Saving for your future or retirement can be tough. But if you’re a practising physician in British Columbia, there are two important ways to make it a lot easier:
The deadline to claim your CPRSP benefit is January 20, 2020 (or December 2, 2019, if you were born in 1948).
For physicians who are in their first to fifth year in practice, your full CPRSP entitlement is available without requiring any matching contribution from you.
Your CPRSP benefit can go a long way to getting your retirement savings on track. But ensuring you’re ready for challenges down the road means carefully analyzing your financial situation, creating a plan and putting it into action. At every stage of your life and career, a knowledgeable MD Advisor can help:
In short, MD helps you successfully manage your competing financial challenges so you and your family can achieve your financial goals — including the retirement you want.
MD Financial Management (MD) has a close relationship with Doctors of BC, which issues your CPRSP benefit, so we can help you make the most of this unique program.
An MD Advisor will help you save time, make the process hassle-free and ensure you receive all you’re entitled to — we can even apply on your behalf.
1. Log in to the Doctors of BC website.
2. Go to My Account and select “View all personal documents” to view your 2019 CPRSP entitlement package (including any entitlement packages for benefits not yet claimed from 2017 and 2018).
3. Print your personalized CPRSP application (which specifies your entitlement) and cover letter.
4. If you already have an MD RRSP account, fax or drop off your signed application forms at your local MD office. Your MD Advisor will take care of the rest.
5. If you don’t already have an MD RRSP, switching is easy. Just book an appointment with an MD Advisor and complete the CPRSP application form. The MD Advisor will take care of the rest. (Bring your 2018 notice of assessment from Canada Revenue Agency and your completed CPRSP application to your appointment. The notice of assessment will help to ensure that you don’t over-contribute and exceed your RRSP deduction limit.)
Here are a few links you may find helpful:
Your MD Advisor is here to help with all your financial needs.
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1 Environics Research (2018) MD Physician Retirement Readiness Study.
2 MD Advisor refers to an MD Management Limited Financial Consultant or Investment Advisor (in Quebec), or an MD Private Investment Counsel Portfolio Manager.
The information contained in this document is not intended to offer 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. Incorporation guidance is limited to asset allocation and integrating corporate entities into financial plans and wealth strategies. Any tax-related information is applicable to Canadian residents only and is in accordance with current Canadian tax law including judicial and administrative interpretation. The information and strategies presented here may not be suitable for U.S. persons (citizens, residents or green card holders) or non-residents of Canada, or for situations involving such individuals. Employees of the MD Group of Companies are not authorized to make any determination of a client’s U.S. status or tax filing obligations, whether foreign or domestic. The MD ExO® service provides financial products and guidance to clients, delivered through the MD Group of Companies (MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited). For a detailed list of these companies, visit md.ca. MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies.