Quarterly report of Canada Pension Plan and Old Age Security monthly amounts and related figures - October to December 2014

Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) - Type of benefit
	CPP	QPP	CPP	QPP	CPP (in millions)	QPP (in millions)
	New benefits maximum amount 2014		Number of benefits July 2014		Amounts paid July 2014
Retirement (at age 65)	$1,038.33	$1,038.33	4,530,845	1,638,542	$2,446.7	$796.1
Post–Retirement Benefit (CPP) (at age 65)^{Footnote 1}	$25.96		948,479		$11.0
Retirement Pension Supplement (QPP) ^{Footnote 2}		$19.83		381,272		$7.9
Disability	$1,236.35	$1,236.32	329,498	66,568	$284.0	$60.8
Survivor – younger than 65	$567.91	(see Note 1)	228,380	71,197	$87.3	$47.2
Survivor – 65 and older	$623.00	$623.00	842,882	290,012	$261.3	$90.3
Total - Survivor benefits			1,071,262	361,209	$348.7	$137.5
Children of disabled contributor	$230.72	$73.25	88,186	6,956	$20.4	$0.6
Children of deceased contributor	$230.72	$230.72	72,019	13,507	$16.6	$3.2
Death (maximum one-time payment)	$2,500.00	$2,500.00	10,743	3,446	$24.5	$8.4
Total - CPP/QPP benefits			7,051,032	2,090,228	$3,151.9	$1,006.6
Combined benefits
Survivor/retirement (retirement at 65)	$1,038.33	$1,038.33	775,703	245,788	$597.9	$170.7
Survivor/disability	$1,236.35	Not applicable	14,368	2,368	$14.2	$2.6
Total - Combined benefits			790,071	248,156	$612.1	$173.3

Disability and survivor amounts
	Flat amount	Earnings-related portion	Total
CPP disability benefit	$457.60	$778.75	$1,236.35
CPP survivor benefit – younger than 65	$178.54	$389.37	$567.91
QPP disability benefit	$457.57	$778.75	$1,236.32

Note 1: Details of QPP benefits
QPP survivor benefit – younger than 45 (Return to note 1)
	Flat amount	Earnings-related portion	Total
Not disabled, no child	$117.19	$389.37	$506.56
Not disabled, with child	$424.86	$389.37	$814.23
Disabled	$457.57	$389.37	$846.94
QPP survivors - age 45 to 64	$457.57	$389.37	$846.94

Calculation of CPP maximum monthly amounts for new benefits

Retirement:

25% of 1/12 of the average year's maximum pensionable earnings (YMPE) for the last five years

Disability:

(retirement x 0.75) + flat amount ($457.60)

Survivor:

younger than 65: (retirement x 0.375) + flat amount ($178.54)
65 and older: retirement x 0.60

Post Retirement: 1/40 of the retirement benefit

Old Age Security (OAS) - Type of benefit
	Maximum amount ^{Footnote 3}	Income level cut-off ^{Footnote 4}	Income level cut-off for top-ups ^{Footnote 4}	Number of benefits	Amount paid (in millions)
	October to December 2014			July 2014
Old Age Security pension ^{Footnote 5}	$563.74	Not applicable		5,443 168	$2,868.8
Guaranteed Income Supplement (GIS)
Single	$764.40	$17,088	$4,544	991,249	$501.4
Spouse/common-law partner of someone who:
does not receive an OAS pension	$764.40	$40,944	$9,088	69,622	$34.3
receives an OAS pension	$506.86	$22,560	$7,552	530,220	$175.3
is an Allowance recipient	$506.86	$40,944	$7,552	52,758	$22.4
Total - GIS ^{Footnote 6}				1,643,849	$733.3
Allowance	$1,070.60	$31,584	$7,552	52,755	$23.3
Allowance for the Survivor	$1,198.58	$23,016	$4,544	22,270	$14.2
Total - Allowance and Allowance for the Survivor ^{Footnote 6}				75,025	$37.5

OAS forecasted expenditures, 2014–15 (in millions)
OAS	GIS	Allowance	Total
$33,555	$10,123	$544	$44,222

Other CPP/QPP figures
	CPP	QPP
Year's maximum pensionable earnings (YMPE) (2014)	$52,500.00	$52,500.00
Year's basic exemption (2014)	$3,500.00	$3,500.00
Employee/employer maximum contribution	(4.95%) $2,425.50	(5.175%) $2,535.75
Self-employed maximum contribution	(9.9%) $4,851.00	(10.35%) $5,071.50
Account balance (March 2014)	$223,042 million	$40,089 million
Contributions (2013-2014)	$42,990 million	$12,323 million
Number of contributors (2012)	13.2 million	(estimated) 4.0 million
Indexation rate (January 2014)	0.9%	0.9%

CPP/QPP forecasted expenditures, 2014–15 (in millions)
CPP	QPP
$39,371	$12,700

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Footnotes

Footnote 1

If you are under the age of 70 and working outside of Québec while receiving your CPP or QPP retirement pension, you can make CPP contributions towards the Post-Retirement Benefit (PRB), a fully indexed lifetime benefit that increases your retirement income. If you are eligible, the Post-Retirement Benefit will be automatically paid to you in the years following your contributions. Contributions are mandatory for working retirement pension recipients under age 65, while those aged 65 or above may elect not to contribute.

Return to footnote 1 referrer

Footnote 2

If you work in Québec while receiving a CPP or QPP retirement pension, you may be required to contribute to the QPP Retirement Pension Supplement. If you are eligible, the QPP Retirement Pension Supplement will be automatically paid to you the following year. The number and the amount are included in the retirement pension.

Return to footnote 2 referrer

Footnote 3