December 2021

2022 key social security parameters:
A reference guide right at your fingertips!

You will find below the link to add to your favorites to access 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.

NEW THIS YEAR

Starting December 29, 2021, employers under federal jurisdiction shall comply to the federal minimum wage, which is 15$ per hour, without going under the employment province/territory’s minimum wage. For more information, please refer to the first tab.

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:

  • Minimum hourly wage by province
  • 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 and maximum insurable earnings 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)
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:

  • Minimum hourly wage by province
  • 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 and maximum insurable earnings according to the Workplace Safety and Insurance Board of Ontario (WSIB)

Any questions? Contact your Normandin Beaudry consultant or email us.