USEFUL NUMBERS: 2014 – By Louis Erlichman
A. PENSIONS:
1. OLD AGE SECURITY BENEFIT (Monthly, at age 65, January/2014) $551.54
-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 (2014)
* Maximum Monthly Retirement Benefit at age 65 $1,038.33
[Reduction of 0.56%(CPP)/0.53%(QPP)per month for retirement 60-64;
Increase of 0.70% per month for retirement 65-70]
* Maximum Monthly Disability Benefit $1,236.35
* Maximum Monthly Survivor Benefit
CPP QPP
Under 65 $567.91 $506.56 – $846.94
(Varies with age, disability, dependents)
65 & Over 623.0 623.00
* Maximum Monthly Orphan/Dependent Child Benefits:
CPP: $230.72 QPP: $73.25
PREMIUMS: Contribution Rate (Employer/Employee):
CPP: (4.95%/4.95%) QPP: (5.175%/5.175%)
Yearly Maximum Pensionable Earnings: $52,500
Yearly Basic Exemption: $3,500
Maximum Premium (employer or employee): $2,425.50 (CPP)/$2,535.75 (QPP)
3. GUARANTEED INCOME SUPPLEMENT
Maximum Monthly (January/2014) Single: $747.86
Adjusted Quarterly Couple: $991.78
Maximum Monthly Spouse's Allowance: $1,172.65
4. REGISTERED RETIREMENT SAVINGS PLANS: Contribution Limits
18% of Income (to maximum of $24,270) less Pension Adjustments for benefits from Registered Pension Plans. Based on 2013 earnings and pension benefits.
B. UNEMPLOYMENT INSURANCE
Maximum Insurable Earnings: $48,600 annual
Contribution Rate: $1.88 per $100 (Employee)(Quebec:$1.53)
$2.63 per $100 (Employer)(Quebec $2.14)
Maximum Premiums: Employee $913.68 annual (Quebec: $743.58)
Employer$1,279.58annual(Quebec: $1,041.01)
Maximum Weekly Benefit: $514.00
[Quebec workers and employers also contribute to the Quebec Parental Insurance Plan (.559%/.782% on income to $69,000) – $385.71/$539.58 annual maximum]
C. MEDICARE PREMIUMS (monthly)
B.C.: $69.25 single/$125.50 family of 2/$138.50 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/Premium up to $1,000/year + $200 Health Contribution
Nfld.: Tax of 2.0% of payroll
