The Contributory Professional Retirement Savings Plan (CPRSP) provides funds to physicians for their retirement. CPRSP has two components:
The maximum CPRSP benefit available for 2022 is $11,100 (Basic $6,000 and LOS of $5,100).
Each fall Doctors of BC calculates and makes available a CPRSP benefit for physicians to claim via the Doctors of BC website.
The FULL CPRSP Basic and LOS benefits are for your retirement savings. It is calculated annually to encourage BC physicians to save annually/regularly towards their retirement.
RRSP and TFSA claims only: You do not need to attach your RRSP/TFSA deposit documentation upfront with your online claim; however you may be selected to provide proof of contribution at a later date.
Make sure to contribute to your RRSP/TFSA prior to, or immediately after, submitting your online claim and receiving the benefit. RRSP/TFSA deposits made after receiving a notice to provide proof of contribution will not be accepted.
IMPORTANT: Please retain your RRSP/TFSA deposit documentation for a two year period in case you are selected to provide proof of contribution. Failure to provide appropriate documentation will affect your future CPRSP Benefit.
Physicians who are not able to provide sufficient deposit confirmation documentation when requested will have any unclaimed and/or future CPRSP benefits clawed back for the unsubstantiated amount.
Corporate Pension Plan (IPP) claims: Corporation’s pension plan deposit confirmations will still be required with the online claim. If you have closed your IPP or have recently set one up, please reach out to a Benefits Administrator viaprior to submitting your online claim.
To be eligible for CPRSP, you must have been paid on a fee-for-service basis by MSP or through a sessional and/or non-salaried service contract by the Health Authorities in the prior calendar year.
The CPRSP benefit can be reimbursed to you for contributions you make to:
|Years of practice in BC (at least 9 months of a year in BC = 1 LOS year)||Percentage of maximum LOS|
|1 - 4 years||20%|
|5 - 9 years||40%|
|10 - 14 years||60%|
|15 - 19 years||80%|
|20 years or more||100%|
|Annual gross eligible income||Percentage of LOS payable|
|$ 5,001 – $ 10,000||20%|
|$10,001 – $25,000||40%|
|$25,001 – $40,000||60%|
|$40,001 – $50,000||80%|
The CPRSP is calculated around the fall of each year. Once available, you have two and a half years to claim before it expires and forfeits.
For example, if your 2020 CPRSP Basic and LOS benefits are not claimed by March 31, 2023, it will be forfeited and returned to the fund for redistribution.
On-line claims will be processed and reimbursed within three weeks.
If you are not a member in the year the entitlement is allotted, an administration fee of the lesser of 50% of your Basic benefit or the balance remaining of your equivalent Doctors of BC membership dues, plus GST, will be deducted prior to payment, for each benefit year being claimed.
An administration fee receipt will be issued to you in February of the following year.
A T4A will be issued for the CPRSP benefit. You must include this amount in your personal income. Your financial institution will also issue an income tax receipt for your deposits made in the remainder of the year and/or first 60 days of the following year as an offset for income tax purposes.
A T4A is not issued when the CPRSP benefit is paid to your corporate bank account for Corporate IPP only.
For tax-related questions we recommend that you seek advice from your accountant or financial planner.
For CPRSP inquiries, please contact Doctors of BC Benefits Department.
Telephone 604 638 2926
Toll Free 1 800 665 2262 ext 2926