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Tax Rates/Credits -> BC Tax -> BC Medical Services Plan (MSP) -> BC MSP Rates 2018BC MSP Rates January 1 to December 31, 2018As per the BC September 2017 Budget, the premium rates for all British Columbians will be reduced by 50%, and the threshold for elimination of premiums is increased from $24,000 to $26,000. Rates are based on adjusted net income. It is not necessary to apply for premium assistance in order to get the 50% reduction, as it is not considered premium assistance. The government indicates that MSP premiums will be eliminated within 4 years. You must apply to get 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. $3,000 is deducted from income for each senior to arrive at adjusted net income. There are also deductions for disabilities, children, and UCCB income. For those who are enrolled in an MSP group plan as an employee or pensioner, application for the premium reduction must be done through the group plan administrator. Where the employer pays the premiums, this is a taxable benefit to employees, so it is still important to apply for the reduction, to reduce your taxable benefit. 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.
Revised: October 22, 2017 |
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