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