Quarterly report of Canada Pension Plan and Old Age Security monthly amounts and related figures - October to December 2013

Canada Pension Plan/Old Age Security Quarterly Report - Monthly Amounts and Related Figures from October to December 2013 (PDF version, 76 kb 2 pages)

Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) - Type of benefit
New benefits Maximum amount 2013 Number of benefits July 2013 Amounts paid July 2013
CPP QPP CPP QPP CPP (in millions) QPP (in millions)
Retirement (at age 65) $1,012.50 $1,012.50 4,369,219 1,557,623 $2,333.9 $746.5
Post–Retirement Benefit (CPP) Footnote 1 $25.31 450,866 $5.0
Retirement Pension Supplement (QPP) Footnote 2 $19.42 332,018 $6.2
Disability $1,212.90 $1,212.87 330,769 69,704 $282.7 $63.3
Survivor – younger than 65 $556.64 (see Note 1) 232,593 73,459 $88.5 $48.2
Survivor – 65 and older $607.50 $607.50 832,949 285,594 $257.5 $88.5
Total - Survivor benefits 1,065,542 359,053 $346.0 $136.7
Children of disabled contributor $228.66 $72.60 90,555 7,428 $20.7 $0.7
Children of deceased contributor $228.66 $228.66 75,182 14,176 $17.2 $3.3
Death (maximum one-time payment) $2,500.00 $2,500.00 10,629 3,529 $24.1 $8.6
Total - CPP/QPP benefits 6,392,762 2,011,513 $3,029.6 $959.1
Combined benefits
Survivor/retirement
(retirement at 65)
$1,012.50 $1,012.50 758,065 237,940 $578.6 $163.3
Survivor/disability $1,212.90 Not applicable 14,514 2,478 $14.3 $2.7
Total - Combined benefits 772,579 240,418 $592.9 $166.0
Disability and survivor amounts
Flat amount Earnings-related portion Total
CPP disability benefit $453.52 $759.38 $1,212.90
CPP survivor benefit – younger than 65 $176.95 $379.69 $556.64
QPP disability benefit $453.49 $759.38 $1,212.87

Note 1: Details of QPP benefits

QPP survivor benefit – younger than 45
Flat amount Earnings-related portion Total
Not disabled, no child $116.14 $379.69 $495.83
Not disabled, with child $421.07 $379.69 $800.76
Disabled $453.49 $379.69 $833.18
QPP survivors - age 45 to 64 $453.49 $379.69 $833.18

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 ($453.52)

Survivor:

  • younger than 65: (retirement x 0.375) + flat amount ($176.95)
  • 65 and older: retirement x 0.60

Post Retirement: 1/40 of the retirement benefit

Old Age Security (OAS) - Type of benefit
October to December 2013 July 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 $550.99 Not applicable 5,269,848 $2,734.5
Guaranteed Income Supplement (GIS)
Single $747.11 $16,704 $4,496 992,659 $489.6
Spouse/common-law partner of someone who:
does not receive an OAS pension $747.11 $40,032 $8,992 73,058 $34.9
receives an OAS pension $495.39 $22,080 $7,552 531,777 $169.2
is an Allowance recipient $495.39 $40,032 $7,552 55,327 $22.8
Total - GIS Footnote 6 1,652,821 $716.6
Allowance $1,046.38 $30,912 $7,552 55,324 $23.7
Allowance for the Survivor $1,171.48 $22,488 $4,496 23,305 $14.4
Total - Allowance and Allowance for the Survivor Footnote 6 78,629 $38.1
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) (2013) $51,100.00 51,100.00
Year's basic exemption (2013) $3,500.00 $3,500.00
Employee/employer maximum contribution (4.95%) $2,356.20 (5.10%) $2,427.60
Self-employed maximum contribution (9.9%) $4,712.40 (10.2%) $4,855.20
Account balance (March 2013) $187,148 million $36,585 million
Contributions (2011-12) $38,250 million $11,172 million
Number of contributors (2011) 13.0 million 4.0 million
Indexation rate (January 2013) 1.8% 1.8%
CPP/QPP forecasted expenditures, 2013–14 (in millions)
CPP QPP
$37,676 $12,100

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. Contributions are mandatory for working retirement pension recipients under age 65, while those aged 65 or above may elect to not to contribute. If you made CPP contributions toward the PRB in 2012, the PRB will be paid to you the following year, starting in 2013. More information is available on the Service Canada website at www.servicecanada.gc.ca/cppchanges.

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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.

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Footnote 3

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

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Footnote 4

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

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Footnote 5

The OAS pension repayment range in 2013 is from $70,954 to $114,815.

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Footnote 6

Total may not add up due to rounding.

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