Which Doctors ACTUALLY Make The Most Money | Canada vs. USA Doctor Salaries Explained

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Which Doctors ACTUALLY Make The Most Money | Canada vs. USA Doctor Salaries Explained

Рет қаралды 23,069

Күн бұрын

So which doctors ACTUALLY make the most money - and do they need to work in Canada or the USA to make these salaries? As a Canadian medical student, I've been told for years that in order to make money in medicine, I'd need to be a surgeon working in America... but is this actually the case? Recently I matched my first choice medical specialty of family medicine and will be soon working as a doctor in Ontario - but I've also just passed my Step 1 USMLE exam and have Step 2 booked for the end of June. Let's work all of this out and figure out exactly what's going on using the most accurate information and a little bit of old fashioned critical thinking
#DoctorSalary #MedStudent #MedSchool
⏳Chapters
Intro: 0:00 - 1:43
Inter vs. Intra-Specialty Income Differences: 1:44 - 2:32
Family Med + The Low End Of The Salary Spectrum: 2:33 - 4:03
What Hold Canadian Salaries Back?: 4:04 - 4:38
The Canadian Tax System... Yikes: 4:39 - 5:15
Anesthesiology + The Middle End Of The Salary Spectrum: 5:16 - 5:47
Malpractice Insurance: 5:48 - 6:37
The Top Tier Earners + Orthopedic Surgery: 6:38 - 7:43
Jobless Surgeons: 7:44 - 8:24
Where Do You ACTUALLy Make More Money: 8:25 - 10:16
🧩Links
Canadian Salary info: www.cma.ca/sit...
American Salary info: www.medscape.c...
Bio:
Hi everyone, its nice to meet you 🤙 I'm a third year medical student at McMaster University in Ontario, Canada. I'm just trying to document my experiences throughout my medical training and beyond to hopefully help inspire/guide some other students... and make things more fun for myself :) I post a new video once per week.
Feel free to contact me on KZfaq or Instagram if you have any questions.
📬 Follow Me On Social Media
Instagram - @NXTgenMD
(That's all... medical school and KZfaq keep me busy enough 😅)
(Also, I always follow back 😇)
🎹 Music
Music is from Epidemic Sound
🎥 Stock Footage
Via Pexels.com

Пікірлер: 74

@ifthennotagain5195 2 жыл бұрын

Taxes are much higher in Canada than what was shown here. Those are just federal rates. There are also provincial rates and given that you're in Ontario, the top combined income tax bracket is 56% percent for anyone earning 220k or more. In Florida income taxes are not zero. The state income taxes are but their form of taxation comes through some of the highest property taxes in the world. The dead net take-home pay difference is not as variant as you may think with a few extreme exceptions like California, east cost provinces and BC. Best place to earn as a doc in Canada is AB from a tax perspective.

@harry12 Жыл бұрын

property tax in fl isn't high at all... in tx yes it's high, but not in fl.

@SinghArvin 2 жыл бұрын

As some have eluded too. A huge factor is tax, cost of living, and quality of living (climate, etc.). Which the United States excels in. There are 50 states to choose from. From Alaska, to Hawaii, to Texas, to NY, to Florida, to Puerto Rico, to US Virgin Islands, Guam, Washington DC, etc. 50 cultures to choose from. If you work in a system, malpractice is covered by the system - which many doctors choose to do. Also, prestige of working in the United States is pretty clear , it is a destination country. It is much less common to see US citizens leave America to go to Canada (I do not know anyone - but some of you may - but I know many who have come from Canada and elsewhere here). But quite common to see it the other way. And then there are external, country-based benefits. More innovation in the United States, across the board whether it is companies like Apple, Netflix, Walmart, Berkshire, McDonalds! lol, the movie industry, Microsoft, GM, Kaiser Permanente, Johns Hopkins, Harvard, Amazon, etc; creations like the internet, computers, iPhones, 3D printing, Vaccines/COVID Vaccines etc... - the opportunity for you, your family, internships and so forth is just a non-comparison. But, yes, if we do a 1 on 1 there can be some parity. The dollar generally is stronger as well, less tax (some states have 0 sales tax as well), way more friendly in the US to buy a house with 30-year mortgages (unlike much of Canada) and so forth. And many Canadian doctors work for the Canadian government. You can also work for the US government here, whether it is via the VA, Military or similar. But, again, I think the greatest thing here is much beyond salary which is advantageous with all these factors in the US. But it is access to the entire US system and the benefits above. Don't like a certain political party? Move to Montana; don't like a certain way of life, move to Iowa; are you a Mormon - move to Utah if you please; - there are so many places and climates to pick from!

@nxtgenmd 2 жыл бұрын

Hey Arvin :) Thanks for such an insightful answer. Certainly I think that anyone who is being entirely objective can see the many benefits of practicing and living in the US. However it's interesting for me to see that huge polarity when it comes to some of my colleges who claim that "they would never want to work in the US." I think that ideology plays a big part here, and specialty and how you want to practice medicine - but thanks for leaving some other considerations that I didn't touch on 🤙

@Austinmediainc Жыл бұрын

Don't get me wrong Arvin, I personally love the States and agree with many of the things you have mentioned. That being said you only mentioned the positives, the negatives are pretty hefty too. 10 x more crime and violent crime....that is accounting for population. Poverty is much greater overall, and many people.dont have Healthcare coverage. It's much more of a two tier society......

@SinghArvin Жыл бұрын

@Austinmediainc We have a much higher population and density. We are a proudly, revolutionary country founded on that mindset of defense. It is natural. Canadian crime has been increasing over the US, at a higher proportion in the last decade. Lastly, healthcare. Huge misnomer. Don't forget because of our free market enterprise virtually all medical discoveries happen in the United States. We have the best treatment and VIPs from across the world come to the "worst healthcare system" lol. And it is expensive, yes...but regardless no US Citizen can be denied healthcare in an emergency via EMTALA. And there are so many NGOs that provide benefits and the creation of FQHCs that close that uninsured gap to less than 5%. . . again, no insurance doesn't mean no treatment. Not even close. We are the land of opportunity and competition. If you don't favor competition and being rewarded for your hardwork....the US isn't for you. We are not socialist, although we have many entitlements.

@SinghArvin Жыл бұрын

@nxtgenmd Of course. And I also find that those who say "I'd never practice in the US.." are the ones who either cannot pass the entire USMLE series or have some other hindrance preventing them from coming here...but otherwise would dream, internally of coming. Family is another large element that could pull someone to say that without fully dissecting the Free Market, Captialist USA.

@Austinmediainc Жыл бұрын

@@SinghArvin like I said, I love the USA. I have family there that I convinced to move and they love it. I'm a Sales Director for a Medical Equipment company and worked in the USA for 12 years. I actually defend the US healthcare system, for people like me. Better hospitals, treatments, wait times, access, etc. ....for people like me or you. You make some good arguments but if I were arguing the other side I would say there is a big difference from getting emergency treatment and or dying from something that is treatable because you don't have coverage. Canada's Healthcare ranks better than that of the US and has for some time. I would assume because it works more for everybody than really well for some Even with crime on the rise in Canada it isn't even close on a per capita basis. I'm not, nor would I be scared to walk down any street in any community here. Canada also routinely beats the USA in quality of life, average life span, and countries people would want to move to. I also think it's a stretch to say that the only reason MDs wouldn't move to the USA is because the can't pass the tests. We have very good schools here, overall once again better than the US in general. People are proud of our country as you are of yours. So the things you cherish might not be as important to them. I personaly would choose the free market and capitalism of the US vs Canada butni can tell you I'm in the minority of Canadians that feel that way.

@DA-bb1jc 2 жыл бұрын

Better weather, more $, way lower income taxes, more opportunities, more things to do in the states...I really hope to get into med in the states and want to move there, but i'll still love my home canada deep down

@nxtgenmd 2 жыл бұрын

Best of luck with applications :)

@jeanetteraichel8299 2 жыл бұрын

My friend works in medical billing. The doctors do make good money, but they also have extraordinarily high malpractice insurance premiums. They get sued easily.

@curiouscat98 Жыл бұрын

You should also take into account the number of hours and type of labour each doctor has to do to make that kind of money. For those who are looking to get rich in medicine, It’s the dumbest thing you could do. There are many other jobs and professions where you can make a good living while not having to go through the same rigorous process like 4years undergrad then 4years medical school and more school. Then work under enormous stress pressure and see death and sickness and suffering and risk your life when pandemic hits. Not smart at all. In IT we sit comfortably at home and make just as much as doctors while not having to put up with all that crap

@whitesimurgh6363 Жыл бұрын

And guns, hillbillies, racism, worst healthcare system and more population too.. btw

@sunshine-qw3kz Жыл бұрын

Love your videos !!!! Thank you for taking the time to do them here

@sulaimanaljabari Жыл бұрын

Thanks for collecting all this info and sharing it with us!

@nxtgenmd Жыл бұрын

Glad it helped :)

@BillSW 2 жыл бұрын

u forgot to show provincial income tax. not just federal another factor is higher employee costs in canada like cpp and ei matching, wsib

@nxtgenmd 2 жыл бұрын

Hi Bill :) I did not talk about it because I feel as though it is beyond the scope of this video. I only included the tax calculations shown in the video to communicate the principle of the rule of thirds. Many doctors in Ontario operate under the generalization that of all your billings, 1/3 go to taxes, 1/3 go to business expenses and 1/3 is your take home. While federal and provincial taxes do compound for income, just saying that "you pay 45% tax on your income" I feel is incorrect because of various ways of decreasing your taxable income as a doctor. These include contributions to tax free retirement accounts like the TFSA, incorporating your business income to defer taxes and even more advanced strategies that a good accountant can help with. Hope this provides some more information for anyone looking to know more - but do remember that you will pay substantially less fees in taxes if you are an American Physician

@cassidylee397 Жыл бұрын

The cost of living in the US is also extremely high. Sure, taxes may be different based on region, but we also have to pay health insurance and a whole host of other middle men just to live.

@nxtgenmd Жыл бұрын

Agreed :) I will however say that the cost of living in Canada is not "cheap" like some non-Canadians believe. Even within broader society, our average income is usually significantly less, groceries like fresh fruit and produce can be quite expensive in the rural regions during the winter months when everything is snow covered and consumer goods tend to be more expensive as well, because many of these things are made elsewhere. Vehicles for example are estimated to be between 10 and 20% more expensive to buy in Canada than the US.

@harry12 Жыл бұрын

col is high in the us? lol until you move to canada.

@yassine3262 Жыл бұрын

It's higher in Canada

@cassidylee397 Жыл бұрын

@@yassine3262 The average person in the US pays double what the average person in Canada spends on healthcare. Rent is on average more in the US. These two alone are big differences in big ticket items.

@robertohidalgo782 Жыл бұрын

I live in Toronto and believe me the cost of living Is also high

@KomlaDDAsorgoe 2 жыл бұрын

Hello I liked it. Keep up the great work.

@nxtgenmd 2 жыл бұрын

Glad to hear it Delali :) Thanks

@O46185O 7 ай бұрын

💚🧬 Thank for the insightful information, it’s absolutely amazing! Goal is Neurosurgery at Mount Sinai Hospital - Family hospital. 🧬💚

@ghamooshiramandi4424 2 жыл бұрын

great informative video!

@nxtgenmd 2 жыл бұрын

thanks Ghamooshi :)

@chrislifts2981 2 жыл бұрын

I’ve always wanted someone to discuss this

@chrislifts2981 2 жыл бұрын

I think rad onc job market will become the best in Canada in the next 5 years bc the ministry is able to control residency spots based on predicted demand. In the states they have like 200 grads a year for a small specialty and the glory days are kind of over

@nxtgenmd 2 жыл бұрын

Me too! I have no idea why it hadn't been done already LOL. I don't think that you're wrong :) one of my pre clerkship group leaders was a rad onc that was very happy with her job and had commented that the prospects in Canada were probably better than the states right now. However, she also said that it was very difficult for her to find a job and needed to do 2 additional fellowships before securing her position. This is because, in Canada, the more specialized you are, the less communities you will be able to work in because not every city has a hospital with the equipment necessary to offer your services. As a result, many sub specialists face competition with each other when applying for positions.

@chrislifts2981 2 жыл бұрын

@@nxtgenmd Yes I'd say the american market is still ahead, as graduates are getting spots out of residency still. Eventually things will flip because the Canadian market is starting to see the fruits of heavily restricting spots for so long. current figure is 84% of 2020 grads got staff positions 1 years after residency, so it is improving slowly. I don't like how hyper specialised it is though and you are tied to wherever a linear accelerator is and likely have to move to find employment. Kind of deciding between it and radiology which is a lot broader and can practice in many more locations and has and will likely continue to have a promising market in the states and Canada.

@jeanetteraichel8299 2 жыл бұрын

From what I hear from my American friends, one works in medical billing, is the Canadian system is slightly better. Why, RED TAPE when dealing with insurance and getting authorizations for tests and procedures. The other huge problem is so many can't afford medical care. Doctor's spend too much time jumping through insurance company hoops. They also have more paperwork cuz of insurance Some states have incredibly high taxes like California, New York, and New Jersey. Their SALT tax (state and local taxes) are crushing! In the US it's all about $$$$$. In Canada because we have universal health care, it's not about profit at the hospitals and you don't have to deal with numerous insurance companies. Plus, everyone is covered!

@DA-bb1jc 2 жыл бұрын

Even the top marginal tax rates in those states (around 10-15%) is WAY lower than the overall income tax rate as an Ontario resident making over 200k (close to 50% of your paycheque!!)

@nxtgenmd 2 жыл бұрын

Totally agree Jeanette :) There's pros and cons to both and having spoken with some doctors who have worked all over the world, it sounds like the American insurance companies can be quite frustrating to work with from both the physician and patient's point of view! I'd like to do a video explaining Canada's socialized model of health care vs. the way things are in the states, but will probably wait until I'm done residency to make sure that I'm as factual as possible. What I can say is that both systems have their flaws and I'm sure that many doctors will say that the Canadian system is far from perfect as it stands right now 😅 Thank you for the input :)

@jeanetteraichel8299 2 жыл бұрын

@@nxtgenmd safe to say our system is still stuck in the 1980s. Not enough hospitals. Not enough qualified medical staff. Not enough high tech testing and surgical equipment (like DaVinci robots). Not enough doctor! Most important, not enough qualified/caring family docs who care and speak perfect English (the only family med doc I could find is foreign born and speaks great Arabic, but I often end up saying, "say that again" or "I can't understand you" everytime and he does not listen or read where the rheumatologist said to up my meds.

@jeanetteraichel8299 2 жыл бұрын

@@DA-bb1jc that's federal tax. What about the state tax. The most populace Democrat run states are high state tax rate.

@thomasjust2663 Жыл бұрын

In theory everyone is covered, in practice its a bit different, in just BC alone there are almost a million people without a family doctor and thus no access to the medical system, we either need to pay even more taxes or move to a hybrid model which is what Germany has

@roshneepersad1426 Жыл бұрын

Hi, I’m about to go into my st3 year in a family medicine residency program in the UK under the auspices of the RCGP uk. I already did my usmle steps 1,2 and 3 but didn’t get through to a residency program in the states. I was seriously looking at moving to Canada at the end of training here in the UK, but I’ve now gotten an interview in Miami for a pgy1 position to start in July next year…Miami Is where I wanted to be originally…but the pay for a resident is so little I won’t be able to support my two kids and I’m already away from there for this program I don’t think I can be away from them for another 3 years in miami….I’ve done some research and I don’t think I can freely move to Miami to practice if I get a Canadian license as I would have done my residency in the UK…I need advice…help!

@nxtgenmd Жыл бұрын

Hi Roshnee :) I will start off by saying that #1. The resident salary in Toronto is much worse than Miami. $62,000 for year 1 (Canadian dollars) and then with taxes and fees, your take home is $1700 every 2 weeks. Most of my friends and colleges are continuing to use bank loans to pay for rent depending on where they live - Toronto is a very expensive city compared to where I live (Niagara Falls) You really are stuck between a rock and a hard place and I’m sure that it’s been very difficult for you and your family. However if you know that you would like to end up in Miami, then my advice would be to go there now. Picking up and leaving to learn an entirely new healthcare system after residency is much harder than it would be to train there and begin practicing afterwards - from what I’ve been told. I wish you all the best of luck and no matter what, make it work for you and your family 💪

@budtalks 2 жыл бұрын

Great video !

@nxtgenmd 2 жыл бұрын

Thanks bud 🔥

@danielpark8003 Жыл бұрын

196 billion Canadian is a far cry to distribute that money to ten provinces. It should be 600 billion.

@sgskp1281 Жыл бұрын

Money money...more money causes more stress . Complicated life. Medical profession itself is stressful as We interact with human lives.

@knzzzz318 Жыл бұрын

Canada suffers from a constant comparison to its neighbour complex/syndrome. It creates a FOMO in people that live in Canada. This to me is very worrying about this otherwise amazing country. Canadian born, bread and educated individual should not be constantly contemplating leaving the country all the time, especially when they are still making an amazing salary compared to 95% of the world! And will live a very high quality affluent life regardless. Taxes and housing are at par with Toronto in cities like Seattle, San Fran, LA , NYC, DC , Boston etc. overall average price of housing may be lower sometimes and thats because US cities have a lot of lower end neighbourhoods that are cheaper, but where you would actually want to live will cost a lot.

@NinjaGangSigns 9 ай бұрын

easier said than done

@ryancrits8180 6 ай бұрын

Canadian taxes alone make it better to work in the states. Not to mention the poor medical system leaves most specialists overworked and burnt out.

@dr.1956 2 жыл бұрын

Anesthesiologist actually make over 450k in USA

@nxtgenmd 2 жыл бұрын

please refer to the medscape article linked in the description for the average* salaries reported for the different specialties in 2021 (listed in USD) :)

@JamesWLee-uh9jq Жыл бұрын

Any variation across healthcare institutions (hospitals) physicians work for? Which hospital in what States pay most? We need this information.

@marielcortorreal406 2 жыл бұрын

Thanks you for all I'm a img, I want to take diagnostic radiology, I want to know if I should take the steps to get more chance so that I can get into residency and which?

@nxtgenmd 2 жыл бұрын

Hi Mariel :) Most IMGs that I know will do all of the step exams (1 and 2CK) so that they can apply for the states and Canada. The reason is because the process tends to be much more competitive for IMGs. Hope this helps

@c262_rifahchowdhury5 5 ай бұрын

Can you tell how much does an average family physician earn working in outpatient dept of a hospital (in Canada)?

@pikusarker1359 2 жыл бұрын

Great video

@nxtgenmd 2 жыл бұрын

Glad it helped :)

@ogwangjoshua695 11 ай бұрын

after doing family medicine residency in canada, is it possible to obtain licensure to practice in the US, without having to repeat the whole residency?

@danielpark8003 Жыл бұрын

Also my brother did 27 marathons. One in Chicago, Paris, France, and in Los Angeles to name a few.

@Finnfuhrer03 Жыл бұрын

Hi, i am an Img preparing to move to Canada, how likely is it to match in psychiatry?

@nxtgenmd Жыл бұрын

Hi Lister, please see one of my recent videos where I interviewed Gavin - an IMG who matched general surgery. He goes over some good tips about what the match process can be like. You'll need to see which programs have spaces in the year that you apply. Good luck

@Finnfuhrer03 Жыл бұрын

@@nxtgenmd thank you Doctor, you inspire me and thanks for reading me.