Changes to the Canada Pension Plan
Effective January 1, 2012, the Canadian government has made changes to how the Canada Pension Plan (CPP) is administered. Previously, if you were collecting CPP between the ages of 60 and 65 while still working, you did not have to contribute to CPP based on your earnings. However, the new changes will now require you to continue to contribute to CPP up to the age of 65. Upon reaching 65, an individual has the option to continue to contribute to CPP up to age 70. If you do not wish to contribute to CPP, you must opt out of this by completing form CPT30 prior to stopping your contributions. Your employer is required to honour whichever decision you make. For more information on the CPP changes, please click here.