Useful numbers – 2022 (By Ivana Saula) Old age security benefit, Canada, Quebec pension plan, Guaranteed income supplement, Registered retirement savings plan, Employment insurance

Posted on January 8, 2022 by Antonio
  1. OLD AGE SECURITY BENEFIT (Monthly, at age 65, January 2022)
  • $ 642.25 (regardless of marital status)
  • 10% increase to OAS as of July 2022 for those 75 and older
  • 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 1.1% for the January to March 2022 quarter
  1. CANADA/QUEBEC PENSION PLAN (2022)

  • Maximum pensionable earnings: $ 64,900
  • Maximum Monthly Retirement Benefit at age 65: $1,253.59
  • (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: $1,464.83 QPP: $ 1,464.83

Maximum Monthly Survivor Benefit CPP:
Under 65: $ 674.79
65 & Over: $ 752.15

Maximum Monthly Survivor Benefit QPP:
Under 65: $995.92 (Varies with age, disability and dependents)
65 & Over: $751.15

CPP Children’s benefits:
Pension for a disabled person’s child: CPP: $ 264.53 QPP: $ 264.53
Surviving child’s benefit for the child of a deceased contributor (Orphan’s pension): CPP: $264.53 QPP: $83.99

PREMIUMS: Contribution Rate (Employer/Employee): CPP (5.70%) QPP (5.4 %/5.4 %)

  • Yearly Maximum Pensionable Earnings (YMPE): $ 64,900 QPP: $ 64,900
  • Yearly Basic Exemption: $3,500
  • Maximum Premium (employer or employee): CPP $3,499.80/QPP $ 3,499.80

 

  1. GUARANTEED INCOME SUPPLEMENT
  • Maximum Monthly (January 2022)
    • Single: $959.26 Married, and spouse receives OAS: $ 577.43
  • Adjusted Quarterly
  • Maximum Monthly Allowance for Survivor: $1,453.93 (If you are a surviving spouse or common-law partner)
  1. REGISTERED RETIREMENT SAVINGS PLANS
  • Contribution Limits: 18% of income (to a maximum of $29,210), less pension adjustments for benefits from Registered Pension Plans. Based on 2021 earnings and pension benefits

EMPLOYMENT INSURANCE

  • Maximum Insurable Earnings: $60,300
  • 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: $952.74 (Quebec: $723.60.)
    • Employer: $1,333.84 (Quebec: $1,013.04)
  • Maximum Weekly Benefit: $638.00 [Quebec employees and employers also contribute to the Quebec Parental Insurance Plan (0.494%/0.692% on income to $88,000) – Maximum premium $434.72 /$608.96]

HEALTH PREMIUMS 2022

  • 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
  • HAPSET Manitoba: 2.15%-4.3%
  • Employer Health Tax B.C.: 1.925%-2.925%

 

By Ivana Saula
IAM Canadian Research Director

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