BC physicians:
CPRSP came out early this year and is live now.
It's one of the most valuable benefits you can get if you're a member of Doctors or BC.
Here's how it works:
CPRSP is designed to encourage retirement savings.
DoBC does this by reimbursing you up to $12,600 for RRSP, IPP, or TFSA contributions.
To qualify, you must have been paid by MSP or through sessional work (non-salaried, basically) the previous year.
There are 2 components to CPRSP:
- the Basic amount ($6,900)
- the Length of Service (LOS) amount (variable, between $1,020 and $5,700)
The Basic amount is based on your previous year's income, and the LOS is based on that + the number of years you have practiced in BC.
To get it, you make a contribution to your RRSP, IPP, or TFSA. Then you log in to your DoBC account, apply, and they reimburse the amount to your bank account.
You no longer have to submit proof, but they will audit a select number of physicians yearly.
It's taxable, meaning you must add the amount to your personal income and pay tax on it at your marginal rate.
You can offset this by contributing it to your RRSP.
If CPRSP is paid to your corporate account instead (when you use an IPP), it's taxable to your corporation.
Non-members can also claim it, but the benefit is reduced by 50%.
That reduction will more than pay for your DoBC/CMA membership fee, so you may as well become a member and get the full CPRSP benefit!
If this is new to you, or if you've missed a couple of years, don't worry - you can claim the previous 2 years' CPRSP at any time.
But you can't claim further back than that - so if you missed the 2021 or prior CPRSP benefit, it's gone forever.
It's incredibly powerful, and all BC physicians should take advantage.
The annual CPRSP claim is open each year in the fall, and 2024 claims are now available.
You can apply by logging into your account here:
https://lnkd.in/e3capPT5
There are other benefits to being a DoBC member - too many to list, in fact.
You can read more here:
https://lnkd.in/exwvhCpB
Contract Management Consultant Operation/ Vice President at Rudrabhishek Enterprises Ltd. (REPL)
2moShe deserves tons of appreciations on successfully completing her tenure.