A. PENSIONS:
1. OLD AGE SECURITY BENEFIT (Monthly, at age 65, January/2016) $570.52
-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 (2016)
* Maximum Monthly Retirement Benefit at age 65 $1,092.50
[Reduction of 0.60 per month for retirement 60-64;
Increase of 0.70% per month for retirement 65-70]
* Maximum Monthly Disability Benefit $1,290.81
* Maximum Monthly Survivor Benefit
CPP QPP
Under 65 $593.62 $530.42 – $881.09
(Varies with age, disability, dependents)
65 & Over $655.50 $655.50
* Maximum Monthly Orphan/Dependent Child Benefits:
CPP: $237.69 QPP: $75.46
PREMIUMS: Contribution Rate (Employer/Employee):
CPP: (4.95%/4.95%) QPP: (5.325%/5.325%)
Yearly Maximum Pensionable Earnings: $54,900
Yearly Basic Exemption: $3,500
Maximum Premium (employer or employee): $2,544.30 (CPP)/$2,737.05 (QPP)
3. GUARANTEED INCOME SUPPLEMENT
Maximum Monthly (January/2016) Single: $773.60
Adjusted Quarterly Couple: $1,025.92
Adjusted Quarterly Couple: $1,025.92
Maximum Monthly Spouse's Allowance: $1,213.00
4. REGISTERED RETIREMENT SAVINGS PLANS: Contribution Limits
18% of Income (to maximum of $25,370) less Pension Adjustments for benefits from Registered Pension Plans. Based on 2015 earnings and pension benefits.
B. UNEMPLOYMENT INSURANCE
Maximum Annual Insurable Earnings: $50,800
Contribution Rate: $1.88 per $100 (Employee)(Quebec:$1.52)
$2.632 per $100 (Employer)(Quebec $2.128)
Temporary Small Business (Annual Premium <$15,000) Credit of $0.39 per $100
Maximum Premiums: Employee $955.04 annual (Quebec: $772.16)
Employer $1,337.06 annual (Quebec: $1,081.02)
Maximum Weekly Benefit: $537.00
[Quebec workers and employers also contribute to the Quebec Parental Insurance Plan (.548%/.767% on income to $71,500) – $391.82/$548.40 annual maximum]
C. MEDICARE PREMIUMS (monthly)
B.C.: $75.00 single/$136.00 family of 2/$150.00 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/Individual Premium up to $1,000/year + Health Contribution up to $1,000/year
Nfld.: Tax of 2.0% of payroll