USEFUL NUMBERS – 2022 (By Ivana Saula)

USEFUL NUMBERS – 2022 (By Ivana Saula)

  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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This article was originally posted on the IAM Canada website. View the original post here: USEFUL NUMBERS – 2022 (By Ivana Saula)

The post USEFUL NUMBERS – 2022 (By Ivana Saula) appeared first on IAM District 78.

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This article was originally posted on the IAM District 78 website. View the original post here: USEFUL NUMBERS – 2022 (By Ivana Saula)

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