Should CPP Exemption be prorated if age 60 and started drawing retirement benefit?

Individual is self-employed, age 60, drew CPP for one month during 2014. Still has to pay on earnings, as only 60.  Schedule 8 is pro-rating the $3,500 basic CPP exemption, reducing it by the equivalent of 1/12th of the exemption (one month).  Should it be?  Is this a calculation error in Profile?

Answer

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No, it should NOT be prorating the CPP YBE of $3500 unless one of these circumstances arise:
1- When taxpayer turns 18

2- When taxpayer dies (if before a 65+ effective date for CPP)

3- When taxpayer collects a CPP Disability Benefit

4- When a taxpayer starts his CPP Retirement pension at 65+ and opts not to continue contributing

5- When a taxpayer turns 70 after having opted to continue contributing between 65-70

Sounds like Intuit needs to fix this on Profile

PS: Make sure not to forget to input # of months in box 21 (or 23 if DSB) of the T4A(P)

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