Preparing for Residency
Learn how to take the right steps.
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:
- free financial advice
- low and no-fee banking, 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 MCC and 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, about 1,600 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.