Canadian Pension Plan (CPP)
Changes instituted to the Canada Pension Plan (CPP) on January 1, 2012 by the Canada Revenue Agency may affect you. The changes affect only those aged 60 to 70 who work and receive a CPP/QPP retirement pension.
- Employees aged 60 to 65 and receiving a CPP retirement pension must make CPP contributions. Western automatically deducts these contributions from your pay.
- Employees aged 65 to 70 and receiving a CPP retirement pension have the option to make CPP contributions. Western will automatically deduct CPP contributions unless you “opt-out” by completing Form CPT30. File the original form with the Canada Revenue Agency and provide a copy to Western Payroll in SSB Room 5100.
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. The CPT30 form can only be used once per calendar year.
More information can be found on the CRA’s website at the following links:
General CPP Information
Service Canada – Changes to CPP
CPP - What will you get?