On January 1, 2020, contribution limits, contribution rates and benefit maximums changed for certain Canadian benefit programs. Following is a summary of the new figures for 2020.

Employment Insurance (Federal)

Jan 1, 2019 Jan 1, 2020
Maximum Annual Insurable Earnings $53,100 $54,200
Premium Rate (Employee) 1.62% 1.58%
Premium Rate (Employer) 2.268% 2.212%
Maximum Annual Premium (Employee) $860.22 $856.36
Maximum Annual Premium (Employer) $1,204.31 $1,198.90
Maximum Weekly Benefit $562 $573

Employment Insurance (Quebec)

Jan 1, 2019 Jan 1, 2020
Maximum Annual Insurable Earnings $53,100 $54,200
Premium Rate (Employee) 1.25% 1.20%
Premium Rate (Employer) 1.75% 1.68%
Maximum Annual Premium (Employee) $663.75 $650.40
Maximum Annual Premium (Employer) $929.25 $910.56
Maximum Weekly Benefit $562 $573

Quebec Parental Insurance Plan

Jan 1, 2019 Jan 1, 2020
Maximum Annual Insurable Earnings $76,500 $78,500
Premium Rate (Employee) 0.526% 0.494%
Premium Rate (Employer) 0.736% 0.692%
Maximum Annual Premium (Employee) $402.39 $387.79
Maximum Annual Premium (Employer) $563.04 $543.22
Maximum Weekly Benefit Depending on plan chosen
and type of benefit
$809.13/
$1,029.80/
$1,103.36
Depending on plan chosen
and type of benefit
$830.28/
$1,056.72/
$1,132.20

Canada Pension Plan

Jan 1, 2019 Jan 1, 2020
Maximum Annual Pensionable Earnings $57,400 $58,700
Basic Exemption Amount $3,500 $3,500
Contribution Rate (Employee/Employer) 5.10% 5.25%
Maximum Annual Contribution (Employee/Employer) $2,748.90 $2,898.00
Maximum Monthly Retirement Pension (at age 65) $1,154.58 $1,175.83
Maximum Monthly Post-Retirement Benefit (at age 65) $28.86 $29.40
Maximum Monthly Disability Benefit $1,362.30 $1,387.66
Maximum Monthly Survivor’s Pension (younger than 65) $626.63 $638.28
Maximum Monthly Survivor’s Pension (65 and older) $692.75 $705.50
Maximum Monthly Benefit for Children of Disabled Contributor $250.27 $255.03
Maximum Monthly Benefit for Children of Deceased Contributor $250.27 $255.03
Lump Sum Death Benefit $2,500 $2,500
Maximum Monthly Combined Benefits:
         Combined Survivor’s and Retirement Pension (at age 65): $1,154.58 $1,175.83
         Combined Survivor’s Pension and Disability Benefit $1,362.30 $1,387.66

Quebec Pension Plan

Jan 1, 2019 Jan 1, 2020
Maximum Annual Pensionable Earnings $57,400 $58,700
Basic Exemption Amount $3,500 $3,500
Contribution Rate (Employee/Employer) 5.55% 5.70%
Maximum Annual Contribution (Employee/Employer) $2,991.45 $3,146.40
Maximum Monthly Retirement Pension (at age 65) $1,154.58 $1,175.83
Maximum Monthly Retirement Pension Supplement $21.83 $22.46
Maximum Monthly Disability Benefit $1,362.27 $1,387.63
Additional Maximum Monthly Disability Benefit for
Retirement Pension Beneficiaries
$496.33 $505.76
Maximum Monthly Survivor’s Pension:
         Under age 45, not disabled, without dependent children $562.22 $570.74
         Under age 45, not disabled, with dependent children $895.95 $910.81
         Under age 45, disabled, with or without dependent children $931.43 $946.96
         Between ages 45 and 64 $931.43 $946.96
         Age 65 or over $696.15 $705.91
Maximum Monthly Benefit for Children of Disabled Contributor $79.46 $80.97
Maximum Monthly Benefit for Children of Deceased Contributor $250.27 $255.03
Maximum Lump Sum Death Benefit $2,500 $2,500

Registered Pension & Savings Plans

Jan 1, 2019 Jan 1, 2020
Money Purchase – Maximum Annual Contribution Limit $27,230 $27,830
Defined Benefit – Maximum Annual Pension Limit $3,025.56 $3,092.22
Deferred Profit Sharing Plan – Maximum Annual Contribution
Limit
$13,615 $13,915
Registered Retirement Savings Plan – Maximum Annual
Contribution Limit
$26,500 $27,230
Tax-Free Savings Account – Maximum Annual Contribution
Limit
$6,000 $6,000

Old Age Security

Apr – Jun 2020
Maximum Monthly Pension (at age 65) $613.53
Maximum Monthly Guaranteed Income Supplement Benefits:
        Single, widowed or divorced pensioner $916.38
        Spouse/common-law partner receives OAS pension $551.63
        Spouse/common-law partner does not receive OAS pension $916.38
        Spouse/common-law partner receives the Allowance $551.63
Maximum Monthly Allowance Benefits:
        Spouse/common-law partner receives GIS and OAS pension $1,165.16
        Surviving spouse or common-law partner $1,388.92

Benefits are our business:

With rising costs and changing demographics, employers need to pay close attention to group insurance, retirement benefits and total rewards provided to employees. WCBC offers consulting solutions and a variety of published surveys that can help.

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