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Medical School Cost Calculator

Find out how much money your medical school education will cost and if your planned funding will be enough.

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Where will you attend medical school?

Tuition
If you are attending a Canadian medical school, select your province and school from the lists below, and the expense table will be populated with the expenses for your selected school. If you are attending a medical school outside of Canada, select “Other” in the province of study list - you can enter your expected costs directly in the table below. Don’t forget to factor in exchange rates.
  • Degree length

If you are attending a medical school outside of Canada, you can enter your expected costs directly in the table below. Don’t forget to factor in exchange rates.

  • Tuition
    The annual cost of tuition for your selected medical school.
    per year
  • Books and supplies
    Your expected annual cost for books and school supplies for the year.
    per year
  • Other fees

    Additional fees associated with your medical school not included above. This amount is based on what’s reported by your selected school. For more information on what these fees cover, please refer to your school’s medical program information.

    In addition to other school fees, you may use this field to input expenses related to the Canadian Resident Matching Service (CaRMS). CaRMS expenses may include travel, accommodation and other fees, typically totaling as high as $5,000 to $6,000. These expenses come in your final year, but for the purposes of this tool, divide your total expected cost and divide by the number of years you select as your degree length.

    per year
  • Housing
    Your expected monthly housing cost. This field is automatically filled with the average cost of a one bedroom apartment near your selected school.
    per month
  • Food
    Your expected monthly food and grocery costs. This field is automatically filled with the average amount a student spends on groceries each month at your selected school.
    per month
  • Utilities
    Your expected average monthly utility costs. This may include heating, hydro, internet, cable, phone, etc.
    per month
  • Transportation
    The monthly cost of transportation. This field is automatically filled with the cost of a student public transportation pass in the city where your selected school is located.
    per month
  • Other
    Any additional living expenses that aren’t included above. Examples include medication, non-grocery home items such as cleaning supplies, etc.
    per month
  • Insurance
    Your monthly insurance costs, including home, auto, life or health insurance.
    per month
  • Medical Association Fees
    Your annual medical association membership fees for your province. This field is automatically filled with the combined CMA and provincial medical association fees in the province of your selected school. Note that in some provinces, these fees are included in your tuition.
    per year
  • Entertainment
    Additional monthly expenses for going out to dinner, the movies, concerts, new books, hobbies, etc.
    per month
  • Travel
    Your expected monthly costs for non-school related travel – this could include visiting home for the holidays or going on a vacation.
    per month
  • Miscellaneous
    Any additional costs not listed above – this could include daycare for your child, veterinarian visits for your pet, etc.
    per month
  • Funding Miscellaneous
    Enter the money you will use to pay for your education as annual amounts, which will be applied to each year in your program. If you expect a one-time payment (such as a scholarship) divide the total amount of funding by the number of years in your program, and enter this amount. Do not include loans or other forms of debt, such as a line of credit.
    Total: per year
  • Personal savings
    The withdrawals you expect to make from your personal savings.
    per year
  • RESP
    The withdrawals you expect to make from your registered education savings plan (RESP).
    per year
  • Earnings from Part-Time/Full Time Job
    The after-tax income you’ve earned at a part-time or full-time job.
    per year
  • Scholarships and Bursaries
    The amount you expect to receive from scholarship or bursary programs. If you receive a one-time payment, you will need to divide the total amount by the number of years in your program.
    per year
  • Grants
    The amount you expect to receive from a grant. If you receive a one-time payment, you will need to divide the total amount by the number of years in your program.
    per year
  • Family Contributions
    The amount you expect to receive from family contributions, such as an allowance or gift from a relative.
    per year
  • Other
    Any additional funding from a source not listed above, including government student loans, student and resident lines of credit or other types of loans intended for your medical school education.
    per year
Tuition inflation rate
The expected average rate of increase in your tuition each year. Over the last 5 years, Canadian medical school tuition rates have increased at an average rate of approximately 4% each year.
%
Inflation rate
The rate you expect your living expenses to increase by each year. Over the last 10 years, annual Canadian inflation rates have averaged approximately 1.8%.
%

Results

Based on your current plan, your total medical school costs of will be offset by a total of in funding for the length of your studies.

With your current funding, you will have a shortfall of

Congratulations! Your current funding is enough to cover your expected costs.

Source: National Physician Survey 2012. Surveying: Students and Residents

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Assumptions
Tuition costs in this tool are actual Canadian medical school tuition costs for the 2015 academic year, compiled by MD Financial Management. All fees are reported in current Canadian dollars, not taking into account any tax credits that may apply.

Cost data for all non-tuition related fields are annual estimates based on the average costs at each school of study for the 2015 academic year, compiled by MD Financial Management. The costs included in this tool may not represent all of the costs associated with medical school.

Average tuition inflation rate based on Statistics Canada Canadian University Tuition Fees data, 2011/2012 through 2015-2016.

The average inflation rate is based on historical changes in the Consumer Price Index, Statistics Canada, CANSIM, table 326-0021 and Catalogue nos. 62-001-X, 62-010-X and 62-557-X.

This tool rounds to the nearest dollar.

Disclaimer
*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 presented here 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. 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.