2021 pension and benefit statistics
Selected pension and benefits statistics for 2021
Special Notice – January 18, 2021
| Income Tax Act – Pension and savings maximums | 2020 | 2021 |
| Annual defined benefit pension per year of service | $3,092.22 | $3,245.56 |
| Contribution to a defined contribution plan | $27,830 | $29, 210 |
| Contribution to an RRSP1 | $27, 230 | $27,830 |
| Contribution to a DPSP | $13,915 | $14,605 |
| Contribution to a TFSA2 | $6,000 | $6,000 |
| Employment Insurance (EI) | 2020 | 2021 |
| Maximum insurable earnings | $54,200 | $56,300 |
| Premium rate (per $100 of insurable earnings) – outside Quebec | 1.58% | 1.58% |
| • Maximum employer contribution | $1,198.90 | $1,245.36 |
| • Maximum employee contribution | $856.36 | $889.54 |
| Premium rate (per $100 of insurable earnings) – Quebec | 1.20% | 1.18% |
| • Maximum employer contribution | $910.56 | $930.08 |
| • Maximum employee contribution | $650.40 | $664.34 |
| Quebec Parental Insurance Plan (QPIP) | 2020 | 2021 |
| Maximum insurable earnings | $78,500 | $83,500 |
| Employer premium rate | 0.692% | 0.692% |
| • Maximum employer contribution | $543.22 | $577.82 |
| Employee premium rate | 0.494% | 0.494% |
| • Maximum employee contribution | $387.79 | $412.49 |
| Old Age Security (OAS) | Q1 2021 |
| Maximum monthly pension (at age 65) | $615.37 |
| Maximum annual income to receive OAS pension | $129,0753 |
| Guaranteed Income Supplement (GIS) – Q1 2021 | Maximum monthly benefit | Maximum annual income |
| Single person | $919.12 | $18,648 (individual) |
| Spouse/partner of a non-OAS pensioner | $919.12 | $44,688 (combined) |
| Spouse/partner of an OAS pensioner | $553.28 | $24,624 (combined) |
| Spouse/partner of an Allowance recipient | $553.28 | $44,688 (combined) |
| Allowance | Maximum monthly benefit | Maximum annual Income |
| Monthly payment – individual | $1,168.65 | $34,512 (combined) |
| Monthly payment – survivor | $1,393.08 | $25,152 (individual) |
| Canada Pension Plan (CPP) | 2020 | 2021 |
| Basic exemption | $3,500 | $3,500 |
| Year’s maximum pensionable earnings | $58,700 | $61,600 |
| Employer contribution rate | 5.25% | 5.45% |
| • Maximum employer contribution | $2,898.00 | $3,166.45 |
| Employee contribution rate | 5.25% | 5.45% |
| • Maximum employee contribution | $2,898.00 | $3,166.45 |
| Maximum monthly retirement benefit (at age 65) 4 | $1,175.83 | $1,203.75 |
| Maximum monthly post-retirement benefit (at age 65) | $29.40 | $30.09 |
| Maximum monthly disability benefit | $1,387.66 | $1,413.66 |
| • Flat rate component | $505.79 | $510.85 |
| Death benefit (lump sum) | $2,500 | $2,500 |
| • Monthly survivor’s benefit: spouse under age 65 | $638.28 | $650.72 |
| • Monthly survivor’s benefit: spouse age 65 and over | $705.50 | $722.25 |
| • Survivor’s benefit: flat rate component (spouse under age 65) | $197.34 | $199.31 |
| Maximum monthly benefit for child of a disabled/deceased contributor | $255.03 | $257.58 |
| Indexation rate | 1.9% | 1.0% |
| Quebec Pension Plan (QPP) | 2020 | 2021 |
| Basic exemption | $3,500 | $3,500 |
| Year’s maximum pensionable earnings | $58,700 | $61,600 |
| Employer contribution rate | 5.7% | 5.9% |
| • Maximum employer contribution | $3,146.40 | $3,427.90 |
| Employee contribution rate | 5.7% | 5.9% |
| • Maximum employee contribution | $3,146.40 | $3,427.90 |
| Maximum monthly retirement benefit (at age 65) 4 | $1,175.83 | $1,203.75 |
| Maximum monthly disability benefit | $1,387.63 | $1,413.63 |
| • Flat rate component | $505.76 | $510.82 |
| • Monthly benefit for child of a disabled person | $80.97 | $81.78 |
| Death benefit (lump sum) | $2,500 | $2,500 |
| • Monthly survivor’s benefit: spouse under age 45 – no child | $570.74 | $576.19 |
| • Monthly survivor’s benefit: spouse under age 45 – with child(ren) | $910.81 | $919.66 |
| • Monthly survivor’s benefit: spouse under age 45 – disabled 5 | $946.96 | $956.17 |
| • Monthly survivor’s benefit: spouse age 45-64 | $946.96 | $956.17 |
| • Monthly survivor’s benefit: spouse age 65 and over | $705.91 | $712.55 |
| • Monthly orphan’s pension | $255.03 | $257.58 |
| Indexation rate | 1.9% | 1.0% |
Charts are provided for reference only. Please consult government references, source legislation and regulations for detailed information.
1 Subject to a further limit of 18% of earned income in the previous year, and reduced by the prior year’s pension adjustment. Limit is further adjusted by prior year carry-forwards plus pension adjustment reversals, less past service pension adjustments.
2 Subject to adjustment for prior year carry-forwards and withdrawals.
3 OAS benefits are eliminated for individuals with earnings in excess of this amount. Note that OAS benefits begin to be clawed back when an individual’s income reaches $79,845 (for 2021).
4 Excluding amounts from CPP and QPP enhancement starting in 2019.
5 With or without children.
This issue of Special Notice has been prepared for general information purposes only and does not constitute professional advice. Should you require professional advice based on the contents of this publication, please contact an Eckler consultant.