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BC MSP Rates 2016
Canadian Tax and
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The MSP rates increase by 4.2% effective January 2016. Rates
are based on adjusted net
income. Premium assistance will also be enhanced effective January 1,
2016, to ensure those receiving assistance will not be affected by the
increase. The rates for 2016 for those paying less than the full premium
are unchanged from the 2012 rates. However, those who were able to
increase their adjusted net income very slightly to over $30,000, so that they
now pay the full rate, will have a 46% increase in annual premium in 2016.
You must apply to get the premium
assistance - this is not done automatically based on the income
reported on your tax return. Unfortunately, this is not well known, and
many people are not getting the premium assistance they need. A senior
couple with $36,000 of income is eligible for premium assistance, as $3,000 is
deducted from income for each senior to arrive at adjusted net income.
There are also deductions for disabilities, children, and UCCB. If you
have friends, relatives or neighbours who you think may be eligible for premium
assistance, please let them know that they have to apply for it.