Before making a major financial decision you should consult a qualified professional. If you use an ad blocker, please consider a small contribution to help keep TaxTips. The Canadian Federation of Independent Business asked the federal government to hold the CPP premiums at current levels in , in light of the pandemic, instead of implementing the planned increase of up to 9. The rate of 5. Since the CPP on self-employment income is calculated on the tax return and remitted in the same manner as income tax, it is shown separately and included in the total payable by the taxpayer.
Starting in , there is an additional contribution of 0. This is called the "first additional contribution" for the Enhanced CPP.
On the tax return, the additional contribution will be allowed as a deduction. Where you've worked:. Where you live:. Quebec Elsewhere in Canada. Calculate your results. Start over. If you start taking your CPP. Explore your results. Estimated pre-tax income. Desired CPP starting age:. Desired CPP starting age: years old. See your results in a table. Back to results Assumptions Start over Print Save. The average person of your age and gender can expect to live to age X.
The amount of your CPP depends on how much and for how long you have contributed and the age in which you would like your pension to start. Other factors, such as your health, your marital status and whether you have other pensions or retirement savings, can affect your decision about when to start receiving CPP.
An advisor can help you understand how these factors can influence your choice. Your next steps:. Other sources of retirement income. Crunch the numbers. Let's connect. Other sources of retirement income Find out how registered retirement income funds RRIFs and annuities work.
Do you know where your retirement income will come from? Crunch the numbers Other helpful calculators to try: Retirement savings calculator. Send your results. Talk to an advisor about the best way to pay yourself when you retire.
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Planning for retirement Leaving a legacy Building my savings Help with financial planning. Advice on my investments Advice on insurance I'm a little unsure Other. Your results: Please share my results with an advisor for review. Thank you! Have a great first meeting and remember there's no cost to talk to an advisor. Thank you for requesting a Sun Life Financial advisor. Assumptions Close. Employment status Close. You belong to: Close. Marital status Close. Where you live Close.
Info Close. Estimated pre-tax income Close. Factors that could affect your CPP income:. Marital status. Married or common-law couples in an ongoing relationship may choose to share their CPP retirement pensions to reduce their tax bill. Read about CPP pension sharing.
Read about QPP pension sharing. If your spouse dies after having contributed to CPP , you may apply for a one-time, lump-sum death benefit. If you are married or in a civil union in Quebec, the division will be made automatically. If you had contributed more than your partner, this may result in lower CPP payments than you would have received had you not divorced or separated. Go to the page content Skip to main menu Skip to footer items. Learn about income tax returns, consumption taxes, and the programs and credits for individuals, self-employed persons and members of a partnership.
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Learn about the partnerships we create with developers of products related to our fields of activity, SRM installers and QESI promoters, trustees and mandataries. Online Services Forms and Publications. Use our online services and download our forms, publications and guides. Search search Launch search. Learn More. Calculating Source Deductions and Employer Contributions. The contribution for the additional plan is being phased in as follows: For to , the employee's QPP contribution includes the base contribution and a first additional contribution.
As of , the employee's QPP contribution will include the base contribution, a first additional contribution and a second additional contribution.
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