SUMMARY OF THE MOST IMPORTANT BENEFITS PAYABLE
UNDER GOVERNMENT PLANS AS OF JANUARY 1, 2008
CANADA/QUEBEC PENSION PLAN
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CPP MAX |
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QP MAX |
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Year's Maximum Pensionable Earnings (YMPE): |
$44,900.00 |
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$44,900.00 |
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Years Basic Exemption (YBE): |
$ 3,500.00 |
|
$ 3,500.00 |
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Maximum contributory earnings: |
$41,400.00 |
|
$41,400.00 |
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Annual contributions: |
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• Rate: |
Employee/Employer |
4.95 |
% |
4.95 |
% |
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Self-employed |
9.90 |
% |
9.90 |
% |
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• Rate: |
Employee/Employer |
2,049.30 |
|
2,049.30 |
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Self-employed |
4,098.60 |
|
4,098.60 |
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Retirement pension at age 65: |
884.58 |
|
884.58 |
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Disability pension: |
1,053.77 |
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1,053.77 |
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Orphan's Benefit and Disabled Contributors Child Benefit
(per child): |
208.77 |
|
66.29 |
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Death benefit (lump sum): |
2,500.00 |
|
2,500.00 |
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Surviving Spouse's Pension: |
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• Age 65 and over |
530.75 |
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530.75 |
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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, 2008 and after. |
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OLD AGE SECURITY |
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Basic OAS |
$502.31 |
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Guaranteed Income Supplement |
$634.02 |
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Single Pensioner or pensioner whose spouse does not receive
OAS or Spouse’s Allowance.
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Guaranteed Income Supplement |
$418.69 |
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Pensioner whose spouse does receive OAS or the Allowance.
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Spouse's Allowance |
$921.00 |
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Between the ages of 60 and 64 with limited income and whose
spouse is a GIS recipient.
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Widowed Spouse's Allowance |
$1,020.91 |
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Low-income between the ages of 60 and 64. |
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Benefits payable to every person in Canada age 65 and over
who fulfills the residency requirements. Amounts indicated are for January to March
2008 period; the pension is adjusted quarterly based on the Consumer Price Index.
Pensioners with an individual net income above $57,879 must repay part or all of
the maximum Old Age Security pension amount.
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PRIVATE RETIREMENT PLANS
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Defined Contribution Registered Pension Plan contribution
limit: |
$21,000.00 |
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Registered Retirement Savings Plan contribution limit: |
$20,000.00 |
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Deferred Profit Sharing Plan contribution limit: |
$10,500.00 |
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Defined Benefit Registered Pension Plan limit for the year: |
$ 2,333.33 per annum,
at retirement |
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Note: The dollar contribution limits are for the year 2008 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
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Maximum weekly insurable earnings |
$790.38 |
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Maximum weekly benefit |
$435.00 |
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Maximum annual insurable earnings (MIE) |
$41,100.00 |
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Premium rates: per $100 of insurable earnings |
Employee $1.73 |
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Employer $2.42 |
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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. |
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