2020 FM Physicians - what do you earn?

[Cranjis McBasketball]

A chipotle burrito bowl runs about 15 bucks but I haven’t been to a US chipotle in a long time so not sure how much it is back stateside.

I’d pay $50 for a chipotle burrito. Go on.

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[Sardonix]

Big city. Expensive to live in in terms of gas, about 6.30/gallon CAD (we drive a Tesla and bike everywhere as a result, so not a big deal for us). Electricity is cheap about 9.4 cents per KWH. Housing is also expensive but on par with cities like SF, LA, etc. property taxes are ridiculously low (7200 a year on a house worth 2.5m). Food isn’t cheap either… a dozen organic eggs will run you 6-7 bucks CAD, organic Milk about 8-9 bucks for 4 L (3.78 L in a gallon). A chipotle burrito bowl runs about 15 bucks but I haven’t been to a US chipotle in a long time so not sure how much it is back stateside.

What are you talking about? Chipotle has been out of business in the US for 15 years.

*Twilight Zone music plays

 

[Cataclysmic]

What are you talking about? Chipotle has been out of business in the US for 15 years.

*Twilight Zone music plays

I haven’t had my morning coffee yet so this post really messed with me for a good few seconds 🤪

 

[curr4410]

I moved up to Canada 13 years ago after residency.
Right now I’m making about 450k (CAD) = 360k USD. I make about 123k with full benefits, db pension, and 6 weeks vacation at workers comp doing occ med, 80k with benefits and pension doing administrative stuff and teaching for an FM residency program. These two jobs are mostly work from home. In my private practice I bill patients, the government insurance plan, and WCB and other third parties for about 220k a year after expenses. This goes in my Corp which gets taxed at 15% for incomes less than 500k. I make about 30k in dividend income. This excludes any capital gains in my stocks.
taxes are not bad here considering I don’t have to pay for health insurance (my last year in the US back in the mid 2000s I was paying almost 2k a month for health insurance), have full benefits, feel comfortable sending my kids to public school etc.
work life balance is great. I’m 41 and I’ve achieved all my financial goals since my mid 30s. Net worth is at 4.5m. Partner is stay at home parent.

How did you get set up to work in Canada? I’ve wanted to move there for years and was hoping to after residency as well! Debating between FM/psych (or combined) and would really like to move After that!

 

[Proudfather94]

I moved up to Canada 13 years ago after residency.
Right now I’m making about 450k (CAD) = 360k USD. I make about 123k with full benefits, db pension, and 6 weeks vacation at workers comp doing occ med, 80k with benefits and pension doing administrative stuff and teaching for an FM residency program. These two jobs are mostly work from home. In my private practice I bill patients, the government insurance plan, and WCB and other third parties for about 220k a year after expenses. This goes in my Corp which gets taxed at 15% for incomes less than 500k. I make about 30k in dividend income. This excludes any capital gains in my stocks.
taxes are not bad here considering I don’t have to pay for health insurance (my last year in the US back in the mid 2000s I was paying almost 2k a month for health insurance), have full benefits, feel comfortable sending my kids to public school etc.
work life balance is great. I’m 41 and I’ve achieved all my financial goals since my mid 30s. Net worth is at 4.5m. Partner is stay at home parent.

That's crazy I was always told growing up that Dr's in Canada make nothing and come over here to practice. That's awesome

 

[MatchGod]

What about starting salaries near bigger/major cities?

 

[Splenda88]

This is like making ~ 25k/month post taxes. What it feels like making so much money? I just can't wrap my head around having a paycheck of 10k+ every two weeks.

Lol..

Well, 2 yrs later as an attending, I feel like I need to make 15k+ every 2 wks. I guess money is never enough. However, I am thankful that I don't have to think when is the next paycheck in order to pay rent or buy food... whatever.

 

[Cuze]

Lol..

Well, 2 yrs later as an attending, I feel like I need to make 15k+ every 2 wks. I guess money is never enough. However, I am thankful that I don't have to think when is the next paycheck in order to pay rent of buy food... whatever.

How come you feel you need to make that much?

 

[deleted941485]

Lol..

Well, 2 yrs later as an attending, I feel like I need to make 15k+ every 2 wks. I guess money is never enough. However, I am thankful that I don't have to think when is the next paycheck in order to pay rent of buy food... whatever.

I would say I would need about 20-25/wk mostly to mitigate the inherent ****iness that is RO plus all the inerent risks of losing one’s job or compensation in your prime working years with a family.

 

[sloh]

How come you feel you need to make that much?

I agree with @Splenda88

 

[Splenda88]

How come you feel you need to make that much?

I would prefer to be financially independent in 7 yrs instead of 10. I am afraid that our salary will be the first thing people look at when they want to make cut. I don't think the kind of money we are spending in healthcare is sustainable. Too much waste.

I understand our salary is <8% of healthcare expenditure but the perception out there is that we are swimming in $$$ by driving up cost. In all honesty, people don't like us, so no one would care if the big poobah say let's look at docs salary when things completely got out of control (it's already out of control IMO).

 

[Proudfather94]

I would prefer to be financially independent in 7 yrs instead of 10. I am afraid that our salary will be the first thing people look at when they want to make cut. I don't think the kind of money we are spending in healthcare is sustainable. Too much waste.

I understand our salary is <8% of healthcare expenditure but the perception out there is that we are swimming in $$$ by driving up cost. In all honesty, people don't like us, so no one would care if the big poobah say let's look at docs salary when things completely got out of control (it's already out of control IMO).

They have to be careful because if they cut the pay too much they run the risk of a mass exodus of physicians leading to worse care. I'm sure there's physicians with business or rental properties just waiting until they get mad enough to quit. Plus that would open the opportunity for other countries to scalp doctors with better pay and living conditions.