Real Estate Price Surge Drives Up Costs of “Patient’s Medical Home”
MISSISSAUGA, ON – The College of Family Physicians of Canada (CFPC) has announced a new mandatory 14.8% tax on all Canadian Family Physician income earned after July 1, 2019.
The new tax, announced Thursday, will be known as the “Patient’s Medical Home Tax.”
“We are getting a bit nervous about the small size of our reserve fund, and we think family doctors should cough up a bit more of their income,” explained Dr. Avril Asinus, the chair of the CFPC’s Committee on Revenue and Procurement (CRaP). The CFPC’s reserve fund is currently valued at $23,241,666 as of May 2017.
In an interview Tuesday, Dr. Asinus insisted that these changes are “proposed changes only. We are going to consult widely to gather opinions from Family Physicians, patients, and stakeholders across Canada. And then we are going to implement the tax anyways.”
Physicians are struggling to find ways to cope with their increased tax burden, citing additional federal taxes, CFPC dues, and real estate prices.
Dr. Asinus responded, “We have heard that some of our members simply cannot afford this – none of them are actual dermatologists.”
In an effort to improve affordability, the CFPC will provide options including the potential to downgrade their proposed Patient’s Medical Home initiative to one of several other options (see Figure 1). These options, designed to provide a downsized alternative to the costly and expansive Patient’s Medical Home, include the Patient’s Medical Bungalow and the Patient’s Medical Hostel.
Figure 1. Options to help afford the new Patient's Medical Home Tax.
Given the high financial demands on medical trainees, the Canadian Medical Association has also responded: “Our next generation of medical student backpacks will feature the option to convert into a Patient’s Medical Tent.”
Within a few years, this housing is forecasted as the only type of accommodation in which residents can actually afford to live.
Family Physicians are advised to speak to their accountants regarding the implications of the proposed changes.
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