CPP cheques rising 1.8 per cent for 2015

Maximum benefit for new retirees now $1,065 per month
|payroll-reporter.com|Last Updated: 12/29/2014

Canada Pension Plan benefits are rising 1.8 per cent in the new year for people already receiving benefits.

Employment and Social Development Canada announced the benefit amounts today. Effective Jan. 1, 2015, the maximum CPP retirement benefit for new recipients age 65 will be $1,065 per month. The increase is calculated on the average yearly maximum pensionable earnings for the last five years.

The new CPP rates will be in effect until Dec. 31, 2015.

OAS benefits

Old Age Security (OAS) benefits, which consist of the basic OAS pension, the Guaranteed Income Supplement (GIS) and the Allowances, will remain the same for the first quarter (January to March) of 2015.

As of Jan. 1, 2015, the basic OAS pension will stay at $563.74 per month. OAS benefits, like CPP benefits, are based on the consumer price index (CPI). But unlike CPP, which is reviewed annually, OAS rates are reviewed quarterly and revised as required to reflect increases in the cost of living.

Tables

Maximum CPP benefit rates as of Jan. 1, 2015

Type of Canada Pension Plan Benefit

Maximum Benefit Rates for 2015

Retirement pension (at age 65)

$1,065.00

Post-Retirement Benefit (at age 65)

$26.63

Disability pension

$1,264.59

Survivor's pension (under age 65)

$581.13

Survivor's pension (age 65 and over)

$639.00

Disabled contributor's child benefits

$234.87

Deceased contributor's child benefits

$234.87

Death benefit

$2,500.00

Combined pensions:

Survivor/Retirement (retire at age 65)

$1,065.00

Survivor/Disability

$1,264.59

Flat rate:

Survivor's pension

$181.75

Disability pension

$465.84

MAXIMUM OLD AGE SECURITY BENEFIT RATES AS OF
JANUARY 1, 2015*

Type of Old Age Security benefit

Maximum monthly benefit rates
January – March 2015

Previous quarter
October – December 2014

Basic Old Age Security pension

$563.74

$563.74

Guaranteed Income Supplement*

Single

$764.40

$764.40

Spouse/Common-law partner of

- a non-pensioner

$764.40

$764.40

- a pensioner

$506.86

$506.86

- an Allowance recipient

$506.86

$506.86

The Allowances*

- regular

$1,070.60

$1,070.60

- survivor

$1,198.58

$1,198.58

* These amounts include the Guaranteed Income Supplement and the Allowances top-ups.

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