2021 Figures

Question 1

CPP Retirement Benefit Max Annual at 65

Answer 1

14,445

Question 2

YMPE

Answer 2

61,600

Question 3

Basic Exemption (CPP)

Answer 3

3,500

Question 4

CPP Contribution Rate

Answer 4

4.95% + 0.50% enhanced = 5.45%

Question 5

OAS Max Annual at 65

Answer 5

7,384

Question 6

OAS Clawback Threshhold

Answer 6

79,845

Question 7

GIS Max Single

Answer 7

11,029

Question 8

GIS Max Couple (both OAS)

Answer 8

6,639

Question 9

GIS Income Cutoff Single

Answer 9

18,648

Question 10

GIC Income Cutoff Couple (both OAS)

Answer 10

24,624

Question 11

TFSA Dollar Limit

Answer 11

6,000

Question 12

RRSP Dollar Limit

Answer 12

27,830

Question 13

Money Purchase Limit

Answer 13

29,210

Question 14

Defined-Benefit Limit

Answer 14

3,245.56

Question 15

Eligible Dividend Grossup

Answer 15

138%

Question 16

Fed Conversion for Eligible Dividend Tax Credit

Answer 16

15.0198%

Question 17

Non-Eligible Dividend Grossup

Answer 17

115%

Question 18

Fed Conversion for Non-Eligible Dividend Tax Credit

Answer 18

9.0301%

Question 19

Cumulative TFSA Dollar Limit

Answer 19

75,500

Question 20

LCGE

Answer 20

892,218

Question 21

RDSP Grant/Bond Cutoffs

Answer 21

Enhanced Grants NFI <98,040 = $3 per $1 on first $500 + $2 per $1 on next $1,000
Regular Grants NFI >98,040 = $1 for $1; max $,1000
Bonds NFI <32,0288 = $1,000/yr
Bonds NFI 32,028-49,020 = prorated
Bonds NFI >49,020 = $0

Question 22

Corporate Federal Tax Rates

Answer 22

38% Basic Part 1
28% after Federal Abatement (on income earned in Canada)
15% Net after general tax reduction (on qualifying income - for income not eligible for SBC rate / not earned by personal service business / not investment corp or income)
9% SBC first $500,000

Question 23

CPP Death Benefit & Survivor’s

Answer 23

Death Benefit $2,500 one-time max (contributed at least 10 years or 1/3 of contributory years, min 3)

Canada Pension Plan Survivor Benefits
Survivor NOT receiving other CPP benefits
- max $8,667 - ie 60% of max CPP - survivor is age 65 or more: 60% of the contributor’s retirement pension
- max $7,809 - survivor under age 65: a flat rate portion plus 37.5% of the contributor’s retirement pension

Survivor YES receiving other CPP benefits

• survivor benefit combined into a single monthly payment with maximums
• • disability + survivor’s = max disability ($16,964)
• • retirement + survivor’s = max retirement ($14,445)
• • only largest flat rate is used
• total amount of combined CPP benefits paid is adjusted based on the survivor’s age and other benefits received

Question 24

Post-Retirement Benefit

Answer 24

$361.08/yr (at 65)

Question 25

CPP Disability / Post-Retirement Disability

Answer 25

maximum $16,964

PRD $6,130

Question 26

CPP Children’s Benefits

Answer 26

$3,091 max for
Children of disabled CPP contributors AND
Children of deceased CPP contributors (max 2 benefits payable per child)
- kids <18 OR <25 and fulltime school
- paid to custody/control person (inc disabled parent) if <18 or directly to kid if <25
- stops at 18 or end of school or if disabled contributor becomes ineligible (inc dies)

Question 27

EI Max Yearly Insurable Earnings

Answer 27

56,300

Question 28

EI Max Weekly Benefit (Regular)

Answer 28

595

Question 29

EI Contribution Rates

Answer 29

1. 58% Employee

2. 212% Employer

Question 30

OAS Allowance Benefit

Answer 30

14,094 (if spouse receives full GIS and OAS)