Thanks for your perspective @PsycUndergrad. I am having a really difficult time with this decision. I used to be really interested in many areas of medicine, but as time went on, I became less and less so. But I wonder if it would be worth it to make it to psychiatry in the end, and yes you do mention a good point about the salary.
On top of everything I mentioned, I'm not super confident with my ability to get into a good MD school. My undergrad GPA is around a 3.5, and hopefully my current 1-year master's can help a little if I do well (I know they may not take master's grades into account numerically, but hopefully an upward trend would at least create a good impression?). I see that you're in Canada. I'm a Canadian citizen who just finished undergrad internationally. In a real pickle because I can't meet the Canadian med school high GPA cutoffs, but my citizenship will work against me in the US where I might have a higher chance with being viewed as more "well-rounded."
Anyways. I wonder if with more psych research I will have a better chance at PhD compared to MD. At this point, I know both are super crazy hard though.