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Many individuals are continuing to work well into their 60’s. Working into your 60’s raises questions with respect to the Canada Pension Plan (CPP) benefits and contributions.

The standard age for an individual to begin receiving CPP is 65, but can be as late as 70. However, an individual can begin receiving CPP benefit payments as early as age 60 if they opt to take a permanently reduced monthly amount.

So the question is, if I begin receiving CPP payments at age 60, but continue to work do I have to continue to contribute?

Yes – all individuals aged 60 to 65 who continue to work must continue to make CPP contributions until they reach age 65.

Now if the individual is between 65 and 70 years of age and continues to work they can choose to stop making contributions to CPP.

In order to stop making contributions to CPP the individual must fill out form CPT30 Election to stop contributing to the Canada Pension Plan. A copy must be provided to your employer and the original sent to the CRA.

If you are self-employed, you can stop contributing by filing out the appropriate section of Schedule 8 CPP Contributions on Self-Employment and Other Earnings.

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Rob Brown

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The information contained in this article is for general use only and should not be viewed as professional advice. Accounting and tax rules and regulations regularly change and individuals should contact a competent professional to obtain accounting and tax advice based on their specific situation.


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