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6mo ago

Nova Scotia Introduces Retirement Fund Top-Ups to Retain Doctors

The initiative aims to address doctor shortages by offering financial incentives to physicians at various career stages.

Nova Scotia Premier Tim Houston speaks to reporters during meetings with Canada's other premiers at the Council of the Federation in Halifax on Tuesday, July 16, 2024. THE CANADIAN PRESS/Darren Calabrese

Overview

  • Nova Scotia's government will provide retirement fund contributions to approximately 3,000 doctors, costing up to $22 million for the 2024 tax year.
  • Doctors in their first five years of practice can receive $5,000 annually without needing to match contributions.
  • Physicians with five to fifteen years of practice can receive up to $10,000 annually if they contribute matching funds.
  • Doctors with over fifteen years of experience are eligible for up to $15,000 annually, contingent on matching contributions.
  • The program allows doctors to choose from various retirement fund options, including tax-free savings accounts and RRSPs.