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News



December 19, 2012
Changes to government benefits

Effective January 1, 2013, a number of changes will be made to government benefit plan maximums. The changes include the following:

  • The Yearly Maximum Pensionable Earnings (YMPE) for Canada Pension Plan (CPP) contributions will increase to $51,100, from $50,100.  The maximum joint employee-employer contributions maximum remains 9.9 per cent of eligible earnings. The maximum employer and employee contribution will be $2,356.20 each.  The maximum self-employed contribution will be $4,712.40.
  • The maximum CPP benefit will increase to $987.67 per month from $960 per month.
  • The insurable earnings maximum for the Employment Insurance (EI) program will increase to $47,400.  Meanwhile, premium rates for individuals will increase to 1.88 per cent of insurable earnings, or $891.12, for residents of all provinces, except Quebec.  In Quebec, the rate will increase to 1.52 per cent to $720.48.  Employer contributions have been set at $1,247.57 and $1,008.67 respectively.
  • The maximum RRSP contribution will increase to 18 per cent of employee earnings to a maximum of $23,820.
  • The maximum contribution for tax-free savings accounts will increase to $5,500 per year from $5,000.
  • The maximum contribution limit for defined contribution pension plans will increase to 18 per cent of employee earnings to a maximum of $24,270.
  • The maximum pension adjustment limit for members of defined benefit pension plans will increase to $2,696.67.
  • The basic exemption amount for the CPP remains unchanged at $3,500.
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