OPIP tax considerations
The OMA Priority Insurance Program ensures Ontario physicians have access to benefits. OPIP includes the Physicians Health Benefit Program, Legal Expense Insurance, and optional self-funded coverage.
Each year, you pay an annual contribution for OPIP coverage. However, the Ontario government subsidizes the core costs of the PHBP plan and this subsidization may be considered income to be reported for tax purposes.
Every February, you or your professional corporation will receive a premium summary statement outlining the coverage provided under OPIP and the actual plan costs. This statement can be used as a reference when assessing your income tax obligations.
While we advise you to consult with your tax and/or legal advisors to discuss the specifics of your individual circumstances, we have provided you with some general information on this page.
OMA Insurance does not provide individual tax advice and all statements in the frequently asked questions are, to the best of our knowledge, true for many circumstances.
We strongly advise you to consult with your tax and/or legal advisors to discuss the specifics of your individual circumstances.
OMA Priority Insurance Program is underwritten by Sun Life Assurance Company of Canada. Sun Life Assurance Company of Canada is the insurer of this product and is a member of the Sun Life group of companies. For inquiries, please call Sun Life’s Client Care Centre at 1-800-758-1641, Monday to Friday, 8 a.m. to 8 p.m. ET. or visit www.sunlife.ca.
For complete details regarding coverage, please see the terms and conditions of Policies 50130 and 50131. If there is any conflict between this document and the wording of the policies (or the certificate), the wording of the policies will govern. A copy of the policy may be requested.
Premium rates and discounts are not guaranteed and are subject to change upon notice.
Exclusions and limitations may apply.
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