It is my understanding that if you are self employed, you pay both individual and employer portion of QPP pension.
*Assumptions:
In 2024 the maximum pensionable earnings = $68,500
The self-employed contribution rate is 12.8%.
2024: The maximum self-employed contribution is $8,320.
If I test Intuit Tax on-line (Self employed/Canada) Turbo Tax comes up with 8,696.00
Prov: 445 QPP contribution on income from self-employment 8,696.00
Prov: 248 Deduction for QPP and CPP contributions and QPIP premiums 5,546.96
Fed: 22200 Deduction for CPP/QPP contributions on self-employment and other earnings... 5,186.00
*sources:
https://www.revenuquebec.ca/en/businesses/source-deductions-and-employer-contributions/calculating-s...
https://www.sunlife.ca/workplace/en/group-retirement-services/news/legislation-updates/the-quebec-pe...
thank you,
M
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