Continuing Medical Education (CME) Benefit

The British Columbia Medical Association (BCMA) administers five major benefit programs that are available to practicing BC physicians and surgeons.  This post is the first in a series of five describing the various benefit programs.

The Continuing Medical Education (CME) fund is designed to assist physicians with their educational expenses.  In the past, physicians had to submit an application along with supporting documentation to claim the benefit. It has now been recognized that all licensed physicians are required to participate in a recognized revalidation process. Accordingly, an application form is no longer required for claims beginning with 2011. The benefit will be paid out in full once the College of Physicians and Surgeons of BC confirms that a license has been issued. Claims for prior periods still require an application to be submitted.

To be eligible, a physician must have earned at least $5,000 of eligible income in the previous calendar year.  Eligible income is fee-for-service income paid by the Medical Services Plan (MSP), sessional income and and non-salaried earnings under a service contract with a government agency. It is my understanding that billings to ICBC and WorksafeBC are not eligible. 

The benefits for different levels of income are summarized below. The current maximum benefit of $1,800 is obtained when eligible income in the previous calendar year is over $30,000.

Gross Income Benefit % Benefit $
     
Over $30,000 100% $1,800
$15,001 – $30,000 75% $1,350
$10,001 – $15,000 50% $ 900
$5,000 – $10,000 25% $ 450
Less than $5,000 Nil Nil

Please ensure that the BCMA has your banking information on file to be able to receive the benefit payment.

Payments received personally for the CME benefit are considered taxable income and are reported on a T4A slip. Payments made to a physician’s professional corporation are income to the company and a T4A will not be issued.

Non-members of the BCMA are entitled to receive the benefit, but must pay an administration fee of the lesser of 50% of the benefit or the balance of the equivalent BCMA dues, plus HST.

Future posts will address the remaining benefit programs:

John Moore, accountant for doctors, dentists, lawyers and other business professionals, Vancouver, British Columbia

 

 

Related Posts

About John Moore

I am a Chartered Accountant based in Vancouver, BC who helps doctors, dentists, lawyers and other business professionals keep more of what they earn. I provide tax, accounting and financial planning services for professionals and business owners.
This entry was posted in Doctors, Health Professionals, Medical Residents and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s