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Useful Numbers 2016 - by Louis Erlichman

A. PENSIONS:
1.  OLD AGE SECURITY BENEFIT (Monthly, at age 65, January/2016)    $570.52
    -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 (2016)
   * Maximum Monthly Retirement Benefit at age 65 $1,092.50
[Reduction of 0.60 per month for retirement 60-64;
 Increase of 0.70% per month for retirement 65-70]
   * Maximum Monthly Disability Benefit $1,290.81
   * Maximum Monthly Survivor Benefit      
 
                   CPP        QPP
Under 65    $593.62   $530.42 - $881.09
  (Varies with age, disability, dependents)
 
65 & Over    $655.50   $655.50
   * Maximum Monthly Orphan/Dependent Child Benefits:
 
CPP: $237.69 QPP: $75.46
 
PREMIUMS: Contribution Rate (Employer/Employee):
CPP: (4.95%/4.95%) QPP: (5.325%/5.325%)
Yearly Maximum Pensionable Earnings: $54,900
Yearly Basic Exemption: $3,500
Maximum Premium (employer or employee): $2,544.30 (CPP)/$2,737.05 (QPP)
 
3.  GUARANTEED INCOME SUPPLEMENT
Maximum Monthly (January/2016)    Single: $773.60
Adjusted Quarterly                              Couple: $1,025.92
Maximum Monthly Spouse's Allowance:     $1,213.00
     
4.  REGISTERED RETIREMENT SAVINGS PLANS: Contribution Limits
18% of Income (to maximum of $25,370) less Pension Adjustments for benefits from Registered Pension Plans. Based on 2015 earnings and pension benefits.
 
      B.  UNEMPLOYMENT INSURANCE
              Maximum Annual Insurable Earnings: $50,800 
              Contribution Rate: $1.88 per $100 (Employee)(Quebec:$1.52)
              $2.632 per $100 (Employer)(Quebec $2.128)
              Temporary Small Business (Annual Premium <$15,000) Credit of $0.39 per $100
              Maximum Premiums: Employee $955.04 annual (Quebec: $772.16)
              Employer $1,337.06 annual (Quebec: $1,081.02)
              Maximum Weekly Benefit:  $537.00 
              [Quebec workers and employers also contribute to the Quebec Parental Insurance Plan (.548%/.767% on income to $71,500) - $391.82/$548.40 annual maximum]
 
      C.  MEDICARE PREMIUMS (monthly)
           B.C.: $75.00 single/$136.00 family of 2/$150.00 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/Individual Premium up to $1,000/year + Health Contribution up to $1,000/year
           Nfld.: Tax of 2.0% of payroll