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December 2020

2021 key social security parameters: A reference guide right at your fingertips!

For a second consecutive year, we are presenting the key social security parameters in electronic format. Quick and easy to use, this document is your reference for public pension plans and other retirement plans.

QUEBEC
THREE TABS FOR EASIER BROWSING

The information is divided into three tabs, which can be accessed by clicking the icons in the upper right corner.

The first tab contains information on:

  • Taxable benefits (federal and Quebec) related to employer contributions to group benefits plans 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
  • Parameters of the RAMQ’s Public 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)

Under 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 third 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 benefits
  • Monthly retirement and disability pensions

You’ll also find:

  • The basic monthly Old Age Security benefits
  • Registered Pension Plan (RPP) limits for 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)

Add the link to your favourites so you may easily find it when you need it.

ONTARIO

A version of this document with information pertaining to Ontario is also 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)

For more information on this subject, please contact a Normandin Beaudry consultant.