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to the CPP or revoked such an election, you must enclose Canada Revenue Agency form. If you elect not to make CPP contributions, but then wish to restart CPP contributions in the future, a new CPT30 form may be filed to revoke a previous election to change your contribution status at that time. On line 96, enter the total of the CPP contributions that are shown. For additional information on required documentation, please see page two of Form CPT30, under the heading “Information about stopping to contribute to the Canada Pension Plan”. File the original form with the Canada Revenue Agency and provide a copy to Western Payroll in SSB Room 4159. Western will automatically deduct CPP contributions unless you “opt-out” by completing Form CPT30. Employees aged 65 to 70 and receiving a CPP retirement pension have the option to make CPP contributions. The Canada Revenue Agency (CRA) has announced the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2020 will be 58,700, up from 57,400.in Canada, according to a press release from the Canada Revenue Agency. Western automatically deducts these contributions from your pay. Home News Benefits Canada News CPP maximum pensionable earnings to rise in 2021.
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Employees aged 60 to 65 and receiving a CPP retirement pension must make CPP contributions.The changes affect only those aged 60 to 70 who work and receive a CPP/QPP retirement pension. Canadian Pension Plan (CPP) ContributionsĬhanges instituted to the Canada Pension Plan (CPP) on Januby the Canada Revenue Agency may affect you.