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Make the most of your CPRSP benefit

Are you a physician in B.C. who qualifies for the CPRSP benefit? Make sure you get 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 B.C. fund their retirement by reimbursing CPRSP contributions made 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.

HOW DOES THE PROGRAM WORK?

You make a contribution to an investment account (RRSP, spousal RRSP, TFSA or IPP) that is equal to or greater than your CPRSP entitlement. You will have to choose which one (or which combination) is best for you and carefully consider the tax implications.

Apply online for your benefit. Proof of deposit is no longer required, but you may be selected to provide proof at a later date. Doctors of BC reimburses your benefit to your bank account.

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 then complete 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.

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Top 5 things you should know about the CPRSP

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


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 Life Insurance Company and Scotia Wealth Insurance Services Inc.). 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.