Taxes are much higher in Canada than what was shown here. Those are just federal rates. There are also provincial rates and given that you're in Ontario, the top combined income tax bracket is 56% percent for anyone earning 220k or more. In Florida income taxes are not zero. The state income taxes are but their form of taxation comes through some of the highest property taxes in the world. The dead net take-home pay difference is not as variant as you may think with a few extreme exceptions like California, east cost provinces and BC. Best place to earn as a doc in Canada is AB from a tax perspective.
Better weather, more $, way lower income taxes, more opportunities, more things to do in the states...I really hope to get into med in the states and want to move there, but i'll still love my home canada deep down
My friend works in medical billing. The doctors do make good money, but they also have extraordinarily high malpractice insurance premiums. They get sued easily.
You should also take into account the number of hours and type of labour each doctor has to do to make that kind of money. For those who are looking to get rich in medicine, It’s the dumbest thing you could do. There are many other jobs and professions where you can make a good living while not having to go through the same rigorous process like 4years undergrad then 4years medical school and more school. Then work under enormous stress pressure and see death and sickness and suffering and risk your life when pandemic hits. Not smart at all. In IT we sit comfortably at home and make just as much as doctors while not having to put up with all that crap
Hi Bill :) I did not talk about it because I feel as though it is beyond the scope of this video. I only included the tax calculations shown in the video to communicate the principle of the rule of thirds. Many doctors in Ontario operate under the generalization that of all your billings, 1/3 go to taxes, 1/3 go to business expenses and 1/3 is your take home. While federal and provincial taxes do compound for income, just saying that "you pay 45% tax on your income" I feel is incorrect because of various ways of decreasing your taxable income as a doctor. These include contributions to tax free retirement accounts like the TFSA, incorporating your business income to defer taxes and even more advanced strategies that a good accountant can help with. Hope this provides some more information for anyone looking to know more - but do remember that you will pay substantially less fees in taxes if you are an American Physician
The cost of living in the US is also extremely high. Sure, taxes may be different based on region, but we also have to pay health insurance and a whole host of other middle men just to live.
Agreed :) I will however say that the cost of living in Canada is not "cheap" like some non-Canadians believe. Even within broader society, our average income is usually significantly less, groceries like fresh fruit and produce can be quite expensive in the rural regions during the winter months when everything is snow covered and consumer goods tend to be more expensive as well, because many of these things are made elsewhere. Vehicles for example are estimated to be between 10 and 20% more expensive to buy in Canada than the US.
@@yassine3262 The average person in the US pays double what the average person in Canada spends on healthcare. Rent is on average more in the US. These two alone are big differences in big ticket items.
I think rad onc job market will become the best in Canada in the next 5 years bc the ministry is able to control residency spots based on predicted demand. In the states they have like 200 grads a year for a small specialty and the glory days are kind of over
Me too! I have no idea why it hadn't been done already LOL. I don't think that you're wrong :) one of my pre clerkship group leaders was a rad onc that was very happy with her job and had commented that the prospects in Canada were probably better than the states right now. However, she also said that it was very difficult for her to find a job and needed to do 2 additional fellowships before securing her position. This is because, in Canada, the more specialized you are, the less communities you will be able to work in because not every city has a hospital with the equipment necessary to offer your services. As a result, many sub specialists face competition with each other when applying for positions.
@@nxtgenmd Yes I'd say the american market is still ahead, as graduates are getting spots out of residency still. Eventually things will flip because the Canadian market is starting to see the fruits of heavily restricting spots for so long. current figure is 84% of 2020 grads got staff positions 1 years after residency, so it is improving slowly. I don't like how hyper specialised it is though and you are tied to wherever a linear accelerator is and likely have to move to find employment. Kind of deciding between it and radiology which is a lot broader and can practice in many more locations and has and will likely continue to have a promising market in the states and Canada.
Hi, I’m about to go into my st3 year in a family medicine residency program in the UK under the auspices of the RCGP uk. I already did my usmle steps 1,2 and 3 but didn’t get through to a residency program in the states. I was seriously looking at moving to Canada at the end of training here in the UK, but I’ve now gotten an interview in Miami for a pgy1 position to start in July next year…Miami Is where I wanted to be originally…but the pay for a resident is so little I won’t be able to support my two kids and I’m already away from there for this program I don’t think I can be away from them for another 3 years in miami….I’ve done some research and I don’t think I can freely move to Miami to practice if I get a Canadian license as I would have done my residency in the UK…I need advice…help!
Hi Roshnee :) I will start off by saying that #1. The resident salary in Toronto is much worse than Miami. $62,000 for year 1 (Canadian dollars) and then with taxes and fees, your take home is $1700 every 2 weeks. Most of my friends and colleges are continuing to use bank loans to pay for rent depending on where they live - Toronto is a very expensive city compared to where I live (Niagara Falls) You really are stuck between a rock and a hard place and I’m sure that it’s been very difficult for you and your family. However if you know that you would like to end up in Miami, then my advice would be to go there now. Picking up and leaving to learn an entirely new healthcare system after residency is much harder than it would be to train there and begin practicing afterwards - from what I’ve been told. I wish you all the best of luck and no matter what, make it work for you and your family 💪
Take my advice brother I am practicing internal medicine/primary care in USA/ Ohio for years Do your training in the US you will make way for money than wait her Canada or uk You can open your practice
Canada suffers from a constant comparison to its neighbour complex/syndrome. It creates a FOMO in people that live in Canada. This to me is very worrying about this otherwise amazing country. Canadian born, bread and educated individual should not be constantly contemplating leaving the country all the time, especially when they are still making an amazing salary compared to 95% of the world! And will live a very high quality affluent life regardless. Taxes and housing are at par with Toronto in cities like Seattle, San Fran, LA , NYC, DC , Boston etc. overall average price of housing may be lower sometimes and thats because US cities have a lot of lower end neighbourhoods that are cheaper, but where you would actually want to live will cost a lot.
From what I hear from my American friends, one works in medical billing, is the Canadian system is slightly better. Why, RED TAPE when dealing with insurance and getting authorizations for tests and procedures. The other huge problem is so many can't afford medical care. Doctor's spend too much time jumping through insurance company hoops. They also have more paperwork cuz of insurance Some states have incredibly high taxes like California, New York, and New Jersey. Their SALT tax (state and local taxes) are crushing! In the US it's all about $$$$$. In Canada because we have universal health care, it's not about profit at the hospitals and you don't have to deal with numerous insurance companies. Plus, everyone is covered!
Even the top marginal tax rates in those states (around 10-15%) is WAY lower than the overall income tax rate as an Ontario resident making over 200k (close to 50% of your paycheque!!)
Totally agree Jeanette :) There's pros and cons to both and having spoken with some doctors who have worked all over the world, it sounds like the American insurance companies can be quite frustrating to work with from both the physician and patient's point of view! I'd like to do a video explaining Canada's socialized model of health care vs. the way things are in the states, but will probably wait until I'm done residency to make sure that I'm as factual as possible. What I can say is that both systems have their flaws and I'm sure that many doctors will say that the Canadian system is far from perfect as it stands right now 😅 Thank you for the input :)
@@nxtgenmd safe to say our system is still stuck in the 1980s. Not enough hospitals. Not enough qualified medical staff. Not enough high tech testing and surgical equipment (like DaVinci robots). Not enough doctor! Most important, not enough qualified/caring family docs who care and speak perfect English (the only family med doc I could find is foreign born and speaks great Arabic, but I often end up saying, "say that again" or "I can't understand you" everytime and he does not listen or read where the rheumatologist said to up my meds.
In theory everyone is covered, in practice its a bit different, in just BC alone there are almost a million people without a family doctor and thus no access to the medical system, we either need to pay even more taxes or move to a hybrid model which is what Germany has
Thanks you for all I'm a img, I want to take diagnostic radiology, I want to know if I should take the steps to get more chance so that I can get into residency and which?
Hi Mariel :) Most IMGs that I know will do all of the step exams (1 and 2CK) so that they can apply for the states and Canada. The reason is because the process tends to be much more competitive for IMGs. Hope this helps
please refer to the medscape article linked in the description for the average* salaries reported for the different specialties in 2021 (listed in USD) :)
after doing family medicine residency in canada, is it possible to obtain licensure to practice in the US, without having to repeat the whole residency?
Hi Lister, please see one of my recent videos where I interviewed Gavin - an IMG who matched general surgery. He goes over some good tips about what the match process can be like. You'll need to see which programs have spaces in the year that you apply. Good luck
Taxes are much higher in Canada than what was shown here. Those are just federal rates. There are also provincial rates and given that you're in Ontario, the top combined income tax bracket is 56% percent for anyone earning 220k or more. In Florida income taxes are not zero. The state income taxes are but their form of taxation comes through some of the highest property taxes in the world. The dead net take-home pay difference is not as variant as you may think with a few extreme exceptions like California, east cost provinces and BC. Best place to earn as a doc in Canada is AB from a tax perspective.
property tax in fl isn't high at all... in tx yes it's high, but not in fl.
Better weather, more $, way lower income taxes, more opportunities, more things to do in the states...I really hope to get into med in the states and want to move there, but i'll still love my home canada deep down
Best of luck with applications :)
My friend works in medical billing. The doctors do make good money, but they also have extraordinarily high malpractice insurance premiums. They get sued easily.
You should also take into account the number of hours and type of labour each doctor has to do to make that kind of money. For those who are looking to get rich in medicine, It’s the dumbest thing you could do. There are many other jobs and professions where you can make a good living while not having to go through the same rigorous process like 4years undergrad then 4years medical school and more school. Then work under enormous stress pressure and see death and sickness and suffering and risk your life when pandemic hits. Not smart at all. In IT we sit comfortably at home and make just as much as doctors while not having to put up with all that crap
And guns, hillbillies, racism, worst healthcare system and more population too.. btw
u forgot to show provincial income tax. not just federal
another factor is higher employee costs in canada like cpp and ei matching, wsib
Hi Bill :) I did not talk about it because I feel as though it is beyond the scope of this video. I only included the tax calculations shown in the video to communicate the principle of the rule of thirds. Many doctors in Ontario operate under the generalization that of all your billings, 1/3 go to taxes, 1/3 go to business expenses and 1/3 is your take home. While federal and provincial taxes do compound for income, just saying that "you pay 45% tax on your income" I feel is incorrect because of various ways of decreasing your taxable income as a doctor. These include contributions to tax free retirement accounts like the TFSA, incorporating your business income to defer taxes and even more advanced strategies that a good accountant can help with.
Hope this provides some more information for anyone looking to know more - but do remember that you will pay substantially less fees in taxes if you are an American Physician
Love your videos !!!!
Thank you for taking the time to do them here
The cost of living in the US is also extremely high. Sure, taxes may be different based on region, but we also have to pay health insurance and a whole host of other middle men just to live.
Agreed :) I will however say that the cost of living in Canada is not "cheap" like some non-Canadians believe. Even within broader society, our average income is usually significantly less, groceries like fresh fruit and produce can be quite expensive in the rural regions during the winter months when everything is snow covered and consumer goods tend to be more expensive as well, because many of these things are made elsewhere. Vehicles for example are estimated to be between 10 and 20% more expensive to buy in Canada than the US.
col is high in the us? lol until you move to canada.
It's higher in Canada
@@yassine3262 The average person in the US pays double what the average person in Canada spends on healthcare. Rent is on average more in the US. These two alone are big differences in big ticket items.
I live in Toronto and believe me the cost of living Is also high
Thanks for collecting all this info and sharing it with us!
Glad it helped :)
💚🧬 Thank for the insightful information, it’s absolutely amazing! Goal is Neurosurgery at Mount Sinai Hospital - Family hospital. 🧬💚
Canadian taxes alone make it better to work in the states. Not to mention the poor medical system leaves most specialists overworked and burnt out.
You wait for ever for testing
We don’t have such problems in the usa
I’ve always wanted someone to discuss this
I think rad onc job market will become the best in Canada in the next 5 years bc the ministry is able to control residency spots based on predicted demand. In the states they have like 200 grads a year for a small specialty and the glory days are kind of over
Me too! I have no idea why it hadn't been done already LOL. I don't think that you're wrong :) one of my pre clerkship group leaders was a rad onc that was very happy with her job and had commented that the prospects in Canada were probably better than the states right now. However, she also said that it was very difficult for her to find a job and needed to do 2 additional fellowships before securing her position. This is because, in Canada, the more specialized you are, the less communities you will be able to work in because not every city has a hospital with the equipment necessary to offer your services. As a result, many sub specialists face competition with each other when applying for positions.
@@nxtgenmd Yes I'd say the american market is still ahead, as graduates are getting spots out of residency still. Eventually things will flip because the Canadian market is starting to see the fruits of heavily restricting spots for so long. current figure is 84% of 2020 grads got staff positions 1 years after residency, so it is improving slowly.
I don't like how hyper specialised it is though and you are tied to wherever a linear accelerator is and likely have to move to find employment. Kind of deciding between it and radiology which is a lot broader and can practice in many more locations and has and will likely continue to have a promising market in the states and Canada.
Hi, I’m about to go into my st3 year in a family medicine residency program in the UK under the auspices of the RCGP uk. I already did my usmle steps 1,2 and 3 but didn’t get through to a residency program in the states. I was seriously looking at moving to Canada at the end of training here in the UK, but I’ve now gotten an interview in Miami for a pgy1 position to start in July next year…Miami Is where I wanted to be originally…but the pay for a resident is so little I won’t be able to support my two kids and I’m already away from there for this program I don’t think I can be away from them for another 3 years in miami….I’ve done some research and I don’t think I can freely move to Miami to practice if I get a Canadian license as I would have done my residency in the UK…I need advice…help!
Hi Roshnee :) I will start off by saying that #1. The resident salary in Toronto is much worse than Miami. $62,000 for year 1 (Canadian dollars) and then with taxes and fees, your take home is $1700 every 2 weeks. Most of my friends and colleges are continuing to use bank loans to pay for rent depending on where they live - Toronto is a very expensive city compared to where I live (Niagara Falls)
You really are stuck between a rock and a hard place and I’m sure that it’s been very difficult for you and your family. However if you know that you would like to end up in Miami, then my advice would be to go there now. Picking up and leaving to learn an entirely new healthcare system after residency is much harder than it would be to train there and begin practicing afterwards - from what I’ve been told.
I wish you all the best of luck and no matter what, make it work for you and your family 💪
Take my advice brother
I am practicing internal medicine/primary care in USA/ Ohio for years
Do your training in the US you will make way for money than wait her Canada or uk
You can open your practice
Canada suffers from a constant comparison to its neighbour complex/syndrome. It creates a FOMO in people that live in Canada. This to me is very worrying about this otherwise amazing country. Canadian born, bread and educated individual should not be constantly contemplating leaving the country all the time, especially when they are still making an amazing salary compared to 95% of the world! And will live a very high quality affluent life regardless. Taxes and housing are at par with Toronto in cities like Seattle, San Fran, LA , NYC, DC , Boston etc. overall average price of housing may be lower sometimes and thats because US cities have a lot of lower end neighbourhoods that are cheaper, but where you would actually want to live will cost a lot.
easier said than done
196 billion Canadian is a far cry to distribute that money to ten provinces. It should be 600 billion.
Any variation across healthcare institutions (hospitals) physicians work for? Which hospital in what States pay most? We need this information.
From what I hear from my American friends, one works in medical billing, is the Canadian system is slightly better. Why, RED TAPE when dealing with insurance and getting authorizations for tests and procedures. The other huge problem is so many can't afford medical care. Doctor's spend too much time jumping through insurance company hoops. They also have more paperwork cuz of insurance
Some states have incredibly high taxes like California, New York, and New Jersey. Their SALT tax (state and local taxes) are crushing!
In the US it's all about $$$$$. In Canada because we have universal health care, it's not about profit at the hospitals and you don't have to deal with numerous insurance companies. Plus, everyone is covered!
Even the top marginal tax rates in those states (around 10-15%) is WAY lower than the overall income tax rate as an Ontario resident making over 200k (close to 50% of your paycheque!!)
Totally agree Jeanette :) There's pros and cons to both and having spoken with some doctors who have worked all over the world, it sounds like the American insurance companies can be quite frustrating to work with from both the physician and patient's point of view! I'd like to do a video explaining Canada's socialized model of health care vs. the way things are in the states, but will probably wait until I'm done residency to make sure that I'm as factual as possible. What I can say is that both systems have their flaws and I'm sure that many doctors will say that the Canadian system is far from perfect as it stands right now 😅 Thank you for the input :)
@@nxtgenmd safe to say our system is still stuck in the 1980s. Not enough hospitals. Not enough qualified medical staff. Not enough high tech testing and surgical equipment (like DaVinci robots). Not enough doctor! Most important, not enough qualified/caring family docs who care and speak perfect English (the only family med doc I could find is foreign born and speaks great Arabic, but I often end up saying, "say that again" or "I can't understand you" everytime and he does not listen or read where the rheumatologist said to up my meds.
@@DA-bb1jc that's federal tax. What about the state tax. The most populace Democrat run states are high state tax rate.
In theory everyone is covered, in practice its a bit different, in just BC alone there are almost a million people without a family doctor and thus no access to the medical system, we either need to pay even more taxes or move to a hybrid model which is what Germany has
Money money...more money causes more stress . Complicated life. Medical profession itself is stressful as We interact with human lives.
Hello I liked it. Keep up the great work.
Glad to hear it Delali :) Thanks
Thanks you for all
I'm a img, I want to take diagnostic radiology, I want to know if I should take the steps to get more chance so that I can get into residency and which?
Hi Mariel :) Most IMGs that I know will do all of the step exams (1 and 2CK) so that they can apply for the states and Canada. The reason is because the process tends to be much more competitive for IMGs. Hope this helps
Anesthesiologist actually make over 450k in USA
please refer to the medscape article linked in the description for the average* salaries reported for the different specialties in 2021 (listed in USD) :)
great informative video!
thanks Ghamooshi :)
after doing family medicine residency in canada, is it possible to obtain licensure to practice in the US, without having to repeat the whole residency?
Unfortunately
You have to repeat the whole residency again
Also my brother did 27 marathons. One in Chicago, Paris, France, and in Los Angeles to name a few.
Great video !
Thanks bud 🔥
Can you tell how much does an average family physician earn working in outpatient dept of a hospital (in Canada)?
I can tell you they make average 75000$ in Canada
Compared with their counterparts in the USA they make 250000$ income
Great video
Glad it helped :)
We want video on psychiatrist of canada
But in Canada you Pay Higher taxes example If you live in Toronto Ontario or in Vancouver taxes are potentially high
Hi, i am an Img preparing to move to Canada, how likely is it to match in psychiatry?
Hi Lister, please see one of my recent videos where I interviewed Gavin - an IMG who matched general surgery. He goes over some good tips about what the match process can be like. You'll need to see which programs have spaces in the year that you apply. Good luck
@@nxtgenmd thank you Doctor, you inspire me and thanks for reading me.
i ❤ it to be a docter
I thought you matched into family medicine already.....what are u talking about
Show blog bulus a mising propegzting box
What is the faith of a Nigerian doctor?
Read hard and pray harder!
If your are a doctor for the money go to the USA.
Third
First!
Aha thanks buddy 💪🔥