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Gov't Pension Plan
I tried searching on google but nothing came up.. So anyways here is my situation I am 16 working at a bodyshop and I am getting taxed pretty heavily on a gov't pention plan.. is this normal? I thought that this would start when I am 18 not 16...
Any info would be great... Thanks
Banned
You get it all back on your tax return until your 18 as far as i know.
Registered User
I am not to concerned about whether or not I get it back, i just want to know because I have never been taxed this at my other jobs, and also why do i have to worry about a pension at 16?Originally posted by ca18det240sx
You get it all back on your tax return until your 18 as far as i know.
Banned
I dunno, gov.ab.ca should tell you everything you need to know?
Registered User
1) Your employer is taking the taxes off your paycheque and forwarding that to the government. (15.5% fed, 10% alb... assuming less than $37,178). This way you won't be burdened with a huge tax bill at the end.
2) you're paying into the CPP (Canadian Pension Plan) and Employment Insurance. You don't get any back of it back at the end of the year.
At tax time, you can file for tax credits (school, textbooks, medical, disability, etc.)
"Science without religion is lame, religion without science is blind." - Albert Einstein
Registered User
Employers are responsible for deducting CPP premiums from ages 18-69. EI gets deducted no matter what age you are.Originally posted by Sharpie
I am not to concerned about whether or not I get it back, i just want to know because I have never been taxed this at my other jobs, and also why do i have to worry about a pension at 16?
I'm speaking from a general standpoint.. sometimes you may fit into the "do not have to pay" category. Highly doubt it in this instance.. but you never know.
"Science without religion is lame, religion without science is blind." - Albert Einstein
Registered User
You don't, you are paying for people who are enjoying pension right now. If the program still existing when you retire, your working kids will be paying your pension.Originally posted by Sharpie
why do i have to worry about a pension at 16?
But Rav4guy is right, if you're not 18, you should get CPP back.
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