American physicians moving to Canada: A prescription for cross-border success + MORE Aug 28th

Canada has become one of the top destinations for American physicians looking for a different kind of practice. A more supportive clinical environment. A better quality of life. A healthcare system built around patient care, not prior authorizations.

The clinical transition is often the easy part; the financial one is not. For a US physician, moving to Canada isn’t just a change of address—it’s a major cross-border tax event. And the mistakes made in year one can follow you for a career.

Why American doctors are heading north

This isn’t a trickle. Physician recruiting firms and Canadian provincial health authorities alike are reporting a sustained rise in American doctors inquiring about and pursuing Canadian licensing. Provinces are actively courting the talent with some running dedicated recruitment campaigns aimed squarely at US-trained physicians. 

So, what is actually driving the move? 

Care driven by medicine, not paperwork. Canada’s single-payer system lets physicians make decisions based on medical necessity, not insurance coverage or a patient’s ability to pay…

Does it seem like more people are renting these days? You’re not imagining it. According to the Government of Canada census data from 2001 to 2021, the number of roommate households increased by 54%. 

Renting can make a lot of financial sense, especially if you’re going to school, trying to pay down debt, or building your savings. But many roommates make the jump to shared living without having critical discussions about how money will be handled. 

To help roommates get off on the right foot, RBC created the Roommate Money Guide, designed to encourage important money discussions and prevent disagreements that come from sharing budgets and splitting expenses. We’re sharing a few of the biggest takeaways, so you can have a guideline for productive finance chats. 

Before you talk: Know your own budget

It’s hard to have a productive talk about who will pay for what if you don’t have a good idea of your own budget. Start by determining your income. Whether that’s student loan money or grants, income from a job, or financial assistance from family, count up everything…

You’ve driven through a flurry of embers to safety. You’ve found high ground as floodwaters rushed in. You’ve dodged the immediate danger to life and limb, and then the financial reality hits. For those forced from their homes due to fire or flood—in many cases with little more than the clothes on their backs—there are few things more daunting than having to then navigate unexpected costs, insurance claims, and bills that still need to be paid. 

The financial fallout can last for years

“The impacts of these natural disasters are much broader than just that physical damage. It can disrupt virtually every aspect of someone’s financial life,” said Ali Harris-Saunders, with the non-profit Credit Counselling Society. 

She divides the financial impacts into near- and long-term. Near-term includes the cost of accommodations, food, and other essentials during an evacuation, along with lost income and repairs to damaged property…

Here’s a round-up of news for Canadian investors this week.

Scotiabank

BMO

EQ Bank

National Bank

RBC

TD

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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada…