Financial Management

Financial issues face residents at all stages of their residency training. Many of you may start residency with considerable student debt. You may also face additional financial pressures, like paying off a mortgage or supporting dependents. Like others, you are probably uncertain if you should pay down debt first, invest in a Registered Retirement Savings Plan (RRSP), Tax Free Savings Account (TFSA), or do both.

In your final year of residency, you may also need to start contract negotiations and consider whether or not to incorporate your practice.

The below modules will equip you with the tools and knowledge needed to make informed decisions around contract negotiation and incorporation, while advising you on issues related to your overall financial wellness.

These topics are also covered in more detail in the Transition Into Practice seminar series. Visit the Events page to find out more.

Transition Into Practice Events

Contract Navigation

You may be involved in contract negotiations if you are looking to secure a position or locum in an institutional or academic setting, or with a private practice. You may also be involved in negotiations over operating room time, remuneration, and research time and resources.

Knowledge of some of the principles of negotiation will place you in a stronger position as you transition into practice.

CMA Modules:

Principles of negotiation

Negotiating a mutually beneficial locum contract

Physician remuneration options


There are advantages and disadvantages of incorporating, depending on the stage of your career and the type of practice that you have. This section addresses when, who and how to incorporate, and the costs associated with it.


Incorporation: Who, When, How and Why?

Financial Wellness

Part of achieving financial wellness involves putting together a team of financial advisors. This team may include an accountant, financial planner and insurance broker. These professionals, in conjunction with the modules and seminars listed below, will provide you with advice on addressing debt, loan consolidation, RRSP, insurance requirements, tax and accounting issues.

CMA Modules:

Getting started as a professional

Financial planning

Personal and professional insurance

Personal and professional accounting and taxation