Most doctors, though, have a negative net worth until a few years into practice. The doctors further along in practice are likely to have higher net worth's than those just starting out. More time to save and pay off debt. Medscape actually did a pretty solid survey of almost 20,000 doctors on physician wealth.
Although doctors typically do earn more in the US, to make a blanket statement would be misleading – an NPR investigation found that Canadian family doctors actually earn a similar salary to American general practitioners.
The best-paying jobs in Canada
- Nurse Practitioner.
- Utilities Manager.
- Physician/doctor.
- Dentist.
- Mining Supervisor.
- Engineer.
- Statistician or Actuary.
- Construction Manager.
RELATED: The list of the top 10 highest physician salaries by specialty for 2019
- Neurosurgery — $746,544.
- Thoracic surgery — $668,350.
- Orthopedic surgery — $605,330.
- Plastic surgery — $539,208.
- Oral and maxillofacial — $538,590.
- Vascular surgery — $534,508.
- Cardiology — $527,231.
- Radiation oncology — $516,016.
Canadian doctors may earn less than do their American counterparts: A 2011 paper published in the journal Health Affairs found that primary care doctors and surgeons alike make more in the United States than in most other western countries. The fee gap is greatest for surgeons.
Employed doctors can still earn multimillion-dollar salaries, but these riches are only doled out to superstar clinicians—the "rainmakers"—who can bring wealth to the hospitals and health systems where they work.
For example, eye doctor salary is $769,000 per year in Canada, making them the highest paid doctors in the medical profession.
From the public's perspective, all doctors are relatively rich. More recently, the federal government has proposed tax changes to corporations that will dramatically impact Canada's doctors. Some estimates propose doctors will be subject to an effective tax rate as high as 73 per cent, or even 93 per cent.
Across Canada, doctors are paid to sit on drug company advisory committees and to give industry-funded talks to other doctors. They also receive funding for research and are frequently asked to enrol patients in trials to test new drugs. The higher their profile, the more likely they are to receive industry funding.
Pharmaceutical companies can't pay doctors to prescribe their drugs; that sort of incentive is illegal. But they can pay doctors to talk about their drugs in speaking engagements, and pay for consulting work and conference attendance.
The average Family Doctor salary in Canada is $267,500 per year or $137.18 per hour. Entry level positions start at $25,025 per year while most experienced workers make up to $387,500 per year.
Physician work hours per weekThe 2007 NPS survey provides a crucial look at the work habits of Canadian doctors. All physicians reported working an average of 51.7 hours per week excluding call (being on-call means being able to provide care if called upon).
An early career Registered Nurse (RN) with 1-4 years of experience earns an average total compensation of C$33.79 based on 81 salaries. A mid-career Registered Nurse (RN) with 5-9 years of experience earns an average total compensation of C$37.07 based on 29 salaries.
As of 2018, the average annual salary for a doctor in Canada was $281,000 for family doctors, $360,000 for a medical specialist, and $481,000 for a surgical specialist. Doctor salary in Canada ranges from $278,000 for psychiatrists and over $769,000 for ophthalmologists.
Canada is in the midst of a physician shortage. Because of insufficient training in Canada, Canada's physician shortage will grow more acute in the coming years without an influx of foreign trained physicians.
The average Good salary in Canada is $67,275 per year or $34.50 per hour. Entry level positions start at $25,238 per year while most experienced workers make up to $114,368 per year.
For General practitioners and family physicians, over the period 2019-2028, new job openings (arising from expansion demand and replacement demand) are expected to total 50,900 , while 19,400 new job seekers (arising from school leavers, immigration and mobility) are expected to be available to fill them.
As a physician, you will not maximize your earnings until the completion of your graduate medical education. The average first-year resident makes around $60,000, and there's not much wiggle room. Resident salaries are determined by an institution and correlate with training year rather than specialty.
With a base pay offer of $189,000 a year, on average, family practitioners and pediatricians are offered the lowest pay of all physicians, according to the medical search and consulting firm Merritt Hawkins & Associates' 2012 Review of Physician Recruiting Incentives.
While some may think they would have been better off pursuing another profession, scores of doctors are incredibly happy they chose a career in medicine. “Taking into account all the pros and cons, becoming a doctor was ultimately worth it to me,” Dr. Odugbesan reflects. “I would go to medical school all over again.”
According to the BLS, the average hourly wage of a doctor is roughly $89. The hourly wage is higher for some specialties and lower for other specialties. Anesthesiologists average about $113 an hour, surgeons average about $111 an hour, internists average about $91 an hour, and pediatricians average about $81 an hour.
The average Registered Nurse salary in Canada is $80,126 per year or $41.09 per hour. Entry level positions start at $41,820 per year while most experienced workers make up to $94,322 per year.
