Quarterly report of Canada Pension Plan and Old Age Security monthly amounts and related figures - January to March 2014

Canada Pension Plan/Old Age Security Quarterly Report - Monthly Amounts and Related Figures from January to March 2014 (PDF version, 75 kb 2 pages)

Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) - Type of benefit
New benefits Maximum amount 2014 Number of benefits October 2013 Amounts paid October 2013
CPP QPP CPP QPP CPP (in millions) QPP (in millions)
Retirement (at age 65) $1,038.33 $1,038.33 4,413,318 1,570,425 $2,357.1 $753.1
Post–Retirement Benefit (CPP) (at age 65)Footnote 1 $25.96 464,239 $5.1
Retirement Pension Supplement (QPP) Footnote 2 $19.83 334,440 $6.2
Disability $1,236.35 $1,236.32 329,624 69,086 $281.7 $64.9
Survivor – younger than 65 $567.91 (see Note 1) 231,701 72,667 $88.0 $47.8
Survivor – 65 and older $623.00 $623.00 837,811 287,097 $258.4 $89.0
Total - Survivor benefits 1,069,512 359,764 $346.5 $136.8
Children of disabled contributor $230.72 $73.25 75,764 7,319 $17.3 $0.7
Children of deceased contributor $230.72 $230.72 60,426 13,993 $13.8 $3.3
Death (maximum one-time payment) $2,500.00 $2,500.00 11,123 3,689 $25.2 $9.1
Total - CPP/QPP benefits 6,424,006 2,024,276 $3,046.8 $967.9
Combined benefits
Survivor/retirement
(retirement at 65)
$1,038.33 $1,038.33 764,236 239,736 $583.1 $164.4
Survivor/disability $1,236.35 Not applicable 14,434 2,448 $14.2 $2.7
Total - Combined benefits 778,670 242,184 $597.3 $167.1
Disability and survivor amounts
Flat amount Earnings-related portion Total
CPP disability benefit $457.60 $778.75

$1,236.35

CPP survivor benefit – younger than 65 $178.54 $389.37 $567.91
QPP disability benefit $457.57 $778.75 $1,236.32

Note 1: Details of QPP benefits

QPP survivor benefit – younger than 45
Flat amount Earnings-related portion Total
Not disabled, no child $117.19 $389.37

$506.56

Not disabled, with child 424.86 $389.37

$814.23

Disabled $457.57 $389.37 $846.94
QPP survivors - age 45 to 64 $457.57 $389.37 $846.94

Calculation of CPP Maximum Monthly Amounts for New Benefits

Retirement:
25% of 1/12 of the average year's maximum pensionable earnings (YMPE) for the last five years

Disability:
(retirement x 0.75) + flat amount ($457.60)

Survivor:

  • younger than 65: (retirement x 0.375) + flat amount ($178.54)
  • 65 and older: retirement x 0.60

Post Retirement: 1/40 of the retirement benefit

Old Age Security (OAS) - Type of benefit
January to March 2014 October 2013
Maximum amount Footnote 3 Income level cut-off Footnote 4 Income level cut-off for top-ups Footnote 4 Number of benefits Amount paid (in millions)
Old Age Security pension Footnote 5 $551.54 Not applicable 5,317,986 $2,765.9
Guaranteed Income Supplement (GIS)
Single $747.86 $16,728 $4,496 1,039,823 $520.5
Spouse/common-law partner of someone who:
does not receive an OAS pension $747.86 $40,080 $8,992 82,030 $40.4
receives an OAS pension $495.89 $22,080 $7,552 556,384 $179.0
is an Allowance recipient $495.89 $40,080 $7,552 57,731 $24.1
Total - GIS Footnote 6 1,735,968 $764.1
Allowance $1,047.43 $30,912 $7,552 57,726 $25.0
Allowance for the Survivor $1,172.65 $22,512 $4,496 24,026 $15.4
Total - Allowance and Allowance for the Survivor Footnote 6 81,752 $40.5
OAS forecasted expenditures, 2013–14 (in millions)
OAS GIS Allowance Total
$32,352 $9,735 $547 $42,634
Other CPP/QPP figures
CPP QPP
Year's maximum pensionable earnings (YMPE) (2014) $52,500.00 $52,500.00
Year's basic exemption (2014) $3,500.00 $3,500.00
Employee/employer maximum contribution (4.95%) $2,425.50 (5.175%) $2,535.75
Self-employed maximum contribution (9.9%) $4,851.00 (10.35%) $5,071.50
Account balance (March 2013) $187,148 million $36,585 million
Contributions (2012-13) $41,655 million $11,947 million
Number of contributors (2011) 13.0 million 4.0 million
Indexation rate (January 2014) 0.9% 0.9%
CPP/QPP forecasted expenditures, 2013–14 (in millions)
CPP QPP
$37,676 $12,100

Contact us

English: 1-800-277-9914          TTY: 1-800-255-4786

Footnotes

Footnote 1

If you are under the age of 70 and working outside of Québec while receiving your CPP or QPP retirement pension, you can make CPP contributions towards the Post-Retirement Benefit (PRB), a fully indexed lifetime benefit that increases your retirement income. If you are eligible, the Post-Retirement Benefit will be automatically paid to you in the years following your contributions. More information is available on the Service Canada website at www.servicecanada.gc.ca/prb. Contributions are mandatory for working retirement pension recipients under age 65, while those aged 65 or above may elect not to contribute. For instructions on how to opt out, please visit: www.servicecanada.gc.ca/my-pension.

Return to footnote 1 referrer

Footnote 2

If you work in Québec while receiving a CPP or QPP retirement pension, you may be required to contribute to the QPP Retirement Pension Supplement. If you are eligible, the QPP Retirement Pension Supplement will be automatically paid to you the following year. The number and the amount are included in the retirement pension.

Return to footnote 2 referrer

Footnote 3

The maximum amount includes the top-ups for the GIS and the Allowances. More information is available on the Service Canada Web site at www.servicecanada.gc.ca/seniors.

Return to footnote 3 referrer

Footnote 4

The income level cut-offs do not include the OAS pension and the first $3,500 of employment income.

Return to footnote 4 referrer

Footnote 5

The OAS pension repayment range in 2014 is from $71,592 to $115,716.

Return to footnote 5 referrer

Footnote 6

Total may not add up due to rounding.

Return to footnote 6 referrer