Adjustments made to CPP after it's in pay.
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Adjustments made to CPP after it's in pay.
If you just started receiving your CPP retirement pension in 2014, you may want to read this article about 3 adjustments that may occur to the amount of your CPP in 2015: http://retirehappy.ca/adjustments-made- ... ts-in-pay/
DR Pensions Consulting (http://www.DRpensions.ca)
Re: Adjustments made to CPP after it's in pay.
That's a super-clear explanation - thank you! It applies directly to my wife's circumstances - and answers all the questions I was expecting to ask next year after she files her last regular-salary tax return. Expected dates for each update are particularly useful.
Peter
Patrick Hutber: Improvement means deterioration
Patrick Hutber: Improvement means deterioration
Re: Adjustments made to CPP after it's in pay.
Thanks.
My wife received her first CPP payment in October, 2013. She worked for a couple of weeks in 2013, making less than $3,500. The CPP contribution that was deducted from her pay was refunded as an overpayment when her 2013 income tax return was prepared. So, even though she worked in 2013, the only adjustment that she can expect is the inflation increase.
My wife received her first CPP payment in October, 2013. She worked for a couple of weeks in 2013, making less than $3,500. The CPP contribution that was deducted from her pay was refunded as an overpayment when her 2013 income tax return was prepared. So, even though she worked in 2013, the only adjustment that she can expect is the inflation increase.
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Re: Adjustments made to CPP after it's in pay.
Insomniac - Yes, under the circumstances that you describe the only adjustment that your wife should have had in 2014 would have the inflation increase in January. And she should expect the similar adjustment in 2015 and future years.Insomniac wrote:Thanks.
My wife received her first CPP payment in October, 2013. She worked for a couple of weeks in 2013, making less than $3,500. The CPP contribution that was deducted from her pay was refunded as an overpayment when her 2013 income tax return was prepared. So, even though she worked in 2013, the only adjustment that she can expect is the inflation increase.
DR Pensions Consulting (http://www.DRpensions.ca)