One of the key benefits for members of Doctors of BC is the Contributory Professional Retirement Savings Plan (CPRSP). This plan reimburses eligible physicians for contributions to an RRSP or TFSA each year.
The annual CPRSP amount is based on eligible billings and length of service, and typically ranges between $8,000 and $12,000. Benefits must be claimed by March 31 of the third year after the claim year. For example, the 2023 CPRSP benefit must be claimed by March 31, 2026, or it will be permanently forfeited.
To claim your CPRSP funds, you must make a contribution to your RRSP or TFSA either in the year of the claim, just prior to submitting your claim, or within two weeks after receiving the CPRSP funds.
To make the claim, log in to your member benefits page on the Doctors of BC website and look for the link to claim your CPRSP benefits.
Depending on your personal situation, an RRSP or TFSA may be more advantageous. Contact an advisor at PJ&A and they can help you evaluate your options to ensure you maximize this benefit.
Tip: You can submit your claim on March 31, 2026, and still have two weeks to make your eligible contribution. Don’t miss out on this valuable retirement benefit!
