Residency is often the first chance for new physicians to start earning an income. So, how much do residents in Canada make?
Introducing Scotia Households.
Share the benefits of no monthly account fee banking.1
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Want to learn more about how our Physician Banking Program can best serve your needs? Please share your contact information and how we can best reach you and one of our Scotiabank Advisors or Healthcare Specialists will contact you.
Scotiabank Healthcare+ Physician Banking Program
We know that choice is important to you, whether you are a practising physician, already retired, a medical student or a resident just starting your career. Having the right options available means you can find the financial solutions that works best for you. The Scotiabank Healthcare+ Physician Banking Program was co-designed with MD Financial Management (MD), to support you at every stage of your career. We’ve combined MD’s 50 years of experience and deep understanding of physicians’ financial needs with Scotiabank’s expertise in banking to provide you with a robust suite of banking solutions tailored to meet your personal and professional financial needs. Together, we provide comprehensive financial planning, advice and solutions specific to physician’s needs. Our goal is to deliver a best-in-class banking program to Canada’s physicians, ultimately helping you achieve your goals.
MD is the only national financial firm dedicated exclusively to the financial well-being of Canada's physicians and their families. MD's Advisors and teams of experts provide comprehensive financial planning, advice and solutions specific to physicians' needs at every stage of their career, from medical school to practice and through retirement.
Banking solutions created for physicians
Personal & business banking solutions for early career physicians
Banking advice and solutions for you and your medical practice
Let’s go further. Together.
Nearly half of physicians in Canada already trust us to help them achieve financial well-being.3 See how much further you can go with MD Financial Management (MD) and Scotiabank Healthcare+.
If you already have a thriving clinic, it could be time to consider expanding to better serve your patients.
A well-designed financial plan can be advantageous to how well you manage expenses for your academic studies year over year. Find out what to consider.
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Scotiabank, MD Financial Management Inc. (MD) and the Canadian Medical Association (CMA) are pleased to announce today a $200,000 donation in support of UNICEF Canada’s Hope, Help and Healing appeal.
Frequently asked questions
To qualify for the Ultimate Package or Preferred Package monthly account fee waiver offer (the “Offer”), the following conditions (the “Qualifying Criteria”) must be met between September 29, 2023, and March 31, 2024 (the “Offer Period”):
By the Scotia Household Host:
i. Be a Canadian resident customer whose Scotiabank profile is set up as a ‘Physician’ (as described below under ‘Eligibility for Physician Hosts’);
ii. Be the ‘Host’ of a Scotia Household (as defined in the Scotia Households – Terms and Conditions); and
iii. Open a new or have an existing Ultimate Package or Preferred Package account (the “Host Account”) and if the Host Account is joint, be the primary account holder.
By the Scotia Household Member:
i. Be a Canadian Resident and a “Member” of a Scotia Household (as defined in the Scotia Households – Terms and Conditions) where an eligible Physician is the Host (the “Physician Household”);
ii. Open a new or have an existing Ultimate Package or Preferred Package account (the “Member Account”) and if the Member Account is joint, be the primary account holder; and
iii. Have an existing or set up and clear one of the following recurring transactions to the Member Account (“Eligible Recurring Transaction(s)”) within 60 days of either² (i) the date the member opened the Member Account, or (ii) the date on which the member joined the Physician Household or (iii) the offer start date, whichever is later:
o two separate and recurring eligible pre-authorized transactions, or
o one automated recurring eligible direct deposit
For example, for members with an existing Member Account, the 60-day period begins when the member joins the Physician Household. For customers who opened a new Member Account after joining a Physician Household, the 60-day period begins when the Member Account is opened. For customer with an existing account, if this customer joins the Physician Household before the offer start, the 60-days period will start on the offer start date. The Eligible Recurring Transaction(s) must be cleared within the 60-day period.
Fulfillment for Physician Household Members: Subject to these terms and conditions, a monthly account fee waiver (a “Fee Waiver”) will be applied to an eligible Physician Household member’s Member Account for each consecutive month, provided that the Qualifying Criteria is met. The Fee Waiver will be applied beginning in the month following the month that the customer meets all the conditions and will not appear as a charge on the Member Account (e.g., A member of a physician household, with qualified product had two separate eligible pre-authorized transactions clear the account in November, this would result in the monthly Fee Waiver beginning in the month of December). To be eligible for a Fee Waiver, the Host Account and the Member Account (collectively, “Accounts”) must be open and in good standing for each month in which the Fee Waiver will be applied. The Accounts are not in “good standing” if (i) one of the Accounts has a negative balance exceeding the authorized overdraft limit, or (ii) it has been in continuous overdraft for a period of three (3) consecutive months. If a Physician Household member or Host no longer meets any Qualifying Criteria, or if there is a change in the Host, then the affected members of the Physician Household may begin to see the monthly account fee charged to their Member Account pursuant to the terms and conditions found in the Day-to-Day Banking Companion Booklet (subject to any monthly account fee waivers they may otherwise be eligible for).
All other fees, rates and applicable service charges on the Accounts will continue to be applied monthly (if applicable). Each eligible Physician Household member may receive a maximum of one (1) Fee Waiver each, up to a maximum of three (3) Fee Waivers per Physician Household. The order of the Fee Waiver application will be based on the date the eligible member joined the Physician Household with an eligible Member Account and completed the Qualifying Criteria. For joint accounts, only one Fee Waiver will apply per primary account holder (household members will have to be the primary account holder for the waiver to apply), regardless of the number of Accounts.
Eligibility for Physician Hosts: The Host must be enrolled as an eligible Physician at a Scotiabank Branch in the Scotiabank Physician Banking ProgramΔ and have a Host Account in good standing for the members of the Physician Household to be eligible for the Offer. The Host must provide a copy of these Offer terms and conditions to the members of their Household for them to understand their eligibility for the Offer. Offer may be changed, cancelled, or extended at any time without notice and cannot be combined with any other offers.
To be eligible for the Physician Banking Program benefits you must be a Canadian resident that meet one of the following conditions:
- Enrolled in a Canadian university medical degree program
- Has been accepted or is completing a medical residency in Canada
- Medical fellow who is completing a Canadian fellowship granted by the Royal College of Physicians and Surgeons of Canada
- Physician with a medical doctorate (MD) and licensed to practice medicine in a Canadian province or territory
- Retired physician with a medical doctorate (MD) and has practiced medicine in a Canadian province or territory