What would my monthly or bi-monthly check look like if my salary is 49,934.50?

 

I am a father of two and I took on some debt in med school. I need some good numbers so I can decide what to pay for rent. I am trying to stay away from the line of credit in residency.

 

Thanks.

[Karma]

I heard from other residents that it translates into 1000$ net every two weeks.

[Real Beef]

I heard from other residents that it translates into 1000$ net every two weeks.

 

Closer to $1300-1400 bi-weekly as I vaguely remember my pay cheques from 8 years ago when I made that much starting off as an RD.

 

There are some decent take-home income calculators online that can assist with this which will take into account the province you live in, federal taxes, CPP, EI contributions, though you will not know what the PAIRO dues are and other miscellaneous but you will be very ver close in your estimation.

 

Beef

[NLengr]

You are probably looking at $1400-1500 per 2 weeks.

 

In addition to the taxes, there are union dues.

 

Other hidden fees: tuition, College membership, CMPA, ACLS/ATLS, provincial medical association if you are a member (I am because I have life insurance via them).

 

Second year is worse for hidden fees. All the above + LMCC II (probably will be $2500 by the time you write) + Surgical Foundations, if you write that ($600+$700).

 

That's all I can think of off the top of my head.

 

On the plus side, if you are doing calls, you can get some extra cash for the call stipend. Some months I was doing 7 overnights a month, so I got an extra $700 (before taxes). It's hard to budget for this though since it changes depending on rotation.

[aaronjw]

lest not forget the wopping return you have coming to you during tax time which will add another $5-$10K

[Karma]

I think it also depends on the province. The amount I was talking about is in Quebec.

[rmorelan]

lest not forget the wopping return you have coming to you during tax time which will add another $5-$10K

 

unless you tell them not to take that off in the first place.

 

I hate giving the government interest free loans

[NLengr]

unless you tell them not to take that off in the first place.

 

I hate giving the government interest free loans

 

I also did this in first year.

[rmorelan]

You are probably looking at $1400-1500 per 2 weeks.

 

In addition to the taxes, there are union dues.

 

Other hidden fees: tuition, College membership, CMPA, ACLS/ATLS, provincial medical association if you are a member (I am because I have life insurance via them).

 

Second year is worse for hidden fees. All the above + LMCC II (probably will be $2500 by the time you write) + Surgical Foundations, if you write that ($600+$700).

 

That's all I can think of off the top of my head.

 

On the plus side, if you are doing calls, you can get some extra cash for the call stipend. Some months I was doing 7 overnights a month, so I got an extra $700 (before taxes). It's hard to budget for this though since it changes depending on rotation.

 

The government's calculator on that comes out to around 3000 a month which sounds about right

 

edit - that was for Ontario specifically.

[Med0123]

In Qc PGY-1 : roughly 1380 q2wk

[youngdad]

Bingo!

 

Most people don't know this, but every employer is required to give its workers the option to not have taxes removed from their monthly pay. Every employee should exercise this option.

 

How do I do it?

 

And thanks for the responses everyone.

[rmorelan]

How do I do it?

 

And thanks for the responses everyone.

 

You will get a chance to talk to HR about doing - particularly in years 1 and 2 you won't be paying income tax really in the end anyway, so why give money to the government to sit on it for over a year just to give it back to you. At the very least you could put that on your loans in the short term to save interest (which will be hundreds of dollars a year in savings).

[cheech10]

You need to fill out a TD1 form (and the appropriate provincial TD1 form). Ask HR, or download it from the CRA website and give it to HR

[youngdad]

You need to fill out a TD1 form (and the appropriate provincial TD1 form). Ask HR, or download it from the CRA website and give it to HR

 

The TD1-BC allows for certain deductions, but there is nothing there about tuition credits etc. Just a basic personal amount and an amount for my spouse, but the amount is less than I will make (gross) for 2013. I cannot therefore check the box that says "Check if you will make less than this amount" and have no taxes deducted. Obviously with my tuition tax credits I will end up paying nothing, but the TD1 counts gross income. Any idea how I get no tax deducted?

[WtsupDoc?]

I heard from other residents that it translates into 1000$ net every two weeks.

 

This is too low... the $1,500 seems about right.

[Lactic Folly]

This is too low... the $1,500 seems about right.

 

Resident pay is different in each province. QC is lower.

[WtsupDoc?]

Resident pay is different in each province. QC is lower.

 

Is it because residents make less in QC or because taxes are that much higher? (I have friends that recently moved there for work and were shocked at how much more taxes they had to pay).

[Lactic Folly]

You can get an idea of the salaries here:

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

I don't know about the tax rates in QC.

[Karma]

I had a resident tell me she receives a 1000$ net every 2 weeks, of course before taxes the amount is higher. Also, in Québec resident salaries tend to be lower than in the other provinces.

[Karma]

Also there's an increase in pay with every year of residency, so the amount I mentioned applies only to the first year of residency.

[ellorie]

Does anyone know what happens to your provincial tuition tax credits if you move to a different province for residency?

[thebouque]

In Quebec, as an around, you net close to 1400 every 2 weeks

[thebouque]

In Quebec, as a PGY 1, you net close to 1400 every 2 weeks. I't know who you talked to Karma but that person should double check her pay stubs

[Karma]

She told me that 2 years ago, maybe it was before the raise all the residents in Québec got? But thanks Thebouque, good to know!!!)

[youngdad]

For anyone else interested just google "Request to reduce tax deductions at source" or click the link below. Its form T1213. Complete and send to the CRA. They send back something that you give to your payroll peeps.

 

http://www.google.ca/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDAQFjAA&url=http%3A%2F%2Fwww.cra-arc.gc.ca%2FE%2Fpbg%2Ftf%2Ft1213%2F&ei=tLSfUYX_G-a_igKw3IHgCw&usg=AFQjCNFbs60Yh41_JT7vo5Yj6xc2KTWs5g&sig2=py0AR9plJi9WpLUgvm5MuA&bvm=bv.47008514,d.cGE