Income Security Programs Information Card
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October - December 2008
Catalogue No.: ISPB-258-10-08E
Old Age Security - Canada Pension Plan - OLD AGE SECURITY (PDF version, 445 kb)
Table of Contents
- Canada Pension Plan and Quebec Pension Plan
- Disability and Survivor Rates
- Calculation of CPP Maximum Monthly Rates For New Benefits
- Old Age Security
- Selected Figures 2008
- Forecasted Expenditures 2007 - 2008
| Type of benefit | New benefits Maximum rate (2008) |
Number of benefits (July 2008) |
Amounts paid (July 2008) $Millions |
|||
|---|---|---|---|---|---|---|
| CPP | QPP | CPP | QPP | CPP | QPP | |
| Retirement (at age 65) | $884.58 | $884.58 | 3,536,942 | 1,280,130 | $1,730.0 | $512.5 |
| Disability | $1,077.52 | $1,077.49 | 310,309 | 69,326 | $246.2 | $57.4 |
| Survivors | ||||||
| · under 65 | $493.28 | see chart below |
236,541 | 81,052 | $84.4 | $46.7 |
| · 65 and over | $530.75 | $530.75 | 768,241 | 259,761 | $223.6 | $74.9 |
| Total | n.a. | n.a. | 1,004,782 | 340,813 | $308.0 | $121.6 |
| Children of disabled contributor |
$208.77 | $66.29 | 91,734 | 8,056 | $19.2 | $0.7 |
| Children of deceased contributor |
$208.77 | $66.29 | 82,072 | 17,840 | $17.1 | $1.2 |
| Death (maximum lump sum) | $2,500.00 | $2,500.00 | 9,686 | 3,817 | $21.6 | $8.8 |
| Total | n.a. | n.a. | 5,035,525 | 1,719,982 | $2,342.1 | $702.2 |
| Combined Benefits | ||||||
| Survivor/Retirement at age 65 | $884.58 | $884.58 | 644,594 | n.a. | $448.5 | n.a. |
| Survivor/Disability | $1,077.52 | n.a. | 13,008 | n.a. | $12.2 | n.a. |
| Total | n.a. | n.a. | 657,602 | 197,081 | $460.7 | $117.1 |
| Benefit | Flat Rate | Earnings-Related Portion |
Total | |
|---|---|---|---|---|
| CPP disability benefit | $414.08 | $663.44 | $1,077.52 | |
| CPP survivor's pension under 65 | $161.56 | $331.72 | $493.28 | |
| QPP disability benefit | $414.05 | $663.44 | $1,077.49 | |
| QPP survivors | ||||
| - under 45 | ||||
| · Not disabled, no child | $106.04 | $331.72 | $437.76 | |
| · Not disabled, with child | $384.43 | $331.72 | $716.15 | |
| · Disabled | $414.05 | $331.72 | $745.77 | |
| - Age 45 to 64 | $414.05 | $331.72 | $745.77 | |
Calculation of CPP maximum monthly rates for new benefits
Retirement:
25% of 1/12 of the average YMPE for the last five years
Disability:
(Retirement x 0.75) + flat rate ($414.08)
Survivor:
- under 65: (Retirement x 0.375) + flat rate ($161.56)
- 65 or over: (Retirement x 0.60)
| Type of Benefit | October to December 2008 | July 2008 | |||
|---|---|---|---|---|---|
| Maximum rate |
Income level cut-off |
Number of benefits |
Amount paid $Millions |
||
| Old Age Security pension** | $516.96 | n.a. | 4,481,393 | $2,146.9 | |
| Guaranteed Income Supplement | |||||
| · Single | $652.51 | $15,672 | 907,722 | $394.3 | |
| Spouse/Common-law partner of | |||||
| · a non-pensioner | $652.51 | $37,584 | 71,211 | $29.5 | |
| · a pensioner | $430.90 | $20,688 | 455,059 | $124.2 | |
| · an Allowance recipient | $430.90 | $37,584 (note) |
57,496 | $20.5 | |
| Total | n.a. | n.a. | 1,491,488 | $568.5 | |
| The Allowance | |||||
| · Regular | $947.86 | $28,992 | 57,492 | $21.4 | |
| · Survivor | $1,050.68 | $21,120 | 28,540 | $15.9 | |
| Total | n.a. | n.a. | 86,032 | $37.3 | |
NOTE: The Allowance stops being paid at $28,922 while the GIS stops being paid at $37,584.
** The OAS pension repayment level in 2008 is from $64,718 to $105,266.
Return to Allowance Recipients rates| CPP | QPP | |
|---|---|---|
| Year's Maximum Pensionable Earnings (YMPE) | $44,900.00 | $44,900.00 |
| Year's Basic Exemption | $3,500.00 | $3,500.00 |
| Employee/employer maximum contribution (4.95%) |
$2,049.30 | $2,049.30 |
| Self-employed maximum contribution (9.9%) |
$4,098.60 | $4,098.60 |
| Account balance (February 2008) | $125,069 M | $33,862 M |
| Contributions (2007 - 2008) | $33,598 M | $9,394 M |
| Number of contributors 2006 | 12.2 M | 3.7 M |
| Indexation rate (January 2008) | 2.0% | 2.0% |
| Benefit | Expenditures Millions ($) |
|---|---|
| OAS | $26,288 |
| GIS | $7,717 |
| Allowance | $550 |
| Total | $34,555 |
| CPP | $29,106 |
| QPP | $9,319 |
Produced by:
Social Development Canada
Income Security Programs
©Minister of Public Works and Government Services, 2002
Catalogue No.: ISPB-258-10-08E