CPP/OAS Information
January 20, 2023
CPP/Pension
| Canada Pension Plan and Quebec Pension Plan | CPP |
| 1. Contribution Rate
|
5.95% |
| 2. Year’s maximum pensionable earnings (YMPE)
|
$66,600.00 |
| 3. Basic exemption
|
$3,500.00 |
|
4. Maximum contributions for: – employers – employees – self-employed |
$3,754.45 $3,754.45 $7,508.90 |
| 5. Retirement Benefits (maximum):
– early at age 60 – normal at age 65 – delayed at age 70
|
$836.20 $1,306.57 $1,855.33 |
| 6. Lump Sum Death Benefit (max.)
|
$2,500.00 |
| Old Age Security (January–March, 2023) – Adjusted Quarterly | Maximum Monthly |
| 1. Old Age Security (at age 65-74)
– at age 75 and over |
$687.56
$756.32 |
| 2. Guaranteed Income Supplement (GIS) (single, widowed, divorced person) | $1026.96 |
| 3. Allowance for the Spouse (if spouse receives full OAS and GIS) | $1,305.71 |
| 4. Allowance for the Survivor | $1,556.51 |
Just a note that the proposed changes by the 2012 Conservative Government to pension eligibility age were fully revoked in 2016, so the age of eligibility remains at 65 years.