1. OLD AGE SECURITY BENEFIT (Monthly, at age 65, January 2024)
- Age 65-74: $ 713.34 (regardless of marital status)
75+: $ 784.67
- Adjusted quarterly to CPI (in January, April, July and October)
- OAS/GIS can be deferred up to 5 years (to age 70), with an increase of 0.60% for each month of deferral
- Pension indexation rate for 2024 is 4.8%
- Following increases to CPI, OAS benefit will increase by 0.8% for the January to March 2024 quarter
- Clawback at a rate of 15% when income exceeds $ 90,997 for the period between July 2025-June 2026
2. CANADA/QUEBEC PENSION PLAN (2023)
- Maximum Monthly Retirement Benefit at age 65: $1,364.60 Age 72: $ 2166.78
- (Reduction of 0.60% per month for retirement at 60-64 YO/increase of 0.70% per month for retirement at 65-70 YO)
- Maximum Monthly Disability Benefit: CPP: $1,606.78 QPP: $ 1,606.78
- Retirement Pension Supplement QPP: 0.66% of earnings on which contributions were made in 2023
Maximum Monthly Survivor Benefit CPP: Under 65: $ 739.31 65 & Over: $ 818.76
Maximum Monthly Survivor Benefit QPP: 45-64 years of age: $ 1,102.80 (Varies with age, disability and dependents) 65+: $ 822.14
CPP Children’s benefits: Pension for a disabled person’s child: CPP: $ 294.12 QPP: $ 294.12
PREMIUMS: Contribution Rate (Employer/Employee): CPP (5.95%/5.95%) QPP (6.40%/ 6.40 %)
- Yearly Maximum Pensionable Earnings (YMPE): $ 68,500 QPP: $ 68,500
- Yearly Basic Exemption: $3,500
- Maximum Premium (employer or employee): CPP $3, 867.50 /QPP $ 4,160
*** New for QPP 2024***
Earnings between $68,500 and $73,200 will be subject to additional QPP contributions, known as QPP2. Employee and employer QPP2 contribution rate: 4% Maximum QPP2 contribution (employer and employee): $188.00 Self-employed QPP2 rate: 8% Maximum self-employed QPP2 contribution: $376.00
3. GUARANTEED INCOME SUPPLEMENT
- Maximum Monthly (January 2024) Single: $ 1,065.47
- Adjusted Quarterly
- Maximum Monthly Allowance for Survivor: $ $1,614.89 (If you are a surviving spouse or common-law partner)
4. REGISTERED RETIREMENT SAVINGS PLANS
- Contribution Limits: 18% of income (to a maximum of $ 31,560.00), less pension adjustments for benefits from Registered Pension Plans. Based on 2023 earnings and pension benefits
EMPLOYMENT INSURANCE
- Maximum Insurable Earnings: $63,200
- Contribution Rate: 1.66% Quebec: 1.32% Employee: $1.66 per $100 (Quebec: $1.32 per $100)
- Employer: $2.32 per $100 (Quebec: $1.85 per $100)
- Annual Maximum Premiums: Employee: $ 1,049.12 (Quebec: $ 834.24)
- Employer: $ 1,468.77 (Quebec: $ 1,167.94)
- Maximum Weekly Benefit: $668 [Quebec employees and employers also contribute to the Quebec Parental Insurance Plan (0.494%/0.692% on income up to $ 94,000) – Maximum premium $464.36 /$ 650.48
HEALTH PREMIUMS (monthly)
- Ontario: Tax of 1.95% of payroll/premium up to $900/year
- Quebec: Tax of 1.25% to 4.26% of payroll (private plan premium conditions apply), maximum of $ 1,196.00.
- Newfoundland and Labrador: Health and Postsecondary Education Tax (HAPSET) 2% of payroll
- Manitoba HAPSET: 2.15%-4.3% of payroll
- British Columbia: Employer Health Tax- 1.95%- 2.925%
