News & Updates

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