We have detected that you are using an unsupported browser. To ensure the security of your account, you must update your browser to the latest version.
Nous avons détecté que vous utilisez un navigateur qui n’est pas pris en charge. Pour assurer la protection de votre compte, vous devez mettre votre navigateur à jour avec la dernière version.
Your first-party cookies are currently disabled. You will not be able to access all of the functionalities on this website. To enable your first-party cookies, please follow the directions at https://www.whatismybrowser.com/guides/how-to-enable-cookies/auto.
Vos cookies internes sont actuellement désactivés. Ces cookies sont requis pour accéder à toutes les fonctionnalités de ce site web. Pour activer vos cookies internes, veuillez suivre les directives à l'URL suivante: https://www.whatismybrowser.com/guides/how-to-enable-cookies/auto.
Cyclist

Make the most of your CPRSP benefit

Are you a physician in B.C. who qualifies for the CPRSP benefit? With no more matching contribution required and new choices, you’ll need the right advice to optimize your CPRSP.

WHAT IS THE CPRSP BENEFIT?

The Contributory Professional Retirement Savings Plan (CPRSP) is a unique benefit program administered by Doctors of BC. It helps practising physicians in British Columbia fund their retirement by providing additional contributions to their personal or spousal registered retirement savings plan (RRSP) or tax-free savings account (TFSA), or to the medical corporation’s individual pension plan (IPP).

WHO IS ELIGIBLE FOR THE CPRSP BENEFIT?

To claim the CPRSP benefit, you must be a practising physician in the province of B.C. who was paid in the previous calendar year, either on a fee-for-service basis or through a non-salaried service contract.

If you are over age 71, you can claim the CPRSP benefit if you have a TFSA or if you share a spousal RRSP with a spouse who is 71 years old or younger.

What’s new for the 2020 - 21 CPRSP program?

NO MATCHING CONTRIBUTION REQUIRED

You no longer need to make a matching contribution to claim your CPRSP benefit. The only condition? You must first deposit your own funds to a registered account — which means deciding which one to use.

YOU CAN NOW USE A TFSA

You now have the option to invest your CPRSP benefit in a TFSA, as well as your RRSP or IPP. You will have to choose which one is best for you (or a combination of both), and carefully consider the tax implications.

WITHDRAW CPRSP FUNDS FOR HOME BUYERS’ PLAN AND LIFELONG LEARNING PLAN

You can now withdraw your CPRSP money with no penalties from your RRSP for the Home Buyers’ Plan, something that can help you qualify for a mortgage more readily, or withdraw for the Lifelong Learning Plan to help fund your or your spouse’s education.

HOW DO I APPLY FOR THE CPRSP BENEFIT?

  1. Each fall, Doctors of BC will send you an email with the details of your CPRSP benefit entitlement. Didn’t get an email? Contact Doctors of BC for more information. If you’re already a member, log into the Doctors of BC website.
  2. You can find your RRSP limit in your previous year’s Notice of Assessment. (Note: you can claim any outstanding CPRSP benefits from the previous two years before they expire.) Once you know your benefit amount and RRSP limit, your MD Advisor* can help you decide on the best strategy for your situation. It could be an RRSP, a spousal RRSP, a TFSA, an IPP or a combination of these.
  3. Book a virtual meeting with an MD Advisor by completing the contact form, and we’ll get in touch with you. If you’re an MD client, you have the option to sign into your My MD account to book a meeting with your MD Advisor directly.
  4. Make your full deposit into the account of your choice and submit proof of your contribution along with your CPRSP application on the Doctors of BC website.

HOW CAN MY MD ADVISOR HELP?

An MD Advisor will help make sure that you’re on the right track when it comes to investing your CPRSP benefit. We’ll help you develop a strategy that will maximize your CPRSP contributions and align with your overall financial goals — whether it’s saving for retirement, paying down debt or funding a child’s education.

Icon of a webcast

Learn more about the CPRSP changes for 2020

See what's new and how MD Advisors can work with you to apply for and optimize your CPRSP benefit this year.


Watch the webinar

* MD Advisor refers to an MD Management Limited Financial Consultant or Investment Advisor (in Quebec).

The information contained in this document is not intended to offer foreign or domestic taxation, legal, accounting or similar professional advice, nor is it intended to replace the advice of independent tax, accounting or legal professionals. Incorporation guidance is limited to asset allocation and integrating corporate entities into financial plans and wealth strategies. Any tax-related information is applicable to Canadian residents only and is in accordance with current Canadian tax law including judicial and administrative interpretation. The information and strategies presented here may not be suitable for U.S. persons (citizens, residents or green card holders) or non-residents of Canada, or for situations involving such individuals. Employees of the MD Group of Companies are not authorized to make any determination of a client’s U.S. status or tax filing obligations, whether foreign or domestic. The MD ExO® service provides financial products and guidance to clients, delivered through the MD Group of Companies (MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited). For a detailed list of these companies, visit md.ca. MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies.