Name of the Organization : Service Canada
Type of Facility : Post-Retirement Benefit (PRB) Calculator
Country : Canada
Website : http://www.servicecanada.gc.ca/eng/s…ons/cric.shtml
Related : Service Canada Pension Plan Retirement Pension Online Application : www.statusin.org/4191.html
Post-Retirement Benefit Calculator :
** The Post-Retirement Benefit is a new benefit for people who work and make CPP contributions while already receiving a CPP retirement pension.
This calculator only provides full year estimates between ages 61 and 70.
The Government of Canada has developed this calculator to help you better understand how contributions to the Post-Retirement Benefit (PRB) will further contribute to your financial security after you retire.
** A Post-Retirement Pension (PRB) is payable the year following the year you make contributions. You will receive a new PRB for each year you make contributions. Each new PRB will be added to any previous PRBs.
Note :
** Information entered into CRIC will not be retained by this calculator.
** This calculator assumes full contributions are made based on earnings entered.
** The calculator’s results are rough estimates for information purposes only – not financial planning.
** The calculator does not collect personal information or identifiers.
Eligibility :
Working and aged 60 and over :
If you work while receiving your Canada Pension Plan (CPP) retirement pension, you may increase your retirement income with a lifetime benefit. This is called the Post-Retirement Benefit (PRB).
You might be eligible if you are :
** 60 to 70 years of age
** working and contributing to the CPP
** receiving a retirement pension from the CPP or the Quebec Pension Plan (QPP)
To get this benefit, you and your employer have to make CPP contributions. If you are self-employed, you have to pay both the employee and the employer portions of the CPP contributions. Once you reach 70, you will stop making CPP contributions.
Note : Working in Quebec. If you work in Quebec after you started receiving your CPP retirement pension, you could receive a retirement pension supplement from the QPP .
60 to 65 years of age and working :
CPP contributions are mandatory for working CPP retirement pension recipients under age 65.
65 to 70 years of age and working :
Starting at age 65, you can choose not to contribute to the CPP.
To stop contributing, you must fill out form CPT30 Election to stop contributing to the Canada Pension Plan, or revocation of a prior election. Give a copy of the form to your employer, and send the original to the Canada Revenue Agency (CRA).
If you have more than one employer, you must give a copy of the form to each of your employers. You cannot choose to contribute to the CPP with one employer and not contribute with another.
If you are self-employed, you must complete the applicable section of the CRA’s Schedule 8 CPP contributions on Self-Employment and Other Earnings and file it with your Income Tax and Benefit Return.
You can start contributing once again but only one change can be made per calendar year. Submit section D of a new CRA form CPT30 Election to stop contributing to the Canada Pension Plan, or revocation of a prior election.
Calculate Here : https://srv111.services.gc.ca/GeneralInformation/Index