According to the association of Faculties of Medicine of Canada, the average cost of debt that a medical school graduates with is $100,000. While nearly all medical students rely on scholarships, grants, or loans to help pay for their tuition, oftentimes that’s not enough. If you’re completing your residency in the province of Ontario, there’s another option you may be able to take advantage of, provided you meet the criteria for eligibility. 

The Ontario Ministry of Health Resident Loan Interest Relief Program (RLIRP) was designed to provide financial assistance to eligible residents during a critical period of their professional development. It is the result of an agreement between the province and the Ontario Medical Association. Through this program, Ontario medical school residents are exempt from paying interest on any government-funded student loans, throughout the period of their residency. In return, the resident must agree to provide physician services in Ontario for five years following the completion of the medical residency. In order to participate in this program, two conditions must be met:

  1. The participant must enter into a Return of Service (ROS) Agreement with the MOH and;
  2. enter into a Medical Resident Loan (MRL) Agreement with the Ministry of Colleges and Universities (MCU).

Click here to learn more about eligibility, or contact one of our financial advisors who would be happy to discuss this program with you at (905) 815-6559.

About the Author: Alex Powell

CPA CA, Director

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