Changes to the Canada Pension Plan
Effective January 1, 2012, the Government of Canada introduced a number of changes to the Canada Pension Plan (CPP) that affect individuals between the ages of 60 and 70 who work while receiving CPP retirement pension. The following is a summary of these changes:
- Employees under 65 receiving CPP retirement pension now have to make CPP contributions. These contributions increase CPP retirement benefits.
- Employees age 65 to 70 receiving CPP retirement pension now choose to make CPP contributions. These contributions will increase their CPP retirement benefits.
- If you are over age 65, you will receive a Canada Pension Plan (CPP) retirement pension and you do not want to contribute to the CPP, please complete the CPT30 Election to Stop Contributing to the Canada Pension Plan, or Revocation of a Prior Election form and return to Payroll.