Do you guys pay into CPP

[lainey76]

MY husband just called CRA to question whether or not I need to pay into Cpp ( he's doing my taxes) and they told him yes ..... So do you you guys pay into it or is the CRA guy on crack lol

[jodaycare]

When you do your taxes, it should tell you how much you have to pay as it is based on your income. I usually pay between $800 and $1000 for CPP depending in my income.

[Tangerine]

Yes I do and you do have to. It gets calculated when you do your taxes. I have an accountant who does mine for me but I do know that we have to pay the employer and the employee contribution for CPP as we are self-employed. I automatically put tax and CPP money into a seperate account every time I'm paid and I calculate 10% for the CPP contribution. So far I have not needed all the money I have saved (due to expenses being deducted) but this works well for me.

[mimi]

You should be getting a statement from CRA each year regarding your pension amount (hello Kraft dinner) and your past CPP contributions. If you do not receive this you can call 1 800 277 9914 and they will send you out your info.

[Crayola kiddies]

Yes and I have an accountant prepare my taxes

[lainey76]

Thanks :) My husband is prep'ing my taxes and I thought he was pulling my leg ... so off I go to apologise lol.

[playfelt]

If you look on the tax form it specifically says to either put down what is in a certain box on your t4 which we don't get or to complete the amount owing on self employment earnings. But word of caution here - remember that your earnings is your after deductions for daycare amount - the form tells you what line to take it from. In many cases you will be tax free but still need to pay your cpp.