Useful Numbers 2017 – by Aurélie Sarrabezolles

PENSIONS

1.  OLD AGE SECURITY BENEFIT 
(Monthly, at age 65, January to March 2017)
• $578.53 (regardless of marital status)
• Adjusted quarterly
• OAS/GIS can be deferred up to 5 years (to age 70), with an increase of 0.60% for each month of deferral
 
2.  CANADA/QUEBEC PENSION PLAN (2017)
  • Maximum Monthly Retirement Benefit at age 65: $1,114.17
    (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: $1,313.66
     
  • Maximum Monthly Survivor Benefit:
                                     CPP                        QPP

    • Under 65:       $604.32                   $540,23 – $895,81
                                                             (Varies with age, disability and dependents)
    • 65 & Over:     $668.50                   $668,50 
       
  • Maximum Monthly Orphan/Dependent Child Benefits
    CPP: $241.02                 QPP: $76.52

        PREMIUMS: Contribution Rate (Employer/Employee):
                     CPP: (4.95%/4.95%)        QPP: (5.40 %/5.40 %)
  • Yearly Maximum Pensionable Earnings: $55,300
  • Yearly Basic Exemption: $3,500
  • Maximum Premium (employer or employee): $2,564.10 (CPP)/$2,797.20(QPP)
 
3. GUARANTEED INCOME SUPPLEMENT
  • Maximum Monthly (January 2017)      

    • Single:   $864.09
    • Couple: $1,098.70
  • Adjusted Quarterly            
  • Maximum Monthly Spouse's Allowance: $1,309.67 (If you are a surviving spouse or common-law partner)
 
4.  REGISTERED RETIREMENT SAVINGS PLANS
  • Contribution Limits: 18% of income (to a maximum of $26,010), less pension adjustments for benefits from Registered Pension Plans. Based on 2016 earnings and pension benefits
 

UNEMPLOYMENT INSURANCE

  • Maximum Insurable Earnings: $51,300
  • Contribution Rate:

    • Employer: $2.282 per $100 (Quebec: $1.778 per $100)
    • Employee: $1.63 per $100 (Quebec: $1.27 per $100)
  • Annual Maximum Premiums:

    • Employer: $1,170.67 (Quebec: $912.11)
    • Employee:  $836.19 (Quebec: $651.51)
  • Maximum Weekly Benefit: $543 [Quebec workers and employers also contribute to the Quebec Parental Insurance Plan (0.548%/0.767% on income to $72,500) – $397.30/$556.08 annual maximum]

HEALTH PREMIUMS (monthly)

  • Ontario: Tax of 1.95% of payroll/Premium up to $900/year
  • Quebec: Tax of 2.7% to 4.26% of payroll (between $0 and $660 from July 1, 2016 to June 30, 2017) + private plan premium conditions apply
  • BC: $75 single/$150 for family of 2 adults
  • Manitoba: Tax of 2.15% of payroll
  • Newfoundland and Labrador: Tax of 2% of payroll