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SUMMARY OF THE MOST IMPORTANT BENEFITS PAYABLE
UNDER GOVERNMENT PLANS AS OF JANUARY 1, 2011
 
CANADA/QUEBEC PENSION PLAN

 

  CPP MAX   QP MAX    
           
Year's Maximum Pensionable Earnings (YMPE): $48,300.00   $48,300.00    
Years Basic Exemption (YBE): $ 3,500.00   $ 3,500.00    
Maximum contributory earnings: $44,800.00   $44,800.00    
           
Annual contributions:          
  • Rate: Employee/Employer 4.95 % 4.95 %  
    Self-employed 9.90 % 9.90 %  
  • Rate: Employee/Employer 2,217.60   2,217.60    
    Self-employed 4,435.20   4,435.20    
           
Retirement pension at age 65: 960.00   960.00    
Disability pension: 1,153.37   1,153.34    
Orphan's Benefit and Disabled Contributors Child Benefit (per child): 218.50   69.38    
Death benefit (lump sum): 2,500.00   2,500.00    
           
Surviving Spouse's Pension:          
  • Age 65 and over 576.00   576.00    
   
Survivor’s pension is also available at earlier ages in varying amounts. Reduced by 1/120 for each month the spouse was below age 45 at the contributor’s death, unless the spouse is disabled. The maximum benefit amounts are those payable to individuals becoming eligible to receive payments, for the first time, on January 1, 2011 and after.
 
OLD AGE SECURITY
 
Basic OAS $524.23    
 
Guaranteed Income Supplement $661.69   Single Pensioner or pensioner whose spouse does not receive OAS or Spouse’s Allowance.
 
Guaranteed Income Supplement $436.95   Pensioner whose spouse does receive OAS or the Allowance.
 
Spouse's Allowance $61.18   Between the ages of 60 and 64 with limited income and whose spouse is a GIS recipient
 
Widowed Spouse's Allowance $1,065.45   Low-income between the ages of 60 and 64.
Benefits payable to every person in Canada age 65 and over who fulfills the residency requirements. Amounts indicated are for January to March 2011 period; the pension is adjusted quarterly based on the Consumer Price Index. Pensioners with an individual net income above $67,668 must repay part or all of the maximum Old Age Security pension amount.
 
PRIVATE RETIREMENT PLANS
 
Defined Contribution Registered Pension Plan contribution limit: $22,970.00
Registered Retirement Savings Plan contribution limit: $22,450.00
Deferred Profit Sharing Plan contribution limit: $11,485.00
Defined Benefit Registered Pension Plan limit for the year: $2552.22 per annum, at retirement
   
Note: The dollar contribution limits are for the year 2011 and are subject to a maximum of 18% of employment earnings for the year or previous calendar year’s earned income (RRSP’s) as the case may be.
 
EMPLOYMENT INSURANCE
 
Maximum weekly insurable earnings $816.88    
Maximum weekly benefit $468.00    
Maximum annual insurable earnings (MIE) $44.200.00    
Premium rates: per $100 of insurable earnings Employee $1.78   Employer $2.49
   
P.S. All benefits stated above are payable on a monthly basis except for the lump sum death benefit payable under the Canada/Quebec Pension Plan and the weekly benefits payable under Employment Insurance or where stated otherwise. The term “Spouse” includes common-law partner.
 
 
 
 
©2008 Group Lockhart Inc. - 519.672.3890 or 1.800.265.1224