Personal Finance

when to stop deducting CPP and EI

  • Last Updated:
  • May 5th, 2013 10:17 pm
Tags:
None
Newbie
Apr 21, 2011
58 posts
Toronto

when to stop deducting CPP and EI

Hi!

Please when should I notify the employer to stop deducting CPP and EI from my pay cheque? What are the maximums?

I dont want a situation whereby I over contribute in the first place or to be told I will 'get it back @ tax time'.

Any help appreciated!
5 replies
Deal Addict
Oct 21, 2012
1436 posts
498 upvotes
Toronto
Max 2013 CPP $2356.20, EI $891.12
If you are at same employer they will stop taking payments automatically. If you switch employers I am not sure if you can ask the second employer to stop taking CPP and EI contributions.
Deal Guru
Nov 21, 2011
11402 posts
5239 upvotes
It's a new year so you won't be near maximums yet anyways
Deal Guru
Dec 31, 2005
13306 posts
750 upvotes
Usually around June-ish timeframe for me. It is stopped automatically and paycheque jumps a few hundred.
Deal Fanatic
Jul 12, 2008
6048 posts
1945 upvotes
GTA
joey1234 wrote: Max 2013 CPP $2356.20, EI $891.12
If you are at same employer they will stop taking payments automatically. If you switch employers I am not sure if you can ask the second employer to stop taking CPP and EI contributions.
If you switch employers it starts again but any excess above the maximum contribution will be refunded when you file your personal income tax, your new employer wont get the employer portion of the CPP and EI back though.
Source http://www.cra-arc.gc.ca/E/pub/tg/t4001/t4001-12e.pdf (page 14)
Deal Fanatic
User avatar
Jan 27, 2007
5116 posts
984 upvotes
T.
Your payroll dept will stop the deduction automatically. no need to inform them.

You can find the max info on the cra website.
[QUOTE]I know you are, but what am I.... ;) [/QUOTE]

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)