I sat down with Dr. Stephanie Zhou, an addiction-medicine physician, financial-literacy educator, and founder of the Canadian Physicians Financial Wellness Conference. Her story and advice are worth hearing well beyond the medical profession.
When we think about physicians, we tend to picture a stable, high-income career and assume the financial side takes care of itself.
But the path to becoming a doctor is long, expensive, and full of decisions that can affect someone for decades. Medical students may gain access to a substantial professional line of credit before they have earned a meaningful income. Then comes residency, where the work is demanding, the pay is modest, and interest continues to build.
Dr. Stephanie Zhou understands this world from both sides. She is a physician, leads financial-literacy teaching at the University of Toronto Faculty of Medicine, and has built a community around financial wellness for physicians. Her perspective was clear: financial success is not only about earning more. It is about understanding the decisions in front of you and building the right support around you.
A line of credit is not play money
Medical students can access up to $400,000 in professional credit, often at a preferred interest rate. That can feel like an enormous amount of money, especially for someone who may have grown up with very little.
The money is generally released in stages during medical school rather than all at once. That structure helps, but it does not remove the temptation or the risk.
Dr. Zhou sees several reasons students can end up carrying significant debt. Some arrived after completing other degrees. Some have children and need to fund family expenses while studying. Others may be supporting relatives.
The biggest red flag? Treating borrowed money as though it is investment capital or spending money.
> Think of a line of credit the way you would think about money a family member gave you specifically for tuition, rent, and books. You would not casually put it into a speculative investment. The bank’s money deserves the same respect.
This is especially important when family members ask a student to use their credit for a down payment, an investment property, or another purpose outside their education. The student remains responsible for the debt, even if someone else received the benefit.
The lesson: A low-interest line of credit is still debt. Use it deliberately, keep clear boundaries, and know whose name is ultimately on the obligation.
Graduation is not the finish line
The financial pressure does not disappear once medical school ends.
Many physicians enter residency with debt already in the six figures. Residency can last anywhere from two years to much longer depending on the specialty, while earnings are closer to an early-career salary than an attending physician’s income. On top of regular living expenses, residents may face licensing costs, exams, professional fees, insurance, and ongoing training expenses.
Dr. Zhou shared that the median debt level for graduating medical students is roughly $100,000 to $150,000, though the real range is much wider. Some graduate debt-free; others, particularly those with prior studies or international tuition, carry substantially more.
That means there is no universal answer to the question, “How quickly should a doctor pay off their debt?” The answer depends on specialty, the length of training, location, family plans, housing costs, and the availability of work.
A physician might earn more in one specialty but train for many more years. Another might start earning earlier but have different practice costs. The key is to avoid comparing your own financial timeline to someone else’s highlight reel.
Financial literacy should come without a sales pitch
Before 2019, Dr. Zhou says medical students often learned about money from family, industry-sponsored talks, or professionals who had something to sell.
That is one reason she launched a financial-literacy curriculum at the University of Toronto’s medical school. The goal was to give students education without a conflict of interest.
The curriculum has since expanded into practice management and billing for residents. It covers practical questions many new physicians have never been formally taught:
- How does physician billing work?
- What does incorporation mean, and when might it matter?
- Who belongs on a financial team?
- How do you evaluate advice before acting on it?
This matters beyond medicine. Most professionals are trained to do their technical work well. Very few are taught how to run the business around their work, manage cash flow, plan for tax, or make decisions when the stakes get bigger.
Build your financial team before you need it
One of Dr. Zhou’s strongest pieces of advice for new physicians was simple: build a team of experts.
No physician is expected to diagnose every condition without consulting specialists. Financial decisions deserve the same approach.
That team might include a banker, accountant, lawyer, insurance professional, and financial planner. The goal is not to hand over every decision. It is to know who can help you ask better questions, spot blind spots, and verify advice before you act.
Social media can be a helpful starting point for ideas. It should not be the final source for decisions involving debt, tax, insurance, contracts, incorporation, or investing.
The best time to build your team is before you feel overwhelmed, before the first major contract, and before someone presents an opportunity that sounds too good to miss.
Wealth should support a life, not replace one
The conversation that stayed with me most was not about debt or investment returns. It was about purpose.
What is the point of financial independence if all it does is make a number on a statement grow?
For Dr. Zhou, financial wellness includes buying back time, protecting health, making room for family, and giving to causes that matter. Her conference directs ticket and sponsorship proceeds to charity, including needs-based scholarships, women’s-health training, and the Scott Mission—the shelter that supported her family after they immigrated to Canada.
That is a powerful reminder: wealth is not only about what you keep. It is also about what freedom allows you to do.
Final Thoughts
Whether you are a new physician, another incorporated professional, or someone building a business from the ground up, the principle is the same: a strong income does not automatically create a strong financial life.
Know what you owe. Treat borrowed money with care. Build a trusted team. And decide what financial independence is meant to give you before you spend years chasing it.
Make Your Mortgage Work for You
Understanding your debt is one step. Understanding how it fits into your tax plan is another.
If you own a home and rental property, join me on October 29, 8–9 p.m., for a free live online training on the Smith Maneuver. We’ll explore how the strategy works, common mistakes to avoid, and what to consider before deciding whether it fits your situation.
Register for the free live training.
Next Steps
If you want to make sure your file can stand up to a second look, Book a consultation with my team today. We help everyday Canadians navigate the confusing world of taxes so you can keep more of what you earn.
Until next time, happy Canadian Real Estate Investing.
Cherry Chan, CPA, CA
Your Real Estate Accountant
