The College has endeavored to provide registrants with timely and accurate information regarding the Education in BC fund that was created in 2009. During the ten-year collection, the Board remained committed to returning registrant contributions if the intention of the fund was not met and created the Statement on Education in BC in July 2015 which states:
Be it Resolved, that CCBC’s Board of Directors confirm in such eventuality that neither the Pacific Academic Institute of Chiropractic nor, any other Chiropractic School in BC proceeds, a refund of residual dues and residual earnings will be returned to all chiropractors who are or were registered, during such time as their Education in BC dues were paid.
In August 2018, the Board directed staff to return Education in BC contributions to registrants. Since this decision, the College has worked hard to resolve many complex accounting and tax issues that were not assessed when the fund was constituted in 2009.
Following through on the Board’s decision, the College will issue cheques in late May 2019 to all current and past registrants who contributed funds through their annual licensing fees to the Education in BC Fund. However, because the College is a non-profit organization (NPO), we are unable to return the net accumulated income to registrants. Tax laws prevent an NPO from providing any benefit, either direct or indirect, to its ‘members’ and returning income to ‘members’ is a clear violation of these NPO provisions.
In order to achieve compliance with Canada Revenue Agency income rules, each registrant will receive a T4A slip in February 2020 for the amount of their refund. The College is working to implement a secure system to safely collect and store registrant Social Insurance Numbers (SIN) in advance of issuing any cheques. Registrants can expect another announcement with steps to provide their SIN to the College in May.
It is disappointing that we are unable to provide registrants with any of the accumulated unspent net income, which was the original intent of the Statement on Education in BC as stated above. The College would like to reassure registrants that all options were exhausted and none allowed for the practical distribution of net income to registrants. The Board will hold these funds in a special account and will explore appropriate options on how to use them.
If you have any questions, please contact email@example.com.
For more information on the calculations of funds returned, click here.