Page 8 - March-April 2025 - REPORTER v2 - web optimized
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INSURANCE UPDATE







                                                     UPDATE ON STATUATORY



                                                     BENEFITS









                                                     HUB INTERNATIONAL LIMITED













        Canada Pension Plan:                                   The  EI  employee  contribution  rate  (as  a  percentage  of  insurable
        •   The Yearly Maximum Pensionable Earnings (YMPE) increased to   earnings) decreased to 1.64% (2025) from 1.66% (2024); maximum
            $71,300 (2025) from $68,500 (2024).  The CPP contribution rate   weekly  benefit  amount  increased  to  $695  from  $668  due  to  the
            will remain at 5.95%.                              increase in EI maximum yearly insurable earnings to $65,700 (2025)
        •   The  year’s  additional  maximum  pensionable  earnings  (YAMPE)   from $63,200 (2024).
            increased to $81,200 (2025) from $73,200 (2024). Pensionable
            earnings  between  $71,300  and  $81,200  will  be  subject  to  a   Employment Insurance (Québec):
            contribution  rate  of  4.00%.  The  YAMPE  allows  higher-income   Quebec  EI  employee  contributions  (as  a  percentage  of  insurable
            earners  to  contribute  more  to  the  CPP,  leading  to  potentially   earnings) decreased to 1.31% (2025) from 1.32% (2024); maximum
            higher retirement benefits in the future.          weekly  benefit  amount  increased  to  $695  from  $668  due  to  the
                                                               increase in EI maximum yearly insurable earnings to $65,700 (2025)
        Québec Pension Plan:                                   from $63,200 (2024).
        •   The Yearly Maximum Pensionable Earnings (YMPE) increased to
            $71,300 (2025) from $68,500 (2024).  The QPP contribution rate   What does this mean for you?
            will remain at 6.40% in 2025.                      The  importance  of  protecting  your  income  and  your  assets  through
        •   The  Year’s  additional  maximum  pensionable  earnings  (YAMPE)   products like Critical Illness, Disability and Health Insurance reduces
            increased to $81,200 (2025) from $73,200 (2024). Pensionable   your risk of high-cost medical expenses and replaces your income if
            earnings  between  $71,300  and  $81,200  will  be  subject  to  a   you are unable to work because of injury or illness.
            contribution rate of 4.00%.
                                                               Employment Protected Leaves
        Old Age Security (OAS)
        Old Age Security (OAS) is a federal government program that provides   This  following  table  provides  an  overview  of  duration  lengths  for
        a basic pension to individuals aged 65 and older who meet Canadian   employment protected leaves - federally and across the provinces and
        legal status and residence requirements. The amount is based on how   territories.  Specifically covered here are maternity, parental, adoption
        long an eligible individual has lived in Canada after the age of 18. OAS   and compassionate care leaces.  All durations shown are in weeks.
        is a taxable benefit, meaning recipients may need to pay income tax on   Durations  shown  have  been  compiled  from  official  government
        it.                                                    sources.    Although  we  believe  the  sources  to  be  accurate,  readers
                                                               should  refer  to  official  legislation  if  using  this  data  for  more  than
        What does this mean for you?                           informational purposes.
        The RRSP contribution limit is 18% of your earned income from 2024,
        up to a maximum of $32,490. The TFSA limit is $7,000 and the First                         Continued on page 18...
        Time Home Savings Account limit is $8,000.
        Employment Insurance:


        8  LBMAO Reporter - March-April 2025                                                         www.lbmao.on.ca
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