Useful Numbers 2021 – by Ivana Saula

1. OLD AGE SECURITY BENEFIT (Monthly, at age 65, January 2021)

• $ 615.37 (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 2021 is 1%
• Following increases to CPI, OAS benefit will increase by 0.2% for the January to March 2021 quarter

2. CANADA/QUEBEC PENSION PLAN (2020)

• Maximum Monthly Retirement Benefit at age 65: $$1,168.65
• (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: $1,413.66 QPP: $ 1,388.46

Maximum Monthly Survivor Benefit CPP:
Under 65: $ 450.50
65 & Over: $ 650.72

Maximum Monthly Survivor Benefit QPP:
Under 65: $958.40 (Varies with age, disability and dependents)
65 & Over: $714.78

CPP Children’s benefits:
Pension for a disabled person’s child: CPP: $ 255.03 QPP: $ 257.58
Surviving child’s benefit for the child of a deceased contributor (Orphan’s pension): CPP: $257.58 QPP: $257.58

PREMIUMS: Contribution Rate (Employer/Employee): CPP (5.45%/5.45%) QPP (5.4 %/5.4 %)

• Yearly Maximum Pensionable Earnings (YMPE): $ 61,600 QPP: $ 61,600
• Yearly Basic Exemption: $3,500
• Maximum Premium (employer or employee): CPP $3,166.45/QPP $ 3,146.40

3. GUARANTEED INCOME SUPPLEMENT

• Maximum Monthly (January 2021)
  • Single: $919.12
• Adjusted Quarterly
• Maximum Monthly Allowance for Survivor: $1,393.08 (If you are a surviving spouse or common-law partner)

4. REGISTERED RETIREMENT SAVINGS PLANS

• Contribution Limits: 18% of income (to a maximum of $27,830), less pension adjustments for benefits from Registered Pension Plans. Based on 2020 earnings and pension benefits

EMPLOYMENT INSURANCE- Frozen for 2021, no change from 2020

• Maximum Insurable Earnings: $56,300
• Contribution Rate:
  • Employee: $1.93 per $100 (Quebec: $1.18 per $100)
  • Employer: $2.21 per $100 (Quebec: $1.65 per $100)
• Annual Maximum Premiums:
  • Employee: $889.54 (Quebec: $664.34)
  • Employer: $1,245.36 (Quebec: $930.08)
• Maximum Weekly Benefit: $595 [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

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