More often, however, these underpayments was less than $1 per month but one cause showed a citizen being underpaid more than $50 per month. Many Canadians are unaware that they could be owed this kind of money or any money at all.
New York, New York (PRWEB) December 11, 2013
Business Review and Mark Feldstein and Associates today advise Canadian tax payers: If you’ve started your Canada Pension Plan (CPP) recently, the government may owe you money because of a mix up with Human Resources and Development Canada (HRDC); the agency that administers the CPP. Tax information collected for the last two years of your work life may not have caught up with the HRDC to be factored into the payment, reducing the average earnings figure the pension payment is based on.
The errors may be small, but the money can add up. “Each year you work, you are basically contributing to about $25 per month on an average age 65 CPP,” says Mark Feldstein of Mark Feldstein and Associates. “Over 20 years of retirement, that could add to around $6000. More often, however, these underpayments was less than $1 per month but one cause showed a citizen being underpaid more than $50 per month. Many Canadians are unaware that they could be owed this kind of money or any money at all, and our accounting firm supports keeping Canadians in the know.”
CPP calculations are to be automatically adjusted retroactively when the relevant tax records become available to HRDC and the agency says that it does update records. A spokesperson for the HRDC says that the initial payment is an interim one based on the information they have on file at the time the pension is processed. The final benefit is adjusted when the final information is received and will be necessarily adjusted without any client intervention and with no specific time limit.
Mark Feldstein & Associates, Chartered Accountants, provide a wide range of professional services to businesses and individuals. To ensure clients receive the best advice in each area, Mark Feldstein & Associates hire only seasoned specialists who, in turn, devote a good portion of their time to upgrading their skills through in-depth professional development. Mark Feldstein has been practicing public accounting and specializing in voluntary disclosure since 1982. He has experience in a wide variety of industries, including retail, manufacturing, importing and exporting, wholesale distribution, technology, restaurants, law firms, engineering firms, architecture firms, education, IT consultants, wealth preservation planning, forensic investigations, internet service providers and construction.
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