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Thread: CPP payments

  1. #1
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    CPP payments

    Looking for some help... How do you pay CPP?

    I've googled and googled and couldn't find anything, and calling the toll-free line was zero help (and made me want to rip my own eyeballs out).

    Can anyone point me in the right direction?

  2. #2
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    your accountant will figure out how much you owe for cpp (and EI if you pay into it) when you do your taxes. it is all included with your payment when you pay your taxes.

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  4. #3
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    Thanks Mickyc!

    I asked my accountant for it and she didn't seem to have any idea. Hmmm...

  5. #4
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    Really?! that is weird. my accountant figures out the CPP and EI payments for me (except for the first year I collected EI and that is just because I forgot to tell him I signed up for it). That would make me nervous going to an accountant who doesn't know how to calculate the CPP, what else do they not know about? Just my opinion.

    I imagine once you send your income tax in CRA will calculate it for you and then you will get it when you get your Assessment.

  6. #5
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    I'm a bit sketched out by it too... Not the first time I've felt like that with her either. I may be looking for a second opinion.

    Thanks again!

  7. #6
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    That would be a big red flag for me if I was you. I would maybe find someone new!

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    Ok , she got back to me. Does this sound right?

    My taxable income was actually only $4000 something and 2400 of that was UCCB (which doesn't count as earned income) and CPP doesn't kick in until $3400, so I don't contribute.

    I know I had a lot of deductions and didn't make as much as possible (only March-December, had several spots open in the summer) but it seems a bit suspect to me.

  9. #8
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    Sorry I have no idea! lol

    After all my deductions I ended up with approx. $14,000 of taxable income. On that I paid approx. $1200 for CPP and $250 for EI and another $200 in tax (I think - sorry not 100% on my numbers).

    How come you only had $4,000 in taxable income from March-December? That seems low. Do you have a bunch of deductions to transfer to your second year? I had over $10,000 in deductions for my 2nd year.

    If you don't feel comfortable with your accountant find someone who you have faith in. I don't mind paying good money for my taxes to be done. I know you can find places that are cheaper but cheaper isn't always best. I want someone who knows what they are doing and do it right!!
    Last edited by mickyc; 03-27-2014 at 07:03 PM.

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  11. #9
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    My numbers are similar to Mickyc's. I had $16 000 as taxable income and I paid $1250 for CPP, $300 for EI and $800 for taxes for a grand total owing of $2350.

    I agree with her, if you don't feel comfortable with your accountant, find a 2nd or 3rd opinion. I ended up going a different route after a big name company messed up my taxes. I was able to find an amazing lady who has retired from accounting and now does it out of her home for a fraction of the cost. She is very full and doesn't take any new clients so I am very thankful I was able to get in to her as she only does her select clientele now. My sister and brother in law were able to squeeze in just before she stopped taking clients last year. They used to do their own but said for the fee she charges they are going to stick with her as she is bang on but it's less stress for them. I really hope she does this for a few more years!!

    I don't know much about taxes and such but your numbers seem really low to me unless you had huge deductions last year. If this is something that you are going to want to do long term, I would suggest finding someone you are comfortable with to do your taxes every year. I am able to email my accountant all year long to ask questions and she emails me and lets me know things I should be doing to save me money and things like that. It's worth the time to find someone who knows their stuff.
    Last edited by 5 Little Monkeys; 03-27-2014 at 07:17 PM.

  12. #10
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    Yeah I'm pretty sure that when I did my deductions, it was a lot more as well. Not that I'm an accountant but it seemed really low to me. Especially since she sent me an example of someone's day home claim she'd find previously and her numbers were quite a bit higher than mine.

    I think I'm going to need a second opinion.

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