BEFORE YOU GET STARTED
BEFORE YOU GET STARTED
Many family medicine residents missed out on over $30,000 because they were uninformed. Make sure this year you are not one of them! Do not pay off or transfer your government student debt until you have become fully informed about debt repayment plans in Ontario.
Resident Loan Interest Relief Program (RLIRP): If you sign up for a return of service in Ontario for five years after residency, then the government will pay all of your interest on government loans during residency. Be careful though, if you cancel the agreement there is a substantial financial penalty plus back interest. Click here.
You should know that if you sign up for the RLIRP, or if you convert your Canadian Student Loan (OSAP in Ontario) to a private line of credit, you are not eligible for Canadian Student Loan Relief.
A 2012 CMA physician study revealed that one in five residents expect their debt load to surpass $160,000 by the time their training is completed. Now is the time to get your financial plan in order, set up a debt repayment plan and clearly track where you spend your money. The sooner you start, the better.
Loan consolidation is a process in which multiple loans are combined and reestablished as one loan. Consolidating your student loans can lower your monthly payments, simplify your finances and free up cash flow. Consolidation also often means that you can extend the time it takes to repay your loans. You may also be able to refinance loans at lower interest rates and reduce your monthly payments. Consolidating your debt can make your financial planning and day-to-day finances more convenient. Before deciding to consolidate, review the government interest relief and loan forgiveness programs that may be available to you. Depending on your situation, you may be eligible for thousands of dollars in relief through various programs. Talk to your financial advisor to discuss your individual circumstances.
Residents’ salaries are usually high enough to allow you to live within your means, especially if you’ve set up a realistic budget. If you have money left over at the end of the month, you have the option to invest it or to pay down debt. Typically, paying down high-interest debt, such as credit card balances, is a top priority.
Once you’ve dealt with higher-interest debts, making a Registered Retirement Savings Plan (RRSP) contribution might make sense. RRSP contributions can trigger tax refunds, which can then be used to pay down debt.
Financial advisors across Ontario specialize in providing residents and new in practice physicians with practical money solutions and advice. They can help you manage your cash flow, develop a budget and create a debt repayment plan.
Disability insurance is essential for any medical student or resident. It protects your income-earning potential, which at this point is your greatest financial asset. It is also cheaper if you sign up when you are healthy, and you can purchase more insurance in the future with no further medical evidence.
Insurance companies qualify people as disabled in three main categories of disability insurance: any occupation, regular occupation and own occupation. It is generally recommended that family physicians obtain regular occupation disability insurance or the more expensive own occupation. Each type of insurance can have riders, including but not limited to future insurance options (FIO) and cost-of-living-adjustments (COLA).
There are generally three different sources for disability insurance as a resident: OMA insurance, PARO insurance and private insurance. PARO insurance is group insurance and mandatory for all residents. OMA insurance, which is sold by a salaried consultant from OMA insurance, is very cheap when you are young, but increases in price later on. OMA insurance can complement PARO insurance. Private insurance is more expensive now but the rate stays the same over time. It is sold by insurance brokers who are paid a commission based on the initial sale and ongoing payments. We recommend that you educate yourself in the basics before considering whether to buy private insurance, OMA insurance or both.
There are three main types of life insurance: term, whole life and universal life. You should discuss your situation with a financial consultant or insurance expert. Remember to do your own homework and don’t let for-profit brokers take advantage of your lack of knowledge. PARO Life Insurance gives two times your income for life insurance. Many of you will need more just to cover your debt and funeral expenses, let alone if you have dependents.
CMA Practice Management Curriculum (PMC) module on Personal and Professional Insurance
Typically you book an elective with the site lead for the service you want to work for.
Most programs require you to apply directly to the Program Director of the service you want to work in.
The application may be online or written.
Other documents that may be required:
Written permission from site Program Director at location of elective
Written permission from home school PD
Curriculum Vitae (CV)
Copy of medical degree
Proof of CMPA coverage
N95 mask fit
The OCFP Residents Committee Mentorship Program is a new initiative starting in 2016 to help current residents connect with recent FM grads for career guidance and exploration.
We are currently recruiting interested Family Medicine residents for this program.
The goal of the program is to match you with a mentor that shares the same clinical interests as you, or practices in a clinical context that you are interested in. We will do our best to make this happen. Our expectation is that you will make an effort to connect with your mentor, but the commitment can be as much or as little as the two of you decide on.
Our mentorship pool continues to grow across Ontario, so if we can't meet your goals immediately - we may be able to match you in the future.
Please fill out this very brief questionnaire if you are interested in being matched to a mentor!
Please direct any questions or concerns to firstname.lastname@example.org