A. PENSIONS:
1. OLD AGE SECURITY BENEFIT (Monthly, at age 65, January/2015) $564.87
-adjusted quarterly
OAS/GIS can be deferred up to 5 years (to age 70), with an increase of 0.6% for each month of deferral
2. CANADA/QUEBEC PENSION PLAN (2015)
* Maximum Monthly Retirement Benefit at age 65 $1,065.00
[Reduction of 0.58%(CPP)/0.56%(QPP)per month for retirement 60-64;
Increase of 0.70% per month for retirement 65-70]
* Maximum Monthly Disability Benefit $1,264.59
* Maximum Monthly Survivor Benefit
CPP QPP
Under 65 $581.13 $518.68 – $865.19
(Varies with age, disability, dependents)
65 & Over $639.00 $639.00
* Maximum Monthly Orphan/Dependent Child Benefits:
CPP: $234.87 QPP: $74.57
PREMIUMS: Contribution Rate (Employer/Employee):
CPP: (4.95%/4.95%) QPP: (5.25%/5.25%)
Yearly Maximum Pensionable Earnings: $53,600
Yearly Basic Exemption: $3,500
Maximum Premium (employer or employee): $2,479.95 (CPP)/$2,630.25 (QPP)
3. GUARANTEED INCOME SUPPLEMENT
Maximum Monthly (January/2015) Single: $764.40
Adjusted Quarterly Couple: $1,013.72
Adjusted Quarterly Couple: $1,013.72
Maximum Monthly Spouse's Allowance: $1,198.58
4. REGISTERED RETIREMENT SAVINGS PLANS: Contribution Limits
18% of Income (to maximum of $24,930) less Pension Adjustments for benefits from Registered Pension Plans. Based on 2014 earnings and pension benefits.
B. UNEMPLOYMENT INSURANCE
Maximum Annual Insurable Earnings: $49,500
Contribution Rate: $1.88 per $100 (Employee)(Quebec:$1.54)
$2.63 per $100 (Employer)(Quebec $2.14)
Temporary Small Business (Annual Premium <$15,000) Credit of $0.39 per $100
Maximum Premiums: Employee $930.60 annual (Quebec: $762.30)
Employer $1,302.84 annual (Quebec: $1,067.22)
Maximum Weekly Benefit: $524.00
[Quebec workers and employers also contribute to the Quebec Parental Insurance Plan (.559%/.782% on income to $70,000) – $391.30/$547.40 annual maximum]
C. MEDICARE PREMIUMS (monthly)
B.C.: $72.00 single/$130.50 family of 2/$144.00 family of 3+
Manitoba: Tax of 2.15% of payroll
Ontario: Tax of 1.95% of payroll/Premium up to $900/year
Quebec: Tax of 2.7%to 4.26% of payroll/Premium up to $1,000/year + $200 Health Contribution
Nfld.: Tax of 2.0% of payroll