When is cpp and ei paid up

Search for:. Share 1. Shares 1. File with confidence and accuracy - Canada's 1 Tax Software. There may be a situation where the CPP or QPP contributions or EI premiums have been overpaid, even though the maximum amount for the year was not paid. It is not necessary to calculate the overpayment yourself. When Canada Revenue Agency CRA receives your tax return, it automatically calculates any overpayment and refunds it to you.

If you use tax software to file your return, any overpayment should automatically be calculated, and entered on lines for CPP and for EI.

If there has been a ruling that your employment earnings were not insurable or pensionable, and you have paid premiums for prior taxation years for these earnings, your employer must issue a revised T4 showing zero insurable or pensionable earnings if that is the case , but showing the actual EI premiums or CPP contributions paid.

We continue to push for better retirement savings policies and in our pre-budget submission , we asked the government to put a moratorium on any new cost to small business and to introduce hiring incentives to offset the increase to CPP and QPP. Overall, you will still be paying 1. CPP deductions continue for employees age 60 to under age The following deduction rates are applicable for all employees working at the University of Alberta.

All income we pay to employees is subject to statutory deductions and appropriate rates as defined by the Canada Revenue Agency CRA.