CPAMD Financial Literacy Hub
Knowledge is power, especially when it comes to managing your money.
That’s why we created the CPAMD Financial Literacy Hub, a one-stop resource for doctors who want clear, jargon-free guidance on taxes, incorporation, and long-term financial strategy.
Consider this your personal library of financial tips, curated specifically for medical professionals at every stage of their careers.
A Resource You Can Trust
Medical school and residency can be grueling, with plenty of stress and late nights. It’s a great opportunity to learn medicine, but leaves very little room to learn about taxes, investing, or practice management. When it’s time to deal with your finances, it’s easy to feel lost.
The CPAMD Financial Literacy Hub is dedicated to changing that. We break down complex financial topics in plain English, with a focus on practical advice you can start implementing now. We won’t bombard you with accountant-speak or assume you know how the tax code works. We start with the basics and build up from there.
Each article is written or reviewed by experts who understand the physician perspective. We know the questions and scenarios that come up for doctors, and we address them head-on. Wondering if you can deduct your stethoscope or scrubs as a work expense? Confused about whether to contribute to an RRSP or TFSA first? Curious about incorporating but don’t know where to begin? We’ve got you covered on all these topics and more.
What You’ll Find on the Blog
Our posts span a wide range of topics relevant to medical students, residents, and practicing physicians. Here’s a sneak peek at some of the subjects we’ll be covering:
- Tax Tips for Residents and Students: Special tax breaks and deductions you can claim, how to file your taxes as a medical student, and the benefits of filing a return even if you haven’t earned any income.
- Incorporation 101: When you should incorporate, how medical professional corporation works, and the tax advantages and responsibilities that come with incorporation.
- RRSP, TFSA, and Other Investing Options: Whether you should prioritize your RRSP or your TFSA, how these accounts work for high earners, and what you need to know about the Medicus Pension Plan and other financial tools designed specifically for Canadian doctors.
- Relocation and Cross-Province Issues: The tax implications of moving to a new province, how your health coverage and other benefits transfer over, and how to handle part-year taxes when filing after a relocation.
- Practice Management and Business Tips: Bookkeeping tips for busy physicians, understanding your medical corporation’s financial statements, and advice for managing your practice’s cash flow.
- Debt Management and Financial Wellness: Strategies for paying off medical school debt, budgeting on an unpredictable locum schedule, and everything you need to know about disability insurance for doctors.
Have a question we haven’t covered yet?
Let us know and we’ll tackle it in a future post!
Stay Informed
Tax regulations and the world of finance are continuously evolving. Let us keep you up to date. Subscribe to our newsletter to get physician-focused finance tips, timely reminders, and essential financial info.