USEFUL NUMBERS – 2023 (by Ivana Saula)

USEFUL NUMBERS - 2023 (by Ivana Saula)

1. OLD AGE SECURITY BENEFIT (Monthly, at age 65, January 2023)

  • Age 65-74: $ 687.56 (regardless of marital status) 
  • 75+: $ 756.32 
  • 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 2023 is 6.3% 
  • Following increases to CPI, OAS benefit will increase by 0.3% for the January to March 2023 quarter 
  • Clawback at a rate of 15% when income exceeds $ 79,845 for the period between July 2022-June 2023). 

2. CANADA/QUEBEC PENSION PLAN (2023)

  • Maximum Monthly Retirement Benefit at age 65: $1,306.57 
  • (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: $1,538.67 QPP: $ 1,537.13 
  • Retirement Pension Supplement QPP: $ 31.72 

Maximum Monthly Survivor Benefit CPP: Under 65: $ 707.95 65 & Over: $ 783.94
Maximum Monthly Survivor Benefit QPP: 45-64 years of age: $ 1,064.81 (Varies with age, disability and dependents) 65+: $ 804.13
CPP Children’s benefits: Pension for a disabled person’s child: CPP: $ 281.72 QPP: $ 281.72
PREMIUMS: Contribution Rate (Employer/Employee): CPP (5.45%/5.45%) QPP (5.4 %/5.4 %) 

  • Yearly Maximum Pensionable Earnings (YMPE): $ 66,600 QPP: $ 66,600 
  • Yearly Basic Exemption: $3,500 
  • Maximum Premium (employer or employee): CPP $3, 754.45 /QPP $ 3,407.40 

3. GUARANTEED INCOME SUPPLEMENT

  • Maximum Monthly (January 2023) 
    • Single: $ 1,029.96 
  • Adjusted Quarterly 
  • Maximum Monthly Allowance for Survivor: $1,556.51 (If you are a surviving spouse or common-law partner) 

4. REGISTERED RETIREMENT SAVINGS PLANS

Contribution Limits: 18% of income (to a maximum of $ 30,780.00), less pension adjustments for benefits from Registered Pension Plans. Based on 2022 earnings and pension benefits 

EMPLOYMENT INSURANCE 

Maximum Insurable Earnings: $61.500 

  • Contribution Rate: 
    • Employee: $1.63 per $100 (Quebec: $1.27 per $100) 
    • Employer: $2.28 per $100 (Quebec: $1.778 per $100) 
  • Annual Maximum Premiums: 
    • Employee: $ 1,002.45 (Quebec: $ 781.05) 
    • Employer: $ 1,403.43 (Quebec: $ 1,093.47) 
  • Maximum Weekly Benefit: $650 [Quebec employees and employers also contribute to the Quebec Parental Insurance Plan (0.494%/0.692% on income up to $ 91,000) – Maximum premium $449.54 /$ 629.72 

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) 
  • Newfoundland and Labrador: Health and Postsecondary Education Tax (HAPSET) 2% of payroll