2021 Figures Flashcards
CPP Retirement Benefit Max Annual at 65
14,445
YMPE
61,600
Basic Exemption (CPP)
3,500
CPP Contribution Rate
4.95% + 0.50% enhanced = 5.45%
OAS Max Annual at 65
7,384
OAS Clawback Threshhold
79,845
GIS Max Single
11,029
GIS Max Couple (both OAS)
6,639
GIS Income Cutoff Single
18,648
GIC Income Cutoff Couple (both OAS)
24,624
TFSA Dollar Limit
6,000
RRSP Dollar Limit
27,830
Money Purchase Limit
29,210
Defined-Benefit Limit
3,245.56
Eligible Dividend Grossup
138%
Fed Conversion for Eligible Dividend Tax Credit
15.0198%
Non-Eligible Dividend Grossup
115%
Fed Conversion for Non-Eligible Dividend Tax Credit
9.0301%
Cumulative TFSA Dollar Limit
75,500
LCGE
892,218
RDSP Grant/Bond Cutoffs
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
Corporate Federal Tax Rates
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
CPP Death Benefit & Survivor’s
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
Post-Retirement Benefit
$361.08/yr (at 65)
CPP Disability / Post-Retirement Disability
maximum $16,964
PRD $6,130
CPP Children’s Benefits
$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)
EI Max Yearly Insurable Earnings
56,300
EI Max Weekly Benefit (Regular)
595
EI Contribution Rates
- 58% Employee
2. 212% Employer
OAS Allowance Benefit
14,094 (if spouse receives full GIS and OAS)
