CPP – Self Employed
May 18th, 2009 by Questions
I filed Aug 08. My trustee completed my Post Bankruptcy return and sent me a bill. My slef employed earnings were not large between Aug and Dec. However – my return showed the full amount of the CPP at over 4000 dollars. I spoke to the Tax Person at the Trustee`s office – and they told me this is a CRA requirement. She said hopefully when I get my actual NOA (versus the submitted T1`s from the Trustee office) she says CRA should pro-rate the CPP amount. She says they do not always and I may have to appeal? Can you shed any light on this? She told me she had someone clain in Dec and the full 4k was added just for half a month?
Posted from: Manitoba
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May 19, 2009 at 6:34 am, A licensed trustee said:
If the government does not prorate the CPP premium then you can either appeal the assessment (as your trustee suggested) or pay the balance owing. Eventually your government pensions will be based on the premiums you have paid so (if you are able) you may want to consider paying the full premium in order to increase your pension amount later…