Form CPT20 Election to Pay Canada Pension Plan Contributions - Canada

Form CPT20 Election to Pay Canada Pension Plan Contributions is used for individuals who are considered residents of Canada for tax purposes but are deemed non-residents for purposes of the Canada Pension Plan (CPP). This form allows these individuals to elect to continue making CPP contributions and receive CPP benefits in the future.

The employer typically files the Form CPT20 Election to Pay Canada Pension Plan Contributions in Canada.

Form CPT20 Election to Pay Canada Pension Plan Contributions - Canada - Frequently Asked Questions (FAQ)

Q: What is Form CPT20? A: Form CPT20 is the Election to Pay Canada Pension Plan Contributions.

Q: Why would someone need to fill out Form CPT20? A: Someone would need to fill out Form CPT20 if they are a resident of Canada and want to voluntarily contribute to the Canada Pension Plan.

Q: What is the purpose of the Canada Pension Plan? A: The Canada Pension Plan provides a monthly pension to eligible beneficiaries based on their contributions during their working years.

Q: Who is eligible to contribute to the Canada Pension Plan? A: Anyone who is a resident of Canada and over the age of 18, but under the age of 70, is eligible to contribute to the Canada Pension Plan.

Q: What information is required on Form CPT20? A: Form CPT20 requires information such as the individual's name, social insurance number, and the election period for which they want to contribute to the Canada Pension Plan.

Q: Are there any deadlines for submitting Form CPT20? A: Yes, Form CPT20 must be submitted to the Canada Revenue Agency by the individual's filing due date for their personal income tax return.

Q: What are the benefits of voluntarily contributing to the Canada Pension Plan? A: Voluntarily contributing to the Canada Pension Plan can increase an individual's retirement income and provide them with a more secure financial future.

Q: Can someone change their mind after submitting Form CPT20? A: Yes, someone can cancel their election to contribute to the Canada Pension Plan by submitting a new Form CPT20 with the cancellation box checked.