Employment Insurance (EI)
This is the % employees pay on insurable earnings up to $68,900.
What is 1.63%?
The basic exemption amount before CPP starts
What is $3,500?
The age you can start receiving OAS.
What is 65?
These are federal money given to provinces/territories for programs.(often unconditional)
What are transfer payments?
EI and CPP are funded mainly by these.
What are premiums/contributions?
Maximum employee EI deduction per year
What is $1,123.07?
Year's Maximum Pensionable Earnings (YMPE)
What is $74,600?
Maximum monthly OAS for ages 65–74.
What is $742.31?
This helps provinces with lower tax bases provide similar services without high taxes.
What is Equalization?
Total major federal transfers to provinces/territories.
What is about $108.4 billion?
Special EI benefits for unemployment support, including ones for pregnancy, newborn care, illness, and end-of-life caregiving.
What are maternity, parental, sickness, compassionate care, and family caregiver benefits?
The CPP enhancement phase that adds this second tier of contributions (at 4%) to boost future pensions for higher earners.
What is CPP2 (or the second additional CPP contributions)?
If your income is over about $95,000, part of OAS gets clawed back through this tax.
What is the OAS recovery tax (or clawback)?
Unconditional funding for Yukon, NWT, and Nunavut (similar to Equalization).
What is Territorial Formula Financing (TFF)?
All these help create a safety net: payroll taxes fund EI/CPP, taxes fund OAS and transfers to provinces for services.
What is Canada's social safety net / government benefits system?
This province has lower EI rates (1.30%) because of its own parental plan.
What is Quebec?
Maximum monthly retirement pension at age 65.
What is $1,507.65?
This supplement adds extra money for low-income OAS recipients.
What is Guaranteed Income Supplement (GIS)?
This supports post-secondary education, social assistance, and early childhood.
What is Canada Social Transfer (CST)?
These programs are direct benefits to individuals, while transfer payments go to governments.
What is EI/CPP/OAS?
Employers pay this multiple of the employee EI rate.
What is 1.4 times?
Employee CPP rate on earnings up to $74,600
What is 5.95%?
OAS is funded this way (not through payroll deductions).
What is general tax revenues?
The largest transfer program, for public health care and national standards.
What is Canada Health Transfer (CHT)?
OAS is different because it has none of these.
What are premiums/payroll taxes?