how would you calculate CPP contributions and benefits

Clear Data Help Protected B when completed T1-2013 CPP Contributions on Self-Employment and Other Earnings Schedule 8 For more information, see line 222 in the guide. Complete this schedule to calculate the amount of your Canada Pension Plan (CPP) contributions if: you reported self-employment income on lines 135 to 143 of your return; you reported business or professional income from a partnership on line 122 of your return; or you made an election on Form CPT20 to pay additional CPP contributions on other earnings. Attach a copy of this schedule to your return. Do not use this form if any of your T4 slips have Quebec Pension Plan (QPP) contributions. Instead complete Form RC381, Inter-provincial Calculation for CPP and QPP Contributions and Overpayments for 2013. Pensionable net self-employment earnings (amounts from line 122 and lines 135 to 143 of your return) 45,132.47 Employment earnings not shown on a T4 slip on which you elect to pay additional CPP contributions (attach Form CPT20) 373 + Add lines 1 and 2 (if negative, enter "0"). = Enter the amount from box 26 of all T4 slips (this amount already includes the amount entered on line 12 of Form CPT20, if applicable). + Total pensionable earnings (maximum $51,100) Add lines 3 and 4. = Basic exemption Line 5 minus line 6 (if negative, enter "0") Multiply the amount on line 7 by 9.9%. 1 45,132.47 2 3 45,132.47 4 5 - Earnings subject to contribution 3,500.00 6 = 41,632.47 4,121.61 Contributions through employment (from box 16 and box 17 of all T4 slips) 2 = CPP contributions payable on self-employment and other earnings: Line 8 minus line 9 (if negative, enter "0"). Enter this amount on line 421 of your return. Deduction and tax credit for CPP contributions on self-employment and other earnings: 4,121.61 Amount from line 10 50% = - = 7 8 9 4,121.61 10 2,060.81 11 Enter the amount from line 11 on line 222 of your return and on line 310 of Schedule 1. Election to stop contributing to the Canada Pension Plan or revocation of a prior election If, in 2013, you were 60 to 70 years of age, you received a CPP or QPP retirement pension, and you had employment and/or self-employment income, you were considered a CPP working beneficiary and you were required to make CPP contributions. However, if you were at least 65 years of age but under 70, you can elect to stop paying CPP contributions. If you have employment income for 2013 and elected in 2013 to stop paying CPP contributions or revoked in 2013 an election made in a prior year, you should have already completed and submitted Form CPT30, Election to Stop Contributing to the Canada Pension Plan, or Revocation of a Prior Election, to us and your employer(s). If you had only self-employment income for 2013 and elect in 2013 to stop paying CPP contributions on your self-employment earnings, enter the month in 2013 for which you choose to start this election in box 372 below. The date cannot be earlier than the month you turn 65 and you are receiving a CPP or QPP retirement pension. For example, if you turn 65 in June, you can choose any month between June and December, inclusively. If you choose the month of June, enter 06 in box 372 because June is the sixth month of the year. If, in 2013 you are revoking an election made in a prior year on contributions on self-employment earnings, enter the month in 2013 for which you choose to revoke this election in box 374 below. Your election remains valid until you revoke it or you turn 70. If you start receiving employment income (other than employment income earned in Quebec) in a future year, you will have to complete Form CPT30 in that year for your election to remain valid. If you had both employment income and self-employment income in 2013 and wanted to elect in 2013 to stop paying CPP contributions in 2013, or to revoke in 2013 an election made in a prior year, you should have completed Form CPT30 in 2013. An election filed using Form CPT30 applies to all income from pensionable earnings, including self-employment earnings, as of the first day of the month following the date you gave this form to your employer. However, if you want to elect to stop paying CPP contributions on your self-employment earnings on an earlier date in 2013, enter the month you want to stop contributing in box 372 below or, if you want to revoke in 2013 an election made in a prior year, enter the month you want to stop in box 374 below. To be valid, an election or revocation that begins in 2013 must be filed on or before June 15, 2015. I elect to stop contributing to the Canada Pension Plan on my self-employment earnings on the first day of the month that I entered in box 372. 372 I want to revoke an election made in a prior year to stop contributing to the Canada Pension Plan on my self-employment earnings and resume contributing on the first day of the month that I entered in box 374. 5000-S8 374 Month Month Privacy Act, Personal Information Bank number CRA PPU 005 Clear Data Help Protected B when completed T1 GENERAL 2014 Income Tax and Benefit Return Complete all the sections that apply to you. For more information, see the guide. ON 8 Information about you Identification Enter your social insurance number (SIN): Year Print your name and address below. Month Day Enter your date of birth: First name and initial English Your language of correspondence: Votre langue de correspondance : Franais Last name Is this return for a deceased person? Mailing address: Apt No - Street No Street name PO Box Prov./Terr. Year Month Day RR City If this return is for a deceased person, enter the date of death: Marital status Tick the box that applies to your marital status on December 31, 2014: Postal code 1 I understand that by providing an email address, I am registering for online mail and I accept the terms and conditions on page 10 of the guide. Enter an email address: Married 2 Living common-law 3 Widowed 4 Divorced 5 Separated 6 Single Information about your spouse or common-law partner (if you ticked box 1 or 2 above) Information about your residence Enter his or her SIN: Enter your province or territory of residence on December 31, 2014: Enter his or her first name: Enter the province or territory where you currently reside if it is not the same as your mailing address above: Enter his or her net income for 2014 to claim certain credits: If you were self-employed in 2014, enter the province or territory of self-employment: Enter the amount of universal child care benefit (UCCB) from line 117 of his or her return: If you became or ceased to be a resident of Canada for income tax purposes in 2014, enter the date of: Month Day Month Day entry or Enter the amount of UCCB repayment from line 213 of his or her return: departure 1 Tick this box if he or she was self-employed in 2014: Do not use this area Elections Canada (see the Elections Canada page in the tax guide for details or visit www.elections.ca) A) Are you a Canadian citizen? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes Answer the following question only if you are a Canadian citizen. B) As a Canadian citizen, do you authorize the Canada Revenue Agency to give your name, address, date of birth, and citizenship to Elections Canada to update the National Register of Electors? . . . . . . Yes 1 No 2 1 No 2 Your authorization is valid until you file your next return. Your information will only be used for purposes permitted under the Canada Elections Act, which include sharing the information with provincial/territorial election agencies, members of Parliament, and registered political parties, as well as candidates at election time. Do not use this area 5006-R 172 171 Clear Data Help Protected B when completed The guide contains valuable information to help you complete your return. When you come to a line on the return that applies to you, go to the line number in the guide for more information. Please answer the following question: Did you own or hold foreign property at any time in 2014 with a total cost of more than CAN$100,000? See "Foreign income" in the guide for more information. . . . . . . . . . . . 266 Yes 1 No 2 If yes, complete Form T1135 and attach it to your return. If you had dealings with a non-resident trust or corporation in 2014, see "Foreign income" in the guide. As a resident of Canada, you have to report your income from all sources both inside and outside Canada. Total income 101 Employment income (box 14 of all T4 slips) Commissions included on line 101 (box 42 of all T4 slips) 102 Wage loss replacement contributions (see line 101 in the guide) 103 Other employment income Old age security pension (box 18 of the T4A(OAS) slip) CPP or QPP benefits (box 20 of the T4A(P) slip) Disability benefits included on line 114 (box 16 of the T4A(P) slip) Other pensions and superannuation Elected split-pension amount (attach Form T1032) Universal child care benefit (UCCB) UCCB amount designated to a dependant 104 + 113 + 114 + 152 115 + 116 + 117 + 185 Employment insurance and other benefits (box 14 of the T4E slip) Taxable amount of dividends (eligible and other than eligible) from taxable Canadian corporations (attach Schedule 4) Taxable amount of dividends other than eligible dividends, included on line 120, from taxable Canadian corporations 180 Interest and other investment income (attach Schedule 4) 119 + Net partnership income: limited or non-active partners only Registered disability savings plan income 122 + 125 + 120 + 121 + Rental income Gross 160 Taxable capital gains (attach Schedule 3) Net 126 + 156 Taxable amount 128 + Support payments received Total RRSP income (from all T4RSP slips) Specify: Other income Self-employment income Business income Gross Professional income Gross Commission income Gross Farming income Gross Fishing income Gross 127 + 129 + 130 + 162 164 166 168 170 Net Net Net Net Net 144 145 + Net federal supplements (box 21 of the T4A(OAS) slip) 146 + Add lines 144, 145, and 146 (see line 250 in the guide). = 51,000.00 Add lines 101, 104 to 143, and 147. 5000-R Workers' compensation benefits (box 10 of the T5007 slip) Social assistance payments 135 + 137 + 139 + 141 + 143 + 147 + This is your total income. 150 = 51,000.00 2 Clear Data Attach your Schedule 1 (federal tax) and Form 428 (provincial or territorial tax) here. Also attach here any other schedules, information slips, forms, receipts, and documents that you need to include with your return. Help Protected B when completed 3 Net income 150 Enter your total income from line 150. Pension adjustment (box 52 of all T4 slips and box 034 of all T4A slips) 206 Registered pension plan deduction (box 20 of all T4 slips and box 032 of all T4A slips) 207 RRSP/pooled registered pension plan (PRPP) deduction (see Schedule 7, and attach receipts) 208 + PRPP employer contributions (amount from your PRPP contribution receipts) 51,000.00 205 Deduction for elected split-pension amount (attach Form T1032) 210 + Annual union, professional, or like dues (box 44 of all T4 slips, and receipts) 212 + Universal child care benefit repayment (box 12 of all RC62 slips) Child care expenses (attach Form T778) Disability supports deduction 213 + 214 + 215 + Business investment loss Moving expenses Gross 228 Allowable deduction 217 + 219 + Support payments made Total 230 Allowable deduction 220 + Carrying charges and interest expenses (attach Schedule 4) 221 + Deduction for CPP or QPP contributions on self-employment and other earnings (attach Schedule 8 or Form RC381, whichever applies) 2,060.81 222 + Exploration and development expenses (attach Form T1229) 224 + Other employment expenses 229 + Clergy residence deduction 231 + Specify: 232 + Other deductions Add lines 207, 208, 210 to 224, 229, 231, and 232. 233 = - Line 150 minus line 233 (if negative, enter "0") This is your net income before adjustments. 234 = Social benefits repayment (if you reported income on line 113, 119, or 146, see line 235 in the guide). Use the federal worksheet to calculate your repayment. 235 - Line 234 minus line 235 (if negative, enter "0") If you have a spouse or common-law partner, see line 236 in the guide. 2,060.81 This is your net income. 236 = Taxable income Line 236 minus line 257 (if negative, enter "0") 244 248 + 249 + 250 + 251 + 252 + 253 + 254 + 255 + 256 + 257 = Canadian Forces personnel and police deduction (box 43 of all T4 slips) Employee home relocation loan deduction (box 37 of all T4 slips) Security options deductions Other payments deduction (if you reported income on line 147, see line 250 in the guide) Limited partnership losses of other years Non-capital losses of other years Net capital losses of other years Capital gains deduction Northern residents deductions (attach Form T2222) Specify: Additional deductions Add lines 244 to 256. - This is your taxable income. 260 = Use your taxable income to calculate your federal tax on Schedule 1 and your provincial or territorial tax on Form 428. 5000-R Clear Data Help 4 Protected B when completed Refund or balance owing Net federal tax: enter the amount from line 66 of Schedule 1 (attach Schedule 1, even if the result is "0") 420 CPP contributions payable on self-employment and other earnings (attach Schedule 8 or Form RC381, whichever applies) Employment insurance premiums payable on self-employment and other eligible earnings (attach Schedule 13) Social benefits repayment (amount from line 235) Provincial or territorial tax (attach Form 428, even if the result is "0") Add lines 420, 421, 430, 422, and 428. This is your total payable. 421 + 430 + 422 + 428 + 435 = 437 440 + 448 + 450 + 452 + 453 + 454 + 456 + 457 + 476 + 479 + 482 = Total income tax deducted Refundable Quebec abatement CPP overpayment (enter your excess contributions) Employment insurance overpayment (enter your excess contributions) Refundable medical expense supplement (use the federal worksheet) Working income tax benefit (WITB) (attach Schedule 6) Refund of investment tax credit (attach Form T2038(IND)) Part XII.2 trust tax credit (box 38 of all T3 slips) Employee and partner GST/HST rebate (attach Form GST370) Tax paid by instalments Provincial or territorial credits (attach Form 479 if it applies) Add lines 437 to 479. These are your total credits. This is your refund or balance owing. Line 435 minus line 482 - = If the result is negative, you have a refund. If the result is positive, you have a balance owing. Balance owing 485 Refund 484 Generally, we do not charge or refund a difference of $2 or less. Enter the amount below on whichever line applies. For more information on how to make your payment, see line 485 in the guide or go to www.cra.gc.ca/payments. Your payment is due no later than April 30, 2015. Direct deposit - Enrol or update (see line 484 in the guide) You do not have to complete this area every year. Do not complete it this year if your direct deposit information has not changed. To enrol for direct deposit or to update your account information, complete lines 460, 461, and 462 below. By providing my banking information I authorize the Receiver General to deposit in the bank account number shown below any amounts payable to me by the CRA, until otherwise notified by me. I understand that this authorization will replace all of my previous direct deposit authorizations. Institution number 461 Branch number 460 (5 digits) Ontario opportunities fund You can help reduce Ontario's debt by completing this area to donate some or all of your 2014 refund to the Ontario opportunities fund. Please see the provincial pages for details. Account number 462 (3 digits) Amount from line 484 above Telephone 1 Your donation to the Ontario opportunities fund Net refund (line 1 minus line 2) I certify that the information given on this return and in any documents attached is correct and complete and fully discloses all my income. Sign here It is a serious offence to make a false return. Date (maximum 12 digits) 490 465 - 466 = 2 3 If a fee was charged for preparing this return, complete the following: Name of preparer: Telephone: 489 EFILE number (if applicable): Personal information, including the social insurance number, is collected under the Income Tax Act to assess individual income tax for the federal government and the provinces and territories. It can be used for audit, compliance, or evaluation purposes and shared or verified with other federal and provincial/territorial government institutions. Failure to provide the information may result in interest payable, penalties, or other actions. Under the Privacy Act, individuals have a right to and shall, on request, be given access to their personal information and to request correction of it: refer to InfoSource (www.infosource.gc.ca), personal information bank CRA PPU 005. Do not use this area 5006-R 487 488 486