{"id":6,"date":"2023-01-17T19:38:39","date_gmt":"2023-01-17T19:38:39","guid":{"rendered":"http:\/\/54.iamaw.ca.previewmysite.com\/?p=6"},"modified":"2023-01-17T19:50:08","modified_gmt":"2023-01-17T19:50:08","slug":"useful-numbers-2023-by-ivana-saula","status":"publish","type":"post","link":"http:\/\/54.iamaw.ca.previewmysite.com\/?p=6","title":{"rendered":"USEFUL NUMBERS \u2013 2023\u00a0(by Ivana Saula)"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>1. OLD AGE SECURITY BENEFIT (Monthly, at age 65, January 2023)<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Age 65-74: $ 687.56 (regardless of marital status)&nbsp;<\/li>\n\n\n\n<li>75+: $ 756.32&nbsp;<\/li>\n\n\n\n<li>Adjusted quarterly to CPI (in January, April, July and October)&nbsp;<\/li>\n\n\n\n<li>OAS\/GIS can be deferred up to 5 years (to age 70), with an increase of 0.60% for each month of deferral&nbsp;<\/li>\n\n\n\n<li>Pension indexation rate for 2023 is 6.3%&nbsp;<\/li>\n\n\n\n<li>Following increases to CPI, OAS benefit will increase by 0.3% for the January to March 2023 quarter&nbsp;<\/li>\n\n\n\n<li>Clawback at a rate of 15% when income exceeds $ 79,845 for the period between July 2022-June 2023).&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2. CANADA\/QUEBEC PENSION PLAN (2023)<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Maximum Monthly Retirement Benefit at age 65: $1,306.57&nbsp;<\/li>\n\n\n\n<li>(Reduction of 0.60% per month for retirement at 60-64 YO\/increase of 0.70% per month for retirement at 65-70 YO)&nbsp;<\/li>\n\n\n\n<li>Maximum Monthly Disability Benefit: CPP: $1,538.67 QPP: $ 1,537.13&nbsp;<\/li>\n\n\n\n<li>Retirement Pension Supplement QPP: $ 31.72&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Maximum Monthly Survivor Benefit CPP: <\/strong>Under 65: $ 707.95 65 &amp; Over: $ 783.94<br><strong>Maximum Monthly Survivor Benefit QPP: <\/strong>45-64 years of age: $ 1,064.81 (Varies with age, disability and dependents) 65+: $ 804.13<br><strong>CPP Children\u2019s benefits: <\/strong>Pension for a disabled person\u2019s child: CPP: $ 281.72 QPP: $ 281.72<br>PREMIUMS: Contribution Rate (Employer\/Employee): CPP (5.45%\/5.45%) QPP (5.4 %\/5.4 %)&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Yearly Maximum Pensionable Earnings (YMPE): $ 66,600 QPP: $ 66,600&nbsp;<\/li>\n\n\n\n<li>Yearly Basic Exemption: $3,500&nbsp;<\/li>\n\n\n\n<li>Maximum Premium (employer or employee): CPP $3, 754.45 \/QPP $ 3,407.40&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3. GUARANTEED INCOME SUPPLEMENT<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Maximum Monthly (January 2023)\n<ul class=\"wp-block-list\">\n<li>Single: $ 1,029.96&nbsp;<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Adjusted Quarterly&nbsp;<\/li>\n\n\n\n<li>Maximum Monthly Allowance for Survivor: $1,556.51 (If you are a surviving spouse or common-law partner)&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4. REGISTERED RETIREMENT SAVINGS PLANS<\/strong><\/h3>\n\n\n\n<p>Contribution Limits: 18% of income (to a maximum of $ 30,780.00), less pension adjustments for benefits from Registered Pension Plans. Based on 2022 earnings and pension benefits&nbsp;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>EMPLOYMENT INSURANCE&nbsp;<\/strong><\/h3>\n\n\n\n<p><strong>Maximum Insurable Earnings: $61.500&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Contribution Rate:\n<ul class=\"wp-block-list\">\n<li>Employee: $1.63 per $100 (Quebec: $1.27 per $100)&nbsp;<\/li>\n\n\n\n<li>Employer: $2.28 per $100 (Quebec: $1.778 per $100)&nbsp;<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Annual Maximum Premiums:\n<ul class=\"wp-block-list\">\n<li>Employee: $ 1,002.45 (Quebec: $ 781.05)&nbsp;<\/li>\n\n\n\n<li>Employer: $ 1,403.43 (Quebec: $ 1,093.47)&nbsp;<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Maximum Weekly Benefit: $650 [Quebec employees and employers also contribute to the Quebec Parental Insurance Plan (0.494%\/0.692% on income up to $ 91,000) \u2013 Maximum premium $449.54 \/$ 629.72&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>HEALTH PREMIUMS (monthly)&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ontario: Tax of 1.95% of payroll\/premium up to $900\/year&nbsp;<\/li>\n\n\n\n<li>Quebec: Tax of 1.25% to 4.26% of payroll (private plan premium conditions apply)&nbsp;<\/li>\n\n\n\n<li>Newfoundland and Labrador: Health and Postsecondary Education Tax (HAPSET) 2% of payroll&nbsp;<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>1. OLD AGE SECURITY BENEFIT (Monthly, at age 65, January 2023) 2. CANADA\/QUEBEC PENSION PLAN (2023) Maximum Monthly Survivor Benefit CPP: Under 65: $ 707.95 65 &amp; Over: $ 783.94Maximum&hellip; <\/p>\n","protected":false},"author":1,"featured_media":7,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/54.iamaw.ca.previewmysite.com\/index.php?rest_route=\/wp\/v2\/posts\/6","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/54.iamaw.ca.previewmysite.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/54.iamaw.ca.previewmysite.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/54.iamaw.ca.previewmysite.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/54.iamaw.ca.previewmysite.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6"}],"version-history":[{"count":1,"href":"http:\/\/54.iamaw.ca.previewmysite.com\/index.php?rest_route=\/wp\/v2\/posts\/6\/revisions"}],"predecessor-version":[{"id":8,"href":"http:\/\/54.iamaw.ca.previewmysite.com\/index.php?rest_route=\/wp\/v2\/posts\/6\/revisions\/8"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/54.iamaw.ca.previewmysite.com\/index.php?rest_route=\/wp\/v2\/media\/7"}],"wp:attachment":[{"href":"http:\/\/54.iamaw.ca.previewmysite.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/54.iamaw.ca.previewmysite.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/54.iamaw.ca.previewmysite.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}