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Financial Resources

At BPAO, we have an exclusive partnership with MD Financial Management to provide our members with comprehensive financial planning and financial education, as well as other types of support. MD is the only financial services firm dedicated exclusively to the financial well-being of Canada’s physicians and their families so that they can live their best lives today and tomorrow.

MD has the resources, information, and tools you need, and understands the challenges facing physicians and physicians-in-training.

If you’re a physician, contact an MD Advisor near you to find out how MD can help. If you’re a medical student or resident, MD has a team of Advisors and Early Career Specialists dedicated to supporting you.

Expert advice for every stage of your life and career

Tools and calculators

Top 10 challenges facing physicians and physicians-in-training

1. Tackling medical school debt: A large debt load can be a major source of stress during medical school and residency. Establishing a budget can help you to manage your debt and to start paying it down.

2. Competing financial priorities during residency: Once you start earning a salary in residency, you may have competing financial priorities—all converging at the same time: buy or rent, start a family now or later, pay down debt or start investing.

3. Preparing for the gap in income: Between the end of residency and the time you start billing, there could be two to three months when you have no income.

4. Planning for the transition to practice: Depending on your field of practice, transitioning to clinical work will require you to meet various start-up and ongoing costs.

5. Saving and investing for retirement: With a long training period and a later entrance into the workforce, most physicians want to step up their retirement savings. There are saving and investing strategies that can help physicians build their portfolio more effectively.

6. Deciding about incorporation: Many physicians choose to incorporate their medical practice to realize significant tax advantages. But whether incorporation makes sense for you will depend on your specific situation.

7. Integrating your corporation into your financial plan: Understanding how to integrate your corporation into your financial plan can help boost the value of your corporation and maximize your retirement savings.

8. Protecting your income: Your ability to earn an income is one of your most valuable assets. If you can no longer provide for your family because of a disability or death, you can lessen the financial stress on your family by having the disability insurance and life insurance coverage you need.

9. Minimizing the taxes you pay: If you can find ways to minimize your taxes, you can build your wealth faster. A financial advisor can help you evaluate different strategies, including medical practice incorporation and estate planning.

10. Having an estate plan:  Estate planning ensures that you control how your estate is distributed after you die, while minimizing the tax associated with your estate and maximizing the amount you leave to your heirs.

Banking products and services are offered by The Bank of Nova Scotia “Scotiabank”. Credit and lending products are subject to credit approval by Scotiabank. Insurance products are distributed by MD Insurance Agency Limited. All MD employees dealing with clients regarding insurance products hold life licences. Estate and trust services are offered through MD Private Trust Company.

The information contained in this document is not intended to offer foreign or domestic taxation, legal, accounting or similar professional advice, nor is it intended to replace the advice of independent tax, accounting or legal professionals. Incorporation guidance is limited to asset allocation and integrating corporate entities into financial plans and wealth strategies. Any tax-related information is applicable to Canadian residents only and is in accordance with current Canadian tax law including judicial and administrative interpretation. The information and strategies presented here may not be suitable for U.S. persons (citizens, residents or green card holders) or non-residents of Canada, or for situations involving such individuals. Employees of the MD Group of Companies are not authorized to make any determination of a client’s U.S. status or tax filing obligations, whether foreign or domestic. The MD ExO® service provides financial products and guidance to clients, delivered through the MD Group of Companies (MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited). For a detailed list of these companies, visit MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies.