Cpp contribution overpayments
January 14th, 2009 by Questions
If You have declared bankruptcy and the trustee asked for your pre and post tax returns are they intitled to 100% or 50% (if you have been paying a surplus payment) of cpp and ei contributions over the annual maximums for that year because of a change of jobs creating you to over pay.
Posted from: British Columbia
One Response to “Cpp contribution overpayments”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
January 15, 2009 at 10:19 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
The trustee is entitled to 100% of the tax refunds for the year of bankruptcy and any previous years. So if there is a refund in either of those periods it is all paid directly to your trustee and it is used to create a small benefit to your creditors. The tax refunds are not seen as income, hence the formula is not used, they technically are considered assets and that is whey the full amount is lost.