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.
