Useful Numbers 2019 – by Ivana Saula

PENSIONS                 

  1. OLD AGE SECURITY BENEFIT (Monthly, at age 65, January 2019)
  • $ 601.45 (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
  • Following increases to CPI, OAS benefit will increase by 0.1% for the January to March 2019 quarter
  1. CANADA/QUEBEC PENSION PLAN (2019)
  • Maximum Monthly Retirement Benefit at age 65: $1,154.58
  • (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: $1,362.30                  QPP: 1,362.27
  • Maximum Monthly Survivor Benefit:
    CPP                                              QPP
  • Under 65:      $626.63                $931.43 (Varies with age, disability and dependents)
  • 65 & Over:     $692.75                 $696.15
  • CPP Children’s benefits:
    • Pension for a disabled person’s child: CPP: $250.27 QPP: $79.46
    • Surviving child’s benefit for the child of a deceased contributor (Orphan’s pension): CPP: $250.27 QPP: $250.27

PREMIUMS: Contribution Rate (Employer/Employee):
CPP (5.1%/45.15)                 QPP (5.40 %/5.40 %)

  • Yearly Maximum Pensionable Earnings (YMPE): $57,400 QPP: $ 57,400
  • Yearly Basic Exemption: $3,500
  • Maximum Premium (employer or employee): CPP $2,748.90/QPP $2,910.60
  1. GUARANTEED INCOME SUPPLEMENT
  • Maximum Monthly (January 2018)
  • Single: $898.32
  • Adjusted Quarterly
  • Maximum Monthly Allowance for Survivor: $1,361.56
    (If you are a surviving spouse or common-law partner)
  1.   REGISTERED RETIREMENT SAVINGS PLANS
  • Contribution Limits: 18% of income (to a maximum of $26,500), less pension adjustments for benefits from Registered Pension Plans.
    Based on 2018 earnings and pension benefits

EMPLOYMENT INSURANCE

  • Maximum Insurable Earnings: $53,100
  • Contribution Rate:
    • Employee: $1.62 per $100 (Quebec: $1.25 per $100)
    • Employer: $2.268 per $100 (Quebec: $1.25 per $100)
  • Annual Maximum Premiums:
    • Employee: $860.22 (Quebec: $663.75)
    • Employer: $1,204.31 (Quebec: $929.25)
  • Maximum Weekly Benefit: $562[Quebec employees and employers also contribute to the Quebec Parental Insurance Plan
    (0.526%/0.736% on income to $76,500) –
    Maximum premium $402.39 /$563.04]

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)
  • BC: Tax as a % of payroll at a rate of 1.95%
  • Newfoundland and Labrador: Health and Postsecondary Education Tax (HAPSET) 2% of payroll