Useful Numbers (2024) – by Ivana Saula

Useful Numbers (2024) - by Ivana Saula

 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%