2012 BCMA CPRSP Entitlement

The British Columbia Medical Association (BCMA) has recently released the 2012 entitlement amounts for the Contributory Professional Retirement Savings Plan (CPRSP). If you are an eligible physician in British Columbia, you should have received notification of your entitlement.

The BCMA will have emailed your notification if it has an email address on file. Otherwise, you should have received the information in the mail.  If you haven’t received anything, you should check your online account with the BCMA or contact the BCMA directly.

You can access your account online to view the 2012 entitlement package, including a pre-filled application form.

Blank application forms are also available from the BCMA website.

If you want the CPRSP contribution to be deducted on your 2012 income tax return, the BCMA must receive your application by January 21, 2013.

If you have any questions on your 2012 CPRSP claim or would like more information, please contact me.

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

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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.
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3 Responses to 2012 BCMA CPRSP Entitlement

  1. jaotte says:

    Hi John

    Questions relating to this, don’t know if you’d have an idea but maybe –
    1) RRSPs done with direct investing accounts, eg. Royal Bank –> who would we get to fill out the form?
    2) if we’ve already fully contributed for 2012, is it best to delay submitting the BCMA form until after March 2012, or better just to get it done and be in an overcontribution position?

    • John Moore says:

      You can fill out the form. There’s a box to tick indicating that your RRSP is with another financial institution, and then attach a copy of your RRSP receipt. Just make sure you put the right RRSP account # , etc… on the application so that they pay it to the right account.

      If you don’t have an RRSP receipt, the bank should be able to run one off for you. Otherwise, there is a statement of contribution form available from the BCMA that you can get the bank to fill out for you.

      If you are already fully contributed for 2012, I would wait until January to get it processed. The CPRSP payment will get included in your income in the year it is paid to your RRSP. If you get it processed now, you’ll have to include that amount in this year’s income. If you wait until January, the income inclusion will be on your 2013 tax return.

      There is a box in the top right hand corner of the application to check if you want it processed in 2013.

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