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Old 04-13-2012, 08:07 AM   #1
Eagle Eye
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Default CPP and EI Max

Hey, Just looking for some advice here.

I ended up paying the max on EI and CPP at the end of March at my old company, I have just joined a new one but I now have to pay CPP and EI all over again. My HR said there is no way to adjust those payments but I can adjust my income tax paid by the amount I am over paying.

Are there any issues in doing this? I just dont want to pay the gov an extra $3146.67 over the year (yes I realize I would get it back next April).
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Old 04-13-2012, 08:16 AM   #2
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Originally Posted by Eagle Eye View Post
Hey, Just looking for some advice here.

I ended up paying the max on EI and CPP at the end of March at my old company, I have just joined a new one but I now have to pay CPP and EI all over again. My HR said there is no way to adjust those payments but I can adjust my income tax paid by the amount I am over paying.

Are there any issues in doing this? I just dont want to pay the gov an extra $3146.67 over the year (yes I realize I would get it back next April).
I'm not sure what you mean in terms of issues? If you adjust the income tax paid, just make sure that starting next January you put it back to the full amount so that you don't end up paying for 2013 though.
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Old 04-13-2012, 08:22 AM   #3
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Yes that is good advice, I would actually have to put my income tax back to my normal rate when I max out again at my current company this year.

I just wanted to make sure that the total tax bill for 2012 is a total of all taxes paid + EI + CPP. So if I over paid in EI and CPP i could balance it out by paying less taxes.
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Old 04-13-2012, 08:57 AM   #4
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A slight hijack, but for the last three years I have received a refund and my wife has owed money. This year we got the letter that she would start having to make quarterly payments in advance. I never worried about it much before because as a family we usually break even at tax time where I wait for the check and then cash it and send back an equivalent one. Does anyone know if it is possible to feed this line to Revenue Canada to get out of the quarterly contributions for her?
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Old 04-13-2012, 08:58 AM   #5
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Nvm
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Old 04-13-2012, 09:02 AM   #6
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A slight hijack, but for the last three years I have received a refund and my wife has owed money. This year we got the letter that she would start having to make quarterly payments in advance. I never worried about it much before because as a family we usually break even at tax time where I wait for the check and then cash it and send back an equivalent one. Does anyone know if it is possible to feed this line to Revenue Canada to get out of the quarterly contributions for her?

I'm a contractor and last year CRA started asking me for quarterly installments as well.

I used to pay at years end but no more I guess.

After my RRSP's I'm actually getting something back this year.

My quarterly installments for this year have dropped significantly for some reason.
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Old 04-13-2012, 09:16 AM   #7
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Declare yourself a freeman on the land. Pay your quarterly installments with a rock.
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Old 04-13-2012, 09:37 AM   #8
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There is no way around paying the CPP and EI twice. CRA does this as each employer is responsible for their share. You will receive your refund when you file your 2012 T1 income tax return in 2013.

When you fill out your TD1 form it will give you allowable deductions to reduce the amount of income tax paid on each cheque. You are also allowed to fill out a T1213 which says you are making RRSP payments that are not deducted at the source. This will allow reduced income tax to be deducted each cheque.

If you owe more than $3,000 in income taxes upon filing your T1 return in the current year and one of the previous two years, you will have to pay income tax instalments in the year this is revealed.
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