December 21st, 2012
This is just a friendly reminder: Â if you are turning 65 soon (or if you have employees who are turning 65), you need to file form CPT30 if you wish to stop paying into the Canada Pension Plan.
Under the old rules, you were automatically able to stop paying into CPP once you began to collect CPP benefits. Â Under the new rules that came into effect in 2012, you need to continue paying into CPP at least until age 65, at which point you can choose to stop paying into CPP, but ONLY if you file CPT30.
Employers, don’t get caught. Â If you have employees aged 65 to 70, be sure to review whether or not this form has been filed.
Filed under: Personal Tax by David Boese No Comments »