Building Fund survey coming to physicians in 2021
From 2012-2016, CPSA collected an additional $150 from each physician during annual renewal with the intent to purchase or build a new office space within five years.
However, a few things changed. In 2018, with favorable lease rates, Council decided to continue leasing until February 2029. We also renovated our current space to meet operational needs and accommodate a growing team.
Today, CPSA’s Finance and Audit Committee feels this reserve fund ($7.9 million as of June 2020) is no longer required for its original purpose.
What to do with the money?
Legally, we can’t refund the money as it was collected with annual fees, not as a separate levy. Canada Revenue Agency rules also prohibit CPSA from returning money/property to its members. However, we are working on several viable options. Once we’ve mapped out the pros and cons of each option, we’ll share our ideas in future issues of The Messenger.
In the spring of 2021, we’ll ask for your feedback via a Building Fund survey to help Council make this important decision.