Financial Planning for Female Physicians

FMWC has an exclusive partnership with MD Financial Management (MD) to provide female physicians with comprehensive financial planning and financial education, as well as other types of support.

Owned by the Canadian Medical Association (CMA), MD has a single mandate: to help physicians achieve financial well-being.

MD has a team of MD Advisors dedicated to supporting female physicians at all stages in their careers. For medical students and residents, MD MedEdCounselTM can help with budgeting, cash flow and debt management.

To find out how MD can help, contact an MD Advisor near you.

 

Financial Checklist for Female Physicians

Female physicians have distinct financial planning issues to consider. In general, women live longer than men do (83 versus 79 years[1]) and are more likely to take time out of their careers for maternity leave and child care.

These two factors mean that female physicians often have fewer earning years than their male counterparts. They need to plan for increased savings or retirement funds.

Here are four steps you can take to ensure you come out ahead:

  1. Meet with an MD Advisor.

As a member of the CMA, you have access to objective financial advice from MD Financial Management—regardless of your net worth. Whether you’re a medical student drowning in debt, a resident just starting to accumulate assets, or a practising physician looking to incorporate, an MD Advisor can assess your situation and develop a financial plan to meet your needs.

  1. Take control of your financial health.

Establishing a budget, analyzing your cash flow and/or creating a savings plan will go a long way in helping you manage your debt, build your assets and meet your financial goals. There are tools you can use to stay on top of your financial well-being.

  1. Protect yourself with insurance.

Whether you’re a medical student, resident or practising physician, your ability to earn income (both now and in the future) is your most important asset. An MD Advisor can help you develop a plan to protect your family, property and earning potential, and ensure the coverage is always aligned with your needs and career stage.

  1. Assemble a team of financial experts.

If you need assistance from other specialists, an MD Advisor can provide referrals to lawyers, mortgage specialists, insurance specialists, and estate and trust specialists.

[1] Statistics Canada. http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/health26-eng.htm


MD MedEd CounselTM services are provided by MD Management Limited, a CMA company. MD MedEd CounselTM is a trademark of the Canadian Medial Association, used under licence.
Banking products and services are offered by National Bank of Canada through a relationship with MD Management Limited. Credit and lending products are subject to credit approval by National Bank of Canada.
The information contained in this document is not intended to offer foreign or domestic taxation, legal, accounting or similar professional advice, nor is it intended to replace the advice of independent tax, accounting or legal professionals. Incorporation guidance is limited to asset allocation and integrating corporate entities into financial plans and wealth strategies. Any tax-related information is applicable to Canadian residents only and is in accordance with current Canadian tax law including judicial and administrative interpretation. The information and strategies presented here may not be suitable for U.S. persons (citizens, residents or green card holders) or non-residents of Canada, or for situations involving such individuals. Employees of the MD Group of Companies are not authorized to make any determination of a client’s U.S. status or tax filing obligations, whether foreign or domestic. The MD ExO® service provides financial products and guidance to clients, delivered through the MD Group of Companies (MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited). For a detailed list of these companies, visit md.cma.ca. MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. MD Financial Management Inc. is owned by the Canadian Medical Association.