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Ontario Residency Salary (Net Semi-monthly)


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Hi everyone,

 

I was able to get the following information from the PARO website:

Net Semi-monthly Pay = $1,579.50 as a PGY1

 

Does anyone know by any chance what's the net semi-monthly pay in PGY2 and PGY3?

 

Thanks! ;)

 

In very round numbers, about $1800 for PGY-2, $2000 for PGY-3, $2100 for PGY-4 and $2300 for PGY-5. This is before call stipends etc, and doesn't factor in the big tax refunds you're likely to get in your first couple of years.

 

I'm sure you've already found the gross numbers here:

 

http://www.myparo.ca/PARO-CAHO_Agreement#Annual Salary Scale

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Wow this is super helpful! Thank you!

 

Just another question, for the tax refunds, do people recommend doing them yourself or should you hire an accountant who deals specifically with residents (such as MD services?) Thanks :P

 

 

probably depends on your comfort level with doing taxes - there are a number of places that will do your taxes as a resident for free even with the hope that they impress you enough that you will continue to do business with them when you are staff.

 

Personally I did them myself, but financial planning etc is a hobby of mine etc.

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Wow this thread is very interesting. Could anyone shed light on the main tax reductions in the first few years (a few come to mind: tuition, moving expenses, anything else?)

 

Thanks alot guys!

 

union dues, equipment you had to buy for your job, exam fees, CMPA fees after what is covered by the government to name a few others

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there are a number of places that will do your taxes as a resident for free even with the hope that they impress you enough that you will continue to do business with them when you are staff.

 

Where do recommend looking for this? Think it's about time I start looking for an accountant with some experience with physicians.

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may keep a list of city specific accountants that deal with doctors. You may want to make sure they also deal with doctors who incorporate as that experience will be very helpful down the road when/if incorporation is something you may be in a position to do. I don't see the point in working with an accountant who may deal with doctors but has only limited experience with incorporated medical professionals.

 

Also word of mouth with other residents or staff people may be another resource

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To be honest, unless you have something extremely complicated, if you're just a vanilla resident, you can just do your taxes by hand or with online software like Turbotax. Your filings aren't that complex. Actually they're really straightforward.

 

I agree that a resident return isn't terribly complicated. However, if I could find an accountant who do it for free while I'm a resident, that would be a nice fairly risk free evaluation period prior to becoming a staff.

 

I also have a couple complicating factors with family/spousal considerations.

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