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New Member
posted Oct 29, 2019 11:24:50 PM

How to deduce CCP and Ei Contribution if self employed

As self employed if should pay CPP and Ei can I deduced it from my income, how I calculate I much I own and where do I deduced it

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1 Best answer
New Member
Oct 29, 2019 11:24:51 PM

Unless you have specifically entered into an agreement to pay EI on self employed earnings, you aren't required to do so.  As to CPP, you take the net business income, subtract $3500, and multiply that amount by 9.9%.  Half of that is recorded at line 222 of the T1 as a deduction, the other half is shown at line 310 on the Schedule 1 as a credit, and the total amount is shown as a payable at line 421 of the T1.

1 Replies
New Member
Oct 29, 2019 11:24:51 PM

Unless you have specifically entered into an agreement to pay EI on self employed earnings, you aren't required to do so.  As to CPP, you take the net business income, subtract $3500, and multiply that amount by 9.9%.  Half of that is recorded at line 222 of the T1 as a deduction, the other half is shown at line 310 on the Schedule 1 as a credit, and the total amount is shown as a payable at line 421 of the T1.