From work to play, and everything in between, we provide you with access to hundreds of deals from recognizable, best-in-class brands, elevating every facet of your life – from practice supports to entertainment, restaurants, electronics, travel, health and wellness, and more. Your Club MD membership ensures that these deals are exclusive to you, eliminating the need to search or negotiate.
Welcome to the ultimate Club MD experience. Your membership, your choices, your journey.
Stay up to date with important information that impacts the profession and your practice. Doctors of BC provides a range of newsletters that target areas of interest to you.
From work to play, and everything in between, we provide you with access to hundreds of deals from recognizable, best-in-class brands, elevating every facet of your life – from practice supports to entertainment, restaurants, electronics, travel, health and wellness, and more. Your Club MD membership ensures that these deals are exclusive to you, eliminating the need to search or negotiate.
Welcome to the ultimate Club MD experience. Your membership, your choices, your journey.
From work to play, and everything in between, we provide you with access to hundreds of deals from recognizable, best-in-class brands, elevating every facet of your life – from practice supports to entertainment, restaurants, electronics, travel, health and wellness, and more. Your Club MD membership ensures that these deals are exclusive to you, eliminating the need to search or negotiate.
Welcome to the ultimate Club MD experience. Your membership, your choices, your journey.
The Contributory Professional Retirement Savings Plan (CPRSP) provides funds to physicians for their retirement. CPRSP has two components:
Basic benefit
Length of Service (LOS) benefit
The maximum CPRSP benefit available for 2023 is $12,600 (Basic $6,900 and LOS of $5,700).
Each fall Doctors of BC calculates a CPRSP benefit for physicians to claim via the Doctors of BC website.
Reminder and New For 2023 CPRSP
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 to Doctors of BC at a later date.
Make sure to contribute to your RRSP/TFSA either in the benefit year that you are claiming, or prior to or immediately after submitting your online claim and receiving the benefit.
For physicians who are not a member of Doctors of BC and have administration fee balances, your reimbursement will be net of administration fees. However, upon request, your proof of contribution needs to be for the FULL CPRSP benefit amount claimed.
RRSP/TFSA deposits made after receiving a notice to provide proof of contribution to Doctors of BC 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 result in a claw back of the unsubstantiated amount from your future CPRSP Benefit. You do not need to return the CPRSP benefits claimed.
NEW to 2023 CPRSP is the Corporate Registered Pension Plan (RPP). Similar to Corporate Individual Pension Plan (IPP), deposit confirmations will be required with the online claim.
If you have closed your IPP or have recently set one up or have an RPP, please reach out to a Benefits Administrator via benefits@doctorsofbc.ca prior to submitting your online claim.
The Medicus Pension Plan™, established by MD Financial Management Inc. and Scotiabank, is the first-ever multi-employer pension plan for Canada’s incorporated physicians – and it is eligible for CPRSP claims.
Please do speak to your financial advisor about the Medicus RPP option for your retirement planning.
Learn about Medicus and how it works with the CPRSP by attending a webinar:
DATE: Wednesday, January 31, 2024 TIME: 7:00 pm PT.
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.
If you are over age 71 (Canada Revenue Agency’s age limit), you may still claim the CPRSP benefit, up to your RRSP deduction limit, if you:
Have a spousal RRSP (where you are the registered contributor) and your spouse is 71 years old or younger.
Have a personal Tax Free Savings Account (TFSA).
Eligible retirement savings vehicles
The CPRSP benefit can be reimbursed to you for contributions you make to:
your personal or spousal RRSP account where you are the registered contributor, and/or
your personal TFSA.
The CPRSP benefit can also be reimbursed to your corporation for contributions made to:
your corporation's IPP (Individual Pension Plan) or (NEW) RPP (Registered Pension Plan).
How CPRSP is calculated
Basic benefit
The Basic benefit is based on your 2022 calendar year’s eligible income and the practice type assigned to you by MSP, which will determine your net income.
Net income of $100,000 = maximum Basic benefit = $6,900 in 2023
You need to deposit this amount into your RRSP and/or TFSA or corporation’s IPP or RPP prior to claiming a reimbursement from the CPRSP.
LOS benefit
The 2023 Length of Service (LOS) benefit is based on your 2022 calendar year’s eligible income and the number of years you have practiced in BC where 1 year is at least 9 months of medical practice in the province. If you started practice in BC in July 2019, LOS equals three years: 2020, 2021, and 2022.
The maximum benefit of $5,700 in 2023 will be paid if you:
Have practiced in BC for 20 LOS years or more, and meet the minimum income threshold.
Have deposited this equivalent amount into your RRSP and/or TFSA or corporation’s IPP or RPP prior to claiming a reimbursement from the CPRSP.
The LOS is allocated as follows:
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
< $5,000
0%
$ 5,001 – $ 10,000
20%
$10,001 - $25,000
40%
$25,001 - $40,000
60%
$40,001 - $50,000
80%
> $50,001
100%
Forfeiture and application deadlines
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 2021 CPRSP Basic and LOS benefits are not claimed by March 31, 2024, it will be forfeited and returned to the fund for redistribution.
On-line claims will be processed and reimbursed within three weeks if not sooner.
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.
Please review your membership category to make sure it is accurate, even if you are choosing not to renew.
If selected to provide proof of contribution, your RRSP/TFSA contribution documentation needs to be a minimum of the total claim amount, not the amount net of administration fees.
An administration fee receipt will be issued to you in February of the following year.
Include the CPRSP benefit on your income tax
CPRSP benefits are considered taxable and as such a T4A will be issued to you for amounts claimed in the calendar year.
A T4A is not issued when the CPRSP benefit is paid to your corporation for Corporation’s IPP or (NEW) RPP only.
For tax-related questions we recommend that you seek advice from your accountant or financial planner.
For more information
For CPRSP inquiries, please contact Doctors of BC Benefits Department.