What is Form CPT20?
Form CPT20, Election to Pay Canada Pension Plan Contributions, is designed for individuals seeking to make additional contributions to their Canada Pension Plan (CPP). This form is particularly relevant for self-employed individuals or those whose employment earnings don't fully meet CPP contribution requirements. By completing Form CPT20, individuals can enhance their retirement benefits by ensuring they are maximizing their CPP contributions, ultimately leading to a more secure financial future.
What is Form CPT20 used for?
Form CPT20 is important for managing your Canada Pension Plan contributions. Here’s what it’s used for:
- Additional Contributions: Make extra CPP contributions on your employment income.
- Catch-Up Contributions: Pay both your share and your employer's share if previous deductions were missed.
- Self-Employed Income: Contribute on self-employment income when deductions weren't taken.
- Back Contributions: Pay CPP contributions on past employment income without deductions.
How to fill out Form CPT20?
- 1
Fill Out Part A: Enter your identification details, including your name, initials, SIN, mailing address, and date of birth.
- 2
Check Eligibility: Answer the questions in Part B to confirm your eligibility for contributions.
- 3
Make Election: Complete Part C to indicate your intention to make CPP contributions.
- 4
Download: Once finished, click Done to download your completed form for submission.
Who is required to fill out Form CPT20?
Form CPT20 is completed by employees wishing to make additional Canada Pension Plan contributions on their employment income. This form is required for those seeking to qualify for a higher CPP benefit in retirement.
After filling out Form CPT20, employees will submit it to the Canada Revenue Agency along with their contributions, either with their paper return or separately.
When is Form CPT20 not required?
You do not need Form CPT20 in several cases: If you work for one employer with earnings over $3,500, if your employer does not withhold CPP or QPP, or if you work outside Canada for a Canadian employer not covering CPP. Additionally, you don't need it for agricultural jobs, casual work outside the employer's trade, government jobs under 35 hours, self-employment on a reserve, or multiple contracts exceeding the exemption limit.
When is Form CPT20 due?
The deadline for Form CPT20 is whenever you decide to make additional Canada Pension Plan contributions on your employment income. While there isn’t a specific submission date, it’s best to complete and submit the form as soon as you choose to make these extra contributions. Forms are available for various years, including 2025.
How to get a blank Form CPT20?
To get a blank Form CPT20, simply visit our platform where the Canada Revenue Agency (CRA) issues it. We have a pre-loaded version of the form ready for you to fill out. Remember, our website helps with filling and downloading, but not filing forms.
How to sign Form CPT20 online?
To sign Form CPT20, you can create a simple electronic signature using PDF Guru, which is recognized for forms that accept them. Remember, this isn't the same as a digital signature, which has greater legal standing. After filling out the form, download it for your records. It's essential to check for the latest updates regarding signature requirements to ensure compliance. Keep in mind that PDF Guru does not support form submission.
Where to file Form CPT20?
To submit Form CPT20, send the original completed form to your tax centre. Make sure to keep a copy for your records.
If you have multiple employers, provide a copy of the form to each one. Note that this form cannot be filed online through the CRA.
