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New Member
posted Apr 27, 2023 6:32:08 AM

Is limited partnership business net income subject to CPP contributions as self employment income for a retired person?

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1 Replies
Returning Member
May 1, 2023 11:29:28 AM

Hi there.

 

In general, income from a limited partnership is subject to the required CPP contributions (both employee and employer portions) if you are under 70 years of age. However, if you are between 65 and 70 years of age, or are receiving CPP benefits, you can opt out of contributing to CPP by completing a CPT30 "Election to Stop Contributing to the Canada Pension Plan, or Revocation of a Prior Election" and sending the original to the CRA (address is included on the form).

 

Please note, however, that you will have to contribute to CPP for 2022 if you have not yet sent in this form.

 

More information can be found here: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-deductions-contributions/canada-pension-plan-cpp/when-stop-deducting-cpp-contributions.html

 

I hope this helps.

 

Fraser