Overview
Canadian resident physician salaries are negotiated collectively through provincial resident associations (e.g. PARO in Ontario). Salaries vary by province and year of training but are generally competitive internationally.
Resident Salaries by Province (approximate PGY-1)
| Province | Approx. PGY-1 Salary | Agreement |
|---|---|---|
| Ontario | CA$67,000–$72,000 | PARO |
| British Columbia | CA$65,000–$70,000 | PARA-BC |
| Alberta | CA$68,000–$74,000 | Alberta |
| Quebec | CA$60,000–$66,000 | FMRQ |
| Nova Scotia | CA$62,000–$67,000 | NSHA |
Salaries increase ~5–8% per year of training. Benefit packages (benefits, vacation, education leave, exam fees) also form part of the total compensation package and vary by agreement.
Locum and Extra Work
- Locum work during residency requires written approval from your programme director
- Provincial locum rates vary — typically CA$100–$250/hour depending on specialty and location
- Locum income is typically self-employed — register for CRA self-employment
- Consider a corporation (professional corporation) after residency for tax efficiency — discuss with an accountant
Canadian Tax Basics
- Federal + provincial income tax applies; combined marginal rate at PGY-1 income ~30–38%
- RRSP (Registered Retirement Savings Plan): 18% of previous year earned income; contributions are tax-deductible
- TFSA (Tax-Free Savings Account): CA$7,000/year (2024); tax-free growth and withdrawals
- FHSA (First Home Savings Account): CA$8,000/year; tax-deductible contributions if first-time buyer
Financial Planning Tips
- Maximise TFSA during residency — any room carries forward if not used
- Investigate FHSA if planning to purchase a home
- Consider disability insurance — medical residents are eligible for own-occupation policies
- Student line of credit interest is tax-deductible (if used for education)
- The Canadian Medical Association (CMA) offers financial planning resources for physicians