SPECIAL NEWSFLASH FOR NOVA SCOTIA PHYSICIANS:
Up to $15,000 in free cash to help with Retirement goals.
As announced by Nova Scotia Premier Tim Houston on Wednesday, October 16, 2024, the Province is setting up a program to help its physicians save for retirement this year. The cash subsidy provided by the Provincial Ministry of Health mirrors in part the British Columbia program established a number of years ago by Doctors of BC.
Under this program, physicians in their first 5 years of practice can receive a $5,000 payment that they can apply either to an individual pension plan, personal pension plan, registered retirement savings plan or tax-free savings account.
Physicians between 5 and 15 years of practice can receive $10,000 so long as they contribute to such retirement accounts, making this a matching amount.
Physicians that have 15 or more years of practice are entitled to a $15,000 matching amount if they contribute to these savings plans.
Nova Scotia physicians that are incorporated and that take a salary from their professional corporation can already set up a personal pension plan via the Canadian Physicians’ Pension Plan. When that professional corporation contributes to the pension plan, the new Provincial Program will match this, dollar for dollar, depending on the seniority of the doctor.
Since the cost of having a pension plan under the Canadian Physicians Pension Plan is, at worst, $2,800, the introduction of this new provincial program means that saving for retirement has become a cost-free exercise.
See the Press Release on CBC.CA