Key social security parameters: New 2020 parameters
Are you one of the many regular readers who expect these parameters to come in pyramid form? This year, we modernized the way we present key social security parameters. This new version is available in an electronic format. It has links to many pages with highly relevant content (click on the dog-eared page icons).
This easy-to-use, simple and concise document is your reference for public pension plans and other retirement plans.
Three tabs, represented by light bulbs in the upper-righthand corner, make it easy to read.
In the first tab, you’ll find information on:
- Taxable benefits (federal and Quebec) related to employer contributions for the group benefits plan, such as life insurance, accidental death and dismemberment, critical illness, medical and dental care, as well as disability insurance
- Employer contribution rates (as a percentage) to the Health Services Fund
- The Quebec Prescription Drug Insurance Plan
- The general contribution rate, maximum insurable earnings and minimum wage according to the Commission des normes de l’équité, de la santé et de la sécurité du travail (CNESST)
In the second tab, you’ll find the parameters for Employment Insurance (EI) and the Quebec Parental Insurance Plan (QPIP):
- The maximum insurable income
- Weekly benefits (as a percentage) of insurable earnings
- Maximum annual contribution rates and amounts for employers and employees
Finally, check the last tab for everything you need to know about the Quebec Pension Plan (QPP) and the Canada Pension Plan (CPP), including:
- The year’s maximum pensionable earnings (YMPE)
- The year’s basic exemption (YBE)
- Contribution rates for employers and employees
- The maximum annual contribution
- The death benefit
- Monthly retirement and disability pensions
You’ll also find:
- The basic monthly Old Age Security benefit
- Plan limits for Registered Pension Plans (RPPs): defined contribution (DC) plans and defined benefit (DB) plans
- Maximum contributions for Registered Retirement Savings Plans (RRSPs) and Deferred Profit-Sharing Plans (DPSPs)
- The contribution limit for Tax-Free Savings Accounts (TFSAs)
Go ahead and add the link to your favourites so you can easily find it when you need it.
A version of this document with information pertaining to Ontario is now available! It contains two tabs. While the second tab provides information related to the Quebec Pension Plan (QPP) and Canada Pension Plan (CPP) in the same format as in the Quebec document mentioned above, the first tab provides information on:
- Parameters for Employment Insurance (EI)
- The Ontario employer health tax (EHT)
- Taxable benefits (federal and Quebec) related to employer contributions for group benefits plans, such as life insurance, accidental death and dismemberment, critical illness, medical and dental care, as well as disability insurance
- The average premium rate, maximum insurable earnings and general minimum wage according to the Workplace Safety and Insurance Board of Ontario (WSIB)
Any questions? One thing that doesn’t change with time is the availability of Normandin Beaudry’s consultants. Call us!