topic CPP overpayment in Credits and deductions

CPP overpayment

Briguy835 — Mon, 03 Feb 2025 12:22:29 GMT

My question is

I turned 65 last year and when I entered my information I was credited for an overpayment. Is this because I turned 65 and started to draw my CPP in the tax year??

Thanks

Brian

Re: CPP overpayment

TurboTaxAniqua — Mon, 03 Feb 2025 23:21:54 GMT

Have you elected to stop contributing to CPP? Please refer to this CRA link and for more information please contact CRA directly.

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Re: CPP overpayment

Briguy835 — Mon, 03 Feb 2025 23:29:47 GMT

I guess my question is in the program I never put in anything about an overpayment. I entered in receiving CPP payments When I checked my T1 general there was an overpayment for CPP in the amount I contributed. Is this correct?? Does turbo tax do this because I’m over 65 ? Or is it because I’m drawing my CPP and not required to contribute anymore??

Re: CPP overpayment

Anonymous — Tue, 04 Feb 2025 00:46:29 GMT

At age 70, your CPP contributions will cease, even if you're still working. In certain situation an employee can elect to stop contributing to CPP, from age 65 and older.

When you enter your employment T4, did you enter the province? and is it the full total amount of CPP that is in overpayment (line 44800)?

In your Schedule 8 - part 2, you have a table of monthly proration for 2024. The calculation of max basic contributions depend on your additional and maximum pensionable earnings (see screenshot).

There you will find the calculation used to determine the CPP contribution for 2024, you should have done.

Then, in the same schedule, Part 3/part 3a, you have all the details used for this calculation and why you have an amount on line 44800.

If you need more details, we suggest you to contact our product support team by phone.

They have access to tools we don't have here in Community, like screenshare, and have a look at your return.

Feel free let us know what the result was.

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