To determine how much you may or may not have over contributed to cpp, determine how many months you were a participant. You become a participant the month following the month you turned 18. So you say you were 18 for 4 months...if that means you turned 18 on September then you were a participant from October on. Only your earnings from that point on would be subject to the calculation. Also, there is a basic exemption which is prorated...again based on the number of eligible months divided by 12. You would multiply that by $3500 and subtract the result from the income earned during your eligible months. That result is then multiplied by 4.95%. Compare this amount to box 16 of your T4 (s). If box 16 is greater then you will see the difference as a refundable credit on your tax return.
To determine how much you may or may not have over contributed to cpp, determine how many months you were a participant. You become a participant the month following the month you turned 18. So you say you were 18 for 4 months...if that means you turned 18 on September then you were a participant from October on. Only your earnings from that point on would be subject to the calculation. Also, there is a basic exemption which is prorated...again based on the number of eligible months divided by 12. You would multiply that by $3500 and subtract the result from the income earned during your eligible months. That result is then multiplied by 4.95%. Compare this amount to box 16 of your T4 (s). If box 16 is greater then you will see the difference as a refundable credit on your tax return.
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