Do they really "earn so little" ? An average Ontario doctor earns #385K a year - 10 times of what the average Ontarian earns. There's got to be some fine line beyond which it becomes "greed"Originally Posted by Square Root
http://news.ontario.ca/mohltc/en/201...d-seniors.html
Last edited by pnky; 2012-10-03 at 12:58 PM.
An average doctor BILLS $384K per year according to that source. You realize they are running their entire offices from that income stream.
I think doctors are compensated fairly well but I just want to point out, the 385k figure is not what they earn--it's the amount doctors bill the government. Aka that's the amount they pull in before subtracting out all their expenses (paying the nurse, receptionist, rent/office expenses, etc).
Now I have no idea how much of the money these expenses would eat up, or how taxes work in their situation (not sure if they are taxed as a business or individual?) but to say they earn 385k is an exaggeration. Probably still a very good salary though.
Also - just went and got median figures (because averages are meaningless in this context) - median OHIP billings in 2010 per physician were under $300K. Source: http://www.ices.on.ca/file/ICES_Phys...eport_2012.pdf - table 3.1
If you exclude specialists the amount is much lower. It is my understanding that the median GP net income is around $125k after expenses. Yes, I think this is very low in relation to their educational requirements, responsibility, lack of benefits, and how hard they work. Compared to what senior execs make? Insulting.
Wow, what a healthy discussion ! Good point MoneyGal and others - did not realize that $385K can be a misleading figure.
I come with a lot of baggage...where I come from, doctors are very corrupt, earn in millions and dont think twice before suggesting a few major surgeries just to make that extra buck - irrespective of whether the patient needs it or not. We went through some very painful real-life incidents involving the treatment of my parents and my wife too and it has led me to have a general lack of trust of doctors in general. I think it is time to shed that baggage.
Thank you everyone for your views and comments.
I have a GREAT quote from an actuary (but I've never pulled it out, because I can't source it -- I'm breaking my own rule here) that says when you look from the perspective of total earnings over a lifetime, TTC collectors outearn doctors hands-down.
Why? Because they start at age 18, retire early, and get indexed DB pensions as long as they live.
Doctors, in contrast, go through a minimum of 9 years of PSE (and it is 17 full years for the highest-earners, radiologists), they often rack up tremendous medical debt, they essentially have to run full-time businesses to practice, and they retire with no pension.
And yet so many of the collectors are grumpy most of the time, sigh!
Yes, I am constantly surprised why so many people want to be doctors. Obviously, many(most) just want to help people and aren't motivated as much by money as some here(myself included). Good for them.
I know a guy in his early 30s who is a portfolio manager with a major invt co in Bay Street which he joined 2-3 years ago. And he isnt covering anything sexy like biotech and pharma. Prior to that he was a GP in Manitoba. He did say being a GP doesnt pay as well here as elsewhere.
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