How do I make the transition to residency?
Exams, clerkship and CaRMS interviews are just a few of the milestones you'll reach on your way to residency. The Canadian Medical Association (CMA) and MD Financial Management have tools and resources to help you make the transition.
Get started—join the CMA
To take advantage of MD Financial Management, you must be a member of the Canadian Medical Association. Joining is easy. You will also automatically enjoy other benefits, including:
- financial planning
- low and no-fee banking accounts, credit card and lines of credit services available
- life insurance available through some Provincial Territorial Medical Associations
- access to clinical resources
- free online textbooks
- CMA librarians at your service
- free subscription to the Canadian Medical Association Journal
Resident timeline tool
The CMA’s online tool reminds you what you need to do and when to prepare for your transition to practice—from applications for Medical Council of Canada (MCC) and Licentiate of the Medical Council of Canada (LMCC) exams to the steps you need to take to ensure personal and professional wellness as a practising physician. Get started
Canadian Resident Matching Service (CaRMS)
Each year, graduating medical students participate in the Canadian Resident Matching Service (CaRMS). It matches potential medical school graduates with residency positions. Generally, travel costs, which can be significant, are the responsibility of the medical student. But there are ways to minimize these costs. Learn more.
Tax tips for physicians and physicians in training
Taxes are one of the most significant expenses you will incur during your professional career. Up to 50 per cent of your taxable income could be paid in income taxes (depending on your province or territory of residence and income level). Your financial plan should include ways to minimize taxes and maximize your cash flow. For example, relocating for residency may mean you can deduct your travel and moving costs. Or if your employer requires you to use your car for work, you may be able to claim car-related expenses. Download Tax Tips for the Physician and Physician in Training.
Practice Management Curriculum (PMC)
Once you start residency, be sure to attend a CMA Practice Management Curriculum (PMC) seminar for medical residents.
- Seminars—In partnership with your medical school, PMC educates medical residents about the principles of personal, professional and financial management.
- Modules—PMC modules introduce you to the personal and professional issues that you need to consider as you evaluate your future practice options.
Introducing MD MedEd CounselTM
A team of MD Advisors and Early Career Specialists dedicated exclusively to medical student and residents.