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LJE58
New Member

ending CPP on self-employment

I understand that to end contributing to CPP I need to fill out Schedule 8, part 1.  

I have been told that I should have done this for 2023 tax year, in order to have it applied to the 2024 year. But my husband and I both had our birthdays near the Christmas/New Year holidays; so we are okay with having this start in January 2024.  

In Part 2 there is automatically 12 entered for the number of months that CPP applies to 2024.  I would have to override to change it to 1, and not be able to NetFile.

In part 4 the calculations are for the full 12 months, and that is not correct.

I do not want to send CRA the amount that shows up owing on our T1 General, because getting a refund from them is next to impossible.  

Question:  Where do I make changes so that the Schedule only calculates for 1 month, not 12?

I don't know if this is a glitch or if I need to enter information on another page

3 Replies

ending CPP on self-employment

Can you please let us know why you want it to calculate for 1 month and not 12? If you were starting in January of 2025, then there are no months to enter, as it doesn't apply to tax year 2024.

 

If we are misunderstanding, please let us know so that we can assist further.

 

Thank you for choosing TurboTax.

ending CPP on self-employment

In part one, there should be a box to elect to stop contributing to CPP. You would use 02 for the start date. You must be age 65 or older to elect to stop CPP.

LJE58
New Member

ending CPP on self-employment

Because my husband's birthday was January, we will allow CPP for that month to be deducted, but not the rest of the year.  He turned 65 in 2024; I did in December of 2023.