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Level 2
posted Feb 20, 2020 11:37:31 AM

Self-Employed - when TurboTax shows federal tax due, does that amount include my CCP contribution?

As a self-employed individual, using TurboxTax Home & Business, can someone tell me if shows me owing taxes, shown as Federal tax due on the summary page, does that amount include my CCP contribution?  Being self-employed, I obviously completed the T2125, with a net income of $35K, so I would expect I'd need to pay a CPP contribution.

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Level 5
Feb 21, 2020 7:11:17 AM

Hello,

With TurboTax Desktop in the Review Section of EasySteps, in the Detailed Tax Summary you will see the section subtotals, such as Total Payable, and at the end you will see Federal Balance Due.  The Federal Balance Due  includes all amounts owed to the Federal Government including Canada Pension Plan contributions. With the Desktop edition you can chose to review your tax return in Forms view as well, where you will see Schedule 8 calculating the amount of CPP contributions a self employed person would owe.