Useful Numbers 2020 – by Ivana Saula

USEFUL NUMBERS FOR 2020

PENSIONS

1. OLD AGE SECURITY BENEFIT (Monthly, at age 65, January 2020)

• $ 613.53 (regardless of marital status)
• 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 2020 is 2%
• Following increases to CPI, OAS benefit will increase by 0.0% for the January to March 2020 quarter

2. CANADA/QUEBEC PENSION PLAN (2020)

• Maximum Monthly Retirement Benefit at age 65: $1,175.83
• (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: $1,387.66 QPP: $ 1,388.46

Maximum Monthly Survivor Benefit CPP:
Under 65: $638.28
65 & Over: $705.50

Maximum Monthly Survivor Benefit QPP:
Under 65: $947.70 (Varies with age, disability and dependents)
65 & Over: $706.65

CPP Children’s benefits:
Pension for a disabled person’s child: CPP: $ 255.03 QPP: $ 80.97
Surviving child’s benefit for the child of a deceased contributor (Orphan’s pension): CPP: $255.03 QPP: $255.03

PREMIUMS: Contribution Rate (Employer/Employee): CPP (5.25%/5.25%) QPP (5.70 %/5.70 %)

• Yearly Maximum Pensionable Earnings (YMPE): $58,700 QPP: $ 58,700
• Yearly Basic Exemption: $3,500
• Maximum Premium (employer or employee): CPP $2,898.00/QPP $ 3,146.40

3. GUARANTEED INCOME SUPPLEMENT

• Maximum Monthly (January 2020)
  • Single: $916.38
• Adjusted Quarterly
• Maximum Monthly Allowance for Survivor: $1,361.56 (If you are a surviving spouse or common-law partner)

4. REGISTERED RETIREMENT SAVINGS PLANS

• Contribution Limits: 18% of income (to a maximum of $27,230), less pension adjustments for benefits from Registered Pension Plans. Based on 2019 earnings and pension benefits

EMPLOYMENT INSURANCE

• Maximum Insurable Earnings: $54,200
• Contribution Rate:
  • Employee: $1.58 per $100 (Quebec: $1.20 per $100)
  • Employer: $2.21 per $100 (Quebec: $1.68 per $100)
• Annual Maximum Premiums:
  • Employee: $856.36 (Quebec: $650.40)
  • Employer: $1,198.90 (Quebec: $910.56)
• Maximum Weekly Benefit: $573 [Quebec employees and employers also contribute to the Quebec Parental Insurance Plan (0.526%/0.736% on income to $78,500) – Maximum premium $387.79 /$573.00]

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