Each year, eligible doctors in B.C. receive contributions to their retirement savings through the B.C. Contributory Professional Retirement Savings Plan (CPRSP).
These benefits are administered by Doctors of BC and can provide an extra boost to your savings for retirement.
Here are the steps to receive your CPRSP benefit.
1. Wait for an email notification from Doctors of BC
Doctors of BC will send you an email with the following:
- details of your CPRSP benefit entitlement
- a link to your customized 2020 CPRSP application form
Didn’t get an email? If you’re a Doctors of BC member, check your eligibility by logging into the Doctors of BC website.
Not a member? You can claim a benefit if you’re eligible, but there is an administration fee. Contact Doctors of BC for more information.
2. Work with your MD Advisor* to determine the best strategy
New! Starting this year, you can invest your CPRSP benefit in a tax-free savings account (TFSA).
But there are tax implications, depending on whether you invest in a TFSA, an RRSP, a spousal RRSP, an individual pension plan (IPP) or a combination of these. Your MD Advisor can help you decide the best strategy for your situation.
3. Make your full deposit first
New! This year, you must first deposit your own funds in the account of your choice (RRSP, TFSA, IPP or a combination).
4. Complete and submit your CPRSP application online
New! CPRSP applications are available online through the Doctors of BC website. Once you have proof of contribution to your RRSP, TFSA or IPP, complete the application and submit the proof along with the application. You will then be reimbursed, and the CPRSP benefit will be directly deposited into your bank account.
How MD can help
An MD Advisor can help steer you in the right direction and optimize your CPRSP benefit. Have your 2019 notice of assessment from the Canada Revenue Agency and your Doctors of BC login information available.
If you’re a client of MD Financial Management, contact your MD Advisor.
If you’re not yet a client, you can set up a virtual appointment with your local MD office.
If you have questions about eligibility, please contact Doctors of BC at email@example.com or 604 638-2926.
* MD Advisor refers to an MD Management Limited Financial Consultant or Investment Advisor (in Quebec), or an MD Private Investment Counsel Portfolio Manager.
The above information should not be construed as offering specific financial, investment, 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.