USEFUL NUMBERS: 2010
A. PENSIONS:1. OLD AGE SECURITY BENEFIT
(Monthly, January/2010) $516.96
-adjusted quarterly
2. CANADA/QUEBEC PENSION PLAN (2010)
* Maximum Monthly Retirement Benefit at age 65 $934.17
(Reduction of 6% per year for retirement 60-64,
Increase of 6% per year for retirement 65-70)
* Maximum Monthly Disability Benefit $1,126.76
* Maximum Monthly Survivor Benefit
CPP QPP
Under 65 $516.57 $459.43 – $776.41
(Varies with age, disability, dependents)
65 & Over 560.50 560.50
* Maximum Monthly Orphan/Dependent Child Benefits:
CPP: $214.85 QPP: $68.22
PREMIUMS: Contribution Rate:
Employer: 4.95% Employee: 4.95%
Yearly Maximum Pensionable Earnings: $47,200
Yearly Basic Exemption: $3,500
Maximum Premium (employer or employee): $2,163.15
3. GUARANTEED INCOME SUPPLEMENT
Maximum Monthly (January/2010) Single: $652.51
Adjusted Quarterly Couple: $861.80
Maximum Monthly Spouse’s Allowance: $1,050.68
4. REGISTERED RETIREMENT SAVINGS PLANS:
Contribution Limits
18% of Income (to maximum of $22,000) less Pension Adjustments for benefits from Registered Pension Plans. Based on 2009 earnings and pension benefits.
B. UNEMPLOYMENT INSURANCE
Maximum Insurable Earnings: $43,200 annual
Contribution Rate: $1.73 per $100 (Employee)
$2.42 per $100 (Employer)
Maximum Premiums: Employee $747.36 annual (Quebec: $587.52)
Employer $1,046.30annual(Quebec: $827.53)
Maximum Weekly Benefit: $457.00
[Quebec workers and employers have reduced EI premiums ($1.36/$1.90 per $100), but also contribute to Quebec Parental Insurance Plan (.506%/.708% on income to $62,500) – $316.12/$442.50 annual maximum]
C. MEDICARE PREMIUMS (monthly)
B.C.: $57 single/$102 family of 2/$114 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 4.26% of payroll/Premium up to $1,000/year
Nfld.: Tax of 2.0% of payroll