- 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
- 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
- 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)
- 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
