1 2015 Gen Canadian Known s / Credits / Limits Update Present ed by Advicent Solut ions Revision 1.4 Created: January 30, 2015
2 Revision Hist ory Date Revision Author(s) Description January 30, Advicent: CJS Creation of initial document budget update June 10, Advicent: CJS Amendments to Average/ s for Alberta, Manitoba, Newfoundland, Northwest Territories, Ontario, and the Yukon. July 15, Advicent: CJS Correction to Canadian Fixed Income [ Canadian Bonds (Mid-Term)] 2014 historical rate. July 21, Advicent: CJS Added- Alberta Health Care Levy, Federal Family Income Splitting Credit and Alberta Charitable Tax Credit. Modified- Provincial s: Alberta, New Brunswick. Dividend Tax Credit Rates: Newfoundland, Nova Scotia, and Labrador. TFSA Contribution Limits, Dividend Gross up Rates, RRIF Minimums, Child Care Expense Credits December 4, Advicent: KL Updating this document to match current provincial tax rates
3 TABLE OF CONTENTS 2015 Gen Canadian Known s / Credits / Limits Update 1 1 Presented by 1 Advicent Solutions 1 Revision History 2 Table of Contents 3 Part A Glossary 7 1. Glossary of Terms 7 Part B Executive Summary 8 2. Introduction 8 3. Out of scope 8 4. Related Documents N/A 8 5. Application Version Number Pinning Application types: 9 Part C Functional Design Functionality Federal Personal Income s/s Provincial Personal Income s/s Federal Non-Refundable Credits Provincial Non-Refundable Credits Average / s Detailed Tax Method Provincial Average / s Average / s Non Resident General Factor Indexing Factor 30
4 6.9. Federal Benefit Premiums Federal Benefit Program Payment Rates OAS Benefit Payment Rates RRSP Contribution Limit Defined Benefit/RPP Maximum Pension Benefit Limit Defined Contribution/Money Purchase Plan Contribution Limit TFSA Contribution Limit Home Buyers Plan (HBP) Limits RRIF Minimum Canada Education Savings Grant (CESG) Qualifying Net Family Income Threshold Amounts Dividend Tax Credit Federal & Provincial NPE & NPS NPE Dividend Tax Credit Rates & NPSE v11.8, v12.2 Detailed Tax Method NPE Existing Federal Dividend Tax Credit Calculation Revised NPS Dividend Tax Credit Rates NPS Existing Federal Dividend Tax Credit Calculation Revised Ontario Charitable Donation Tax Credit Alberta Charitable Donation Tax Credit LIF Payouts Maximum CANSIM Rate/Reference Rate Life Expectancy Asset Class Average Return Rates / Historical Returns Concept/Calculator Year GIC CDN Interest Rates (Guaranteed Investment Certificates): Canadian Fixed Income [Canadian Bonds (Mid-Term)] Canadian Long Bonds Canadian Equity US Equity International Equity CDN Real Estate International Bonds 42
5 6.15. Average Inflation / Consumer Price Index (CPI) Concepts Inflation Historical Returns Volatility Holding Companies Corporate Taxation Federal Holding Companies Corporate Taxation Provincial AB BC MB NB NL NT NS NU ON PE QC SK YT Migration 43 Part D Tax Calculations 44 Part E Federal / Provincial Taxation Tax Credits Supported in NaviPlan (excluding Québec) Non-refundable Tax Credits Refundable Tax Credits Indexing Factor Federal Family Income Splitting Credit Child Care Expense Credit Québec Taxation Québec Health Services Fund Contribution (tax, from line 446) 48
6 Québec Health Contribution (tax, from line 448) Québec Deductions used to transform Federal income into Québec Taxable Income Quebec Pension Income Split Québec Tax Credits Supported in NaviPlan Québec Tax Credits Not Supported in NaviPlan 49 Part f Tax Terminology 50 Average s 50 s 50 Effective and Estimated 51 Tax Deduction 51 Tax Credit 51 Taxable Benefits 52
7 PART A GLOSSARY 1. Glossary of Terms The following is an explanation of the terms used in this document. Term / Acronym NPS NPE NPSE Description NaviPlan Standard NaviPlan Extended NaviPlan Select NS1 NaviPlan Standard Level 1 NS2 NaviPlan Standard Level 2 NS3 NaviPlan Standard Level 3 NE1 NaviPlan Extended Level 1 NE2 NaviPlan Extended Level 2 FAS FAE NPC Online/Offline Financial Assessment - NPS Financial Assessment NPE NaviPlan Central Browser-based application
8 PART B EXECUTIVE SUMMARY 2. Introduction The purpose of this document is to identify the annual rates or known rates for 2015 concerning: A. Federal and provincial personal income tax rates and income brackets B. Federal and provincial average and marginal tax rates C. Federal and provincial non-refundable tax credits, as well as D. Federal premiums paid by employed individuals E. Federal benefit programs paid out to retired individuals F. The annual Consumers Price Index/Inflation rate, as well as G. The annual contribution limits for registered Retirement Savings Plans: These rates are hard-coded values that the application requires for calculations. H. The annual contribution limit for TFSAs Other rates included in this document are: A. CANSIM Rate / Reference Rate (LIF Maximum Payout calculations) B. Average Return Rates (Historical Returns Calculator/Concept) C. General Factor percentages used to calculate credits D. Canada Education Savings Grant (CESG) net family income thresholds (Education Goal, Education Calculator/Concept) 3. Out of scope Any federal or provincial legislation changes passed into law in the 1Q/2Q of 2014, as well as any measures announced in any federal or provincial budget during 1Q/2Q of 2014 are not included in this phase of the tax release. 4. Related Documents N/A 5. Application 5.1. Version Number V14.0 (and v14.0 Proj) V12.2 (and v12.2 Proj.) V11.8 (and v11.8 LTD) NPE and NPS V8.3M (desktop) 5.2. Pinning GEN CDN NaviPlan Select GEN CDN NaviPlan Extended GEN CDN NaviPlan Standard Calculators/Concepts
9 5.3. Application types: Check all that apply Calculators FA - NPS FA - NPE AA - NPS NPS NPS-Level 1 NPS-Level 2 NPS-Level 3 NPE NPE-Level 1 NPE-Level 2 NPSE NPSE-Level 1 NPSE-Level 2 Online Offline USA CDN R R R R R R R R R R R R R
10 PART C FUNCTIONAL DESIGN 6. Functionality 6.1. Federal Personal Income Tax Rat es/ s Rate 2013 Amount 15% On the First $43, % More than $43, but nor exceeding $87, % More than $87, but not exceeding $135, % More than $135, Rate 2014 Amount 15% On the First $43, % More than $43, but not exceeding $87, % More than $87, but not exceeding $136, % More than $136, Rate 2015 Amount 15% On the First $44, % More than $44, but not exceeding $89, % More than $89, but not exceeding $138, % More than $138, Provincial Personal Income Tax Rat es/ s These rates can be verified by taking the previous year s rates multiplied by the Indexing Factor where applicable. NOTE: Some areas round up while others do not. Also note that MB, NS, and PE do not index their tax rates, brackets, or credit amounts. Change the following income tax bracket percentages and/or income thresholds as outlined in the following sections Alberta Alberta currently applies a flat provincial tax rate of 10% across all taxable incomes The budget introduces two new tax brackets starting October 1, 2015.
11 Rate 2015 Amount 10.00% On the First $125, % More than $125, but not exceeding $150, % More than $150, but not exceeding $200, % More than $200, but not exceeding $300, % More than $300, Rate 2016 Amount 10.00% On the First $125, % More than $125, but not exceeding $150, % More than $150, but not exceeding $200, % More than $200, but not exceeding $300, % More than $300,000.00
12 British Columbia Rate 2014 Amount 5.06% On the First $37, % More than $37, but not exceeding $75, % More than $75, but not exceeding $86, % More than $86, but not exceeding $104, % More than $104, Rate 2015 Amount 5.06% On the First $37, % More than $37, but not exceeding $75, % More than $75, but not exceeding $86, % More than $86, but not exceeding $105, % More than $105, but not exceeding $151, % More than $151, British Columbia added an additional bracket for only 2014 and 2015, increasing the rate from 14.70% to 16.80% and then reverting back to 2013 rates for Dollar ranges are still tied to inflation and were updated for The tax rates for British Columbia remain the same, but the bracket amounts have been updated Manitoba Rate 2014 Amount 10.80% On the First $31, % More than $31, but not exceeding $67, % More than $67, Rate 2015 Amount 10.80% On the First $31, % More than $31, but not exceeding $67, % More than $67, Maintain all existing tax bracket percentages and income thresholds as noted above. i. Manitoba does not index its income thresholds or credit amounts.
13 New Brunswick Rate 2014 Amount 9.68% On the First $39, % More than $39, but not exceeding $78, % More than $78, but not exceeding $127, % More than $127, Rate 2015 Amount 9.68% On the First $39, % More than $39, but not exceeding $79, % More than $79, but not exceeding $129, % More than $129, but not exceeding $150, % More than $150, but not exceeding $250, % More than $250, The new 2015 tax rates have been implemented and bracket amounts should be updated for inflation Newfoundland & Labrador Rate 2014 Amount 7.70% On the First $34, % More than $34, but not exceeding $68, % More than $68, Rate 2015 Amount 7.70% On the First $35, % More than $35, but not exceeding $70, % More than $70, but not exceeding $125, % More than $125, but not exceeding $175, % More than $175,000.00
14 Northwest Territories Rate 2014 Amount 5.90% On the First $39, % More than $39, but not exceeding $79, % More than $79, but not exceeding $129, % More than $129, Rate 2015 Amount 5.90% On the First $40, % More than $40, but not exceeding $80, % More than $80, but not exceeding $131, % More than $131, The tax rates for the Northwest Territories remain the same, but the bracket dollar amounts have been updated Nova Scotia Rate 2014 Amount 8.79% On the First $29, % More than $29, but not exceeding $59, % More than $59, but not exceeding $93, % More than $93, but not exceeding $150, % More than $150, Rate 2015 Amount 8.79% On the First $29, % More than $29, but not exceeding $59, % More than $59, but not exceeding $93, % More than $93, but not exceeding $150, % More than $150, Maintain all existing bracket percentages and income thresholds. A. Nova Scotia does not index its income thresholds or credit amounts.
15 Nunavut Rate 2014 Amount 4.0% On the First $41, % More than $41, but not exceeding $83, % More than $83, but not exceeding $136, % More than $136, Rate 2015 Amount 4.0% On the First $42, % More than $42, but not exceeding $85, % More than $85, but not exceeding $138, % More than $138, Nunavut taxation was implemented in NaviPlan in 2012 and is indexed for inflation. Tax rates remain the same, but bracket amounts amounts have been updated Ontario Rate 2014 Amount Surtax 5.05% On the First $40, % on tax exceeding $4, % More than $40, with only basic personal amount $70, but not exceeding $80, % on tax exceeding $5, % More than $80, with only basic personal amount $83, but not exceeding $150, % More than $150, but not exceeding $220, % More than $220, Rate 2015 Amount Surtax 5.05% On the First $40, % on tax exceeding $4, % More than $40, with only basic personal amount $72, but not exceeding $81, % on tax exceeding $5, % More than $81, with only basic personal amount $84, but not exceeding $150, % More than $150, but not exceeding $220, % More than $220, *The 36.00% surtax is in addition to the 20% surtax, for a total tax of 56% Ontario has new bracket and surtax amounts.
16 Prince Edward Island Rate 2013 Amount Surtax 9.80% On the First $31, % on tax exceeding $ % More than $31, with only basic personal amount $98, but not exceeding $63, % More than $63, Rate 2014 & 2015 (No Changes) Amount Surtax 9.80% On the First $31, % on tax exceeding $ % More than $31, with only basic personal amount $98, but not exceeding $63, % More than $63, PEI does not index its income thresholds or credit amounts Québec Rate 2014 Amount 16.00% On the First $41, % More than $41, but not exceeding $82, % More than $82, but not exceeding $100, % More than $100, Rate 2015 Amount 16.00% On the First $41, % More than $41, but not exceeding $83, % More than $83, but not exceeding $102, % More than $102, Québec tax rates remain the same, but the bracket amounts are updated. Québec added one tax bracket for Saskatchewan Rate 2014 Amount 11.00% On the First $43, % More than $43, but not exceeding $123, % More than $123, Rate 2015 Amount 11.00% On the First $44, % More than $44, but not exceeding $125, % More than $125, Saskatchewan tax rates for remain the same, but the bracket amounts are updated.
17 Yukon Territory Rate 2014 Amount Surtax 7.04% On the First $43, %surtax rate 9.68% More than $43, surtax is on YT tax greater $6, but not exceeding $87, With only basic personal amount $82, % More than $87, but not exceeding $136, % More than $136,270,00 Rate 2015 Amount Surtax 6.40% On the First $44, Pour 2015, les taux d'imposition du Yukon ont changé. 9.00% More than $44, La surtaxe de 5% est éliminé et le Yukon a maintenant une tranche but not exceeding $89, d'imposition 5ème % More than $89, but not exceeding $138, % More than $138, but not exceeding $500, % More than $500, Federal Non-Refundable Credit s Basic Personal Amount NOTE: A change to the Basic Personal Amount, federal or provincial, will impact the Average / Tax Rates. Basic Personal Credit & Basic Married Credit value: these values are the same, but have slightly different uses (see 2014 Personal Tax Credits return line 1 for basic amount, line 7 for spouse of common-law partner amount). 2014: $11, $11, Child Tax Credit Amount Child Tax Credit Amount maximum value 2013: $2, : $2, : $0 - This number has been removed The calculation for this credit is as follows: A. $2,255 X 15% = $ rounded is $338 per child under the age of 18 years Age Amount/Credit Age Credit value 2013: $6, : $6, : $7,033
18 Pension Income Amount The allowable Pension Credit is the lesser of $2,000 or annual pension income Disability Credit Amount Disability Credit value 2013: $7, : $7, : $7, Amount for Infirm Dependents age 18 or older Amounts for dependent children 2013: $6, : $6, : $6,700 The amounts above include the federal Family Caregiver Amount tax credit of $2,000, effective as of Jan 1, This credit is eliminated when the dependent income exceeds $13,196 which also includes the new federal Family Caregiver Amount tax credit of $2,000; otherwise the amount would be $11, Canada Employment Credit Canada Employment Credit value 2013: $1, : $1, : $1,146 This credit is applied at the federal level. This is not applicable at the provincial level EXCEPT for the Yukon Territory, which applies this credit at the provincial level Medical Expenses & Allowable Amount for other Dependents Medical Expense Credit value 2013: $2, : $2, : $2,208
19 6.4. Provincial Non-Refundable Credit s Credit rates are per individual Provincial CRA TD Personal Tax Credits Return forms A. Note that only the provincial Basic Personal Amount Credit rate has been noted in this specification for each province. Other provincial credits may also have been updated Basic Personal Credit Amount for Each Province Basic Personal Amount Credit Federal $11,038 $11,138 $11,327 AB $17,593 $17,787 $18,214 BC $10,276 $9,869 $9,938 MB $8,884 $9,134 $9,134 NB $9,388 $9,472 $9,633 NL $8,451 $8,578 $8,767 NS $8,481 $8,481 $8,481 NT $13,546 $13,668 $13,900 NU $12,455 $12,567 $12,781 ON $9,574 $9,670 $9,863 PE $7,708 $7,708 $7,708 QC $11,195 $11,305 $11,425 SK $15,241 $15,378 $15,639 YT $11,038 $11,138 $11,327 *The Yukon Territory values should match the Federal rates, starting in NOTE: See Statutory Rate update spreadsheet for full list of provincial non-refundable credits.
20 6.5. Average / s Detailed Tax Method Blended Rate of Tax There are no blended rates of tax in place for any province at this time. A. A blended rate of tax is used whenever a province changes tax bracket percentages mid-year, i.e. effective July 1st. As a result of this mid-year change, the previous tax rate percentages were added to the new tax rate percentages, and divided in half to produce a blended rate of tax for the entire taxation year. The following year, the new percentages become effective Jan 1 st. B. This blended rate is applied to the tax bracket percentage rates, not the income bracket thresholds. C. New rates may be announced/indicated for some or all tax brackets. D. Example: E. Basic Personal Amount credits may also make use of blended rate if the province starts the year with a Basic Personal Amount, then releases a provincial budget stating that a new Basic Personal Amount is effective per a particular date Surtax Rates Surtax rates apply to the provincial tax rates where surtax is assessed: Ontario (20% and 36%), Prince Edward Island (10%), and the Yukon (5%).
21 Ontario Health Premium Beginning with version 11.8 of NaviPlan, the user can select to use Average Tax or Detailed Tax calculations: A. If the Average Tax method is selected: i. This method applies user selected tax rates to income. a. ATR = Total Income Tax/Total Income ii. Within the tax rate schedule for Ontario (Plan Management - Assumptions General s), the factors in the Ontario Health Premium (OHP) which contributes an additional 0.76% to the marginal tax rates including the highest tax rate, i.e % % = 50.29%. An additional 0.76% is added in average tax for all brackets to account for the Ontario Health Premium. This is an assumption based on the average OHP incurred across all brackets. a. For income $200,600 and over, the maximum OHP is $900.00/yr. B. If the Detailed Tax method is selected: i) This method utilizes the calculation prescribed by Ontario legislation: Taxable Income Less Multiplied By Plus this amount, yields OHP Tax Not more than $20,000 n/a n/a $0 $20,000 - $25,000 $20,000 6% $0 $25,000 - $36,000 n/a n/a Tax is $300 $36,000 - $38,500 $36,000 6% $300 $38,500 - $48,000 n/a n/a Tax is $450 $48,000 - $48,600 $48,000 25% $450 $48,600 - $72,000 n/a n/a Tax is $600 $72,000 - $72,600 $72,000 25% $600 $72,600 - $200,000 n/a n/a Tax is $750 $200,000 - $206,000 $200,000 25% $750 More than $206,000 n/a n/a Tax is $ Refundable Quebec Abatement Credit A. The Quebec Abatement credit is supported at the federal level, and reduces the amount of tax payable. i. The Quebec Abatement is considered when calculating tax rates. ii. The Quebec Abatement is 16.5%, as indicated on Line 440 of the CRA T1 General Tax Return which is retrieved from Line 48 of Schedule Alberta Health Care Levy Effective January 1, 2016, the Charitable Donations Tax Credit rate on total donations over $200 will be reduced from 21% to 12.75% (its 2006 level).
22 Provincial Average / Tax Rat es The Average Rate as indicated in the fifth column, and the Rate as indicated in the eighth column in each of the tables below were added for each province for A. Negative rates will be identified as 0.00% Average / s Alberta (AB) Taxable Income Range Federal AB Fed AB Start of Tax End of Tax Avg (using Avg (using Average Rate Rate $0 $10, % 0.00% 0.00% 15.00% 0.00% 15.00% $10,000 $20, % 0.89% 7.39% 15.00% 10.00% 25.00% $20,000 $30, % 3.93% 13.27% 15.00% 10.00% 25.00% $30,000 $40, % 5.45% 15.38% 15.00% 10.00% 25.00% $40,000 $50, % 6.36% 18.70% 22.00% 10.00% 32.00% $50,000 $60, % 6.96% 20.92% 22.00% 10.00% 32.00% $60,000 $70, % 7.40% 21.39% 22.00% 10.00% 32.00% $70,000 $80, % 7.72% 23.22% 22.00% 10.00% 32.00% $80,000 $90, % 7.98% 24.64% 26.00% 10.00% 36.00% $90,000 $100, % 8.18% 25.77% 26.00% 10.00% 36.00% $100,000 $110, % 8.34% 25.92% 26.00% 10.00% 36.00% $110,000 $120, % 8.48% 27.01% 26.00% 10.00% 36.00% $120,000 $130, % 8.60% 27.94% 26.00% 10.00% 36.00% $130,000 $140, % 8.70% 29.32% 29.00% 10.00% 39.00% $140,000 $150, % 8.79% 31.51% 29.00% 10.50% 39.50% $150,000 $200, % 9.09% 31.81% 29.00% 10.75% 39.75% $200,000 $300, % 9.39% 34.20% 29.00% 11.00% 40.00% $300,000 $400, % 9.54% 35.40% 29.00% 11.25% 40.25% $400,000 $500, % 9.64% 36.13% 29.00% 11.25% 40.25% $500,000 $1,000, % 9.82% 37.56% 29.00% 11.25% 40.25%
29 Average / s Saskatchewan (SK) Taxable Income Range Federal SK Fed SK Start of Tax End of Tax Avg (using Avg (using Average Rate Rate $0 $10, % 0.00% 0.00% 15.00% 0.00% 15.00% $10,000 $20, % 2.40% 8.90% 15.00% 11.00% 26.00% $20,000 $30, % 5.27% 14.60% 15.00% 11.00% 26.00% $30,000 $40, % 6.70% 16.63% 15.00% 11.00% 26.00% $40,000 $50, % 7.80% 20.14% 22.00% 13.00% 35.00% $50,000 $60, % 8.67% 22.62% 22.00% 13.00% 35.00% $60,000 $70, % 9.28% 23.28% 22.00% 13.00% 35.00% $70,000 $80, % 9.75% 25.24% 22.00% 13.00% 35.00% $80,000 $90, % 10.11% 26.77% 26.00% 13.00% 39.00% $90,000 $100, % 10.40% 27.99% 26.00% 13.00% 39.00% $100,000 $110, % 10.64% 28.22% 26.00% 13.00% 39.00% $110,000 $120, % 10.83% 29.36% 26.00% 13.00% 39.00% $120,000 $130, % 11.06% 30.40% 26.00% 15.00% 41.00% $130,000 and over 20.03% 13.03% 33.06% 29.00% 15.00% 44.00% Average / s Yukon Territory (YT) Taxable Income Range Federal YK Fed YK Start of Tax End of Tax Avg (using Avg (using Average Rate Rate $0 $10, % 0.00% 0.00% 15.00% 0.00% 15.00% $10,000 $20, % 2.78% 9.28% 15.00% 6.40% 21.40% $20,000 $30, % 3.98% 13.32% 15.00% 6.40% 21.40% $30,000 $40, % 4.59% 14.52% 15.00% 6.40% 21.40% $40,000 $50, % 5.23% 17.57% 22.00% 9.00% 31.00% $50,000 $60, % 5.86% 19.81% 22.00% 9.00% 31.00% $60,000 $70, % 6.31% 20.30% 22.00% 9.00% 31.00% $70,000 $80, % 6.65% 22.14% 22.00% 9.00% 31.00% $80,000 $90, % 6.92% 23.58% 26.00% 10.90% 36.90% $90,000 $100, % 7.31% 24.91% 26.00% 10.90% 36.90% $100,000 $110, % 7.64% 25.22% 26.00% 10.90% 36.90% $110,000 $120, % 7.91% 26.44% 26.00% 10.90% 36.90% $120,000 $130, % 8.14% 27.48% 26.00% 10.90% 36.90% $130,000 $260, % 11.55% 31.58% 29.00% 12.80% 41.80% In Nov 2006, Yukon updated their tax brackets to match the federal brackets. While the dollar amounts are the same, the tax rate percentages are not. A. A change to the credit amount also changes the Average / Rates.
30 6.6. Average / s Non Resident Taxable Income Range Federal NonRes Fed NonRes Start of Tax End of Tax Avg (using Avg (using Average Rate Rate $0 $10, % 0.00% 0.00% 15.00% 0.00% 15.00% $10,000 $20, % 3.12% 9.63% 15.00% 7.20% 22.20% $20,000 $30, % 4.48% 13.82% 15.00% 7.20% 22.20% $30,000 $40, % 5.16% 15.09% 15.00% 7.20% 22.20% $40,000 $50, % 5.93% 18.27% 22.00% 10.56% 32.56% $50,000 $60, % 6.70% 20.65% 22.00% 10.56% 32.56% $60,000 $70, % 7.25% 21.24% 22.00% 10.56% 32.56% $70,000 $80, % 7.66% 23.16% 22.00% 10.56% 32.56% $80,000 $90, % 8.00% 24.66% 26.00% 12.48% 38.48% $90,000 $100, % 8.45% 26.04% 26.00% 12.48% 38.48% $100,000 $110, % 8.81% 26.39% 26.00% 12.48% 38.48% $110,000 $120, % 9.12% 27.65% 26.00% 12.48% 38.48% $120,000 $130, % 9.38% 28.71% 26.00% 12.48% 38.48% $130,000 $260, % 11.60% 31.63% 29.00% 13.92% 42.92% 6.7. General Fact or Maintain the General Factor percentages for federal and all other provinces. A. Quebec uses the second tax bracket percentage as its General Factor percentage Indexing Fact or The federal/provincial Indexing Factor is currently not used in the NaviPlan. The Federal Indexing Factor was 1,020 for 2013, 1,009 (0.90%) for 2014, and 1,017 for This number can be used to check the validity of the Federal credits Federal Benefit Premiums CPP / QPP Contribution CPP Yearly Maximum Pensionable Earnings (YMPE) amount 2013: $51, : $52, : $53,600 The YMPE is also used for the Defined Benefit Pension formula calculation. CPP Employee/Employer maximum annual contribution amount 2013: $2, : $2, : $2,479.95
31 Self-employed maximum annual contribution amount 2013: $4, : $4, : $4, Yearly Basic Exemption (YBE): $3,500 CPP Employee percentage of premium rate: 4.95% A. Employers are responsible for deducting the CPP premium if the employee is 18 to 69 years of age, unless the employee is collecting/receiving a CPP retirement pension or disability benefits. CPP Self-Employed percentage of premium rate: 9.90% Employment Insurance Premium Annual Federal EI Maximum Insurable Earnings (MIE) 2013: $47, : $48, : $49,500 Annual Federal EI Employee Maximum Premium 2014: $ : $ Federal EI Employee Premium Rate 2013: 1.88% 2014: 1.88% 2015: 1.88% The Canada Employment Insurance Financing Board (CEIFB) is required to set the rate by Nov 14 of each year. However, the Government of Canada has the authority to substitute a different rate no later than Nov 30 th. Each year the Report of the Chief Actuary to the Employment Insurance Commission indicates the employment insurance premium rate and maximum insurable earnings for the upcoming year, as well as the break-even premium rate for the upcoming year based on the principle that the rate should generate enough revenue to cover expected payments. Quebec Parental Insurance Plan (QPIP) The QPIP is not currently supported in NaviPlan. The QPIP premium results in a lower Employee Premium Rate of 1.54% (from 1.58% in 2014) with an Employee annual maximum premium of $ (from $768 in 2014). Self-employed individuals may elect to opt-in by registering for the EI program and paying EI premiums (effective Jan 1, 2010). A. Premiums are paid on the self-employment income for the entire year regardless of the date of registration. EI Claw Back The EI Claw Back is not currently supported in NaviPlan.
32 Employers are responsible for deducting the EI premium from all employees regardless of age, i.e. from the time the individual becomes employed, as well as individuals 65 years of age or older who are still employed in some capacity must pay the EI premium. A. Employee and employer EI contributions are based on all eligible earnings beginning with the first pay each January. Contributions cease during the calendar year once the annual maximum contribution is reached Federal Benefit Program Payment Rat es CPP / QPP Pension Benefit Payment Rates *These values have not been updated for 2015* TYPE OF BENEFIT Max monthly benefit 2014 Max monthly benefit 2013 AVERAGE monthly benefit 2013 Disability benefit $1, $1, $ Retirement benefit (at age 65) $1, $1, $ Survivors benefit (under age 65) $ $ $ Survivors benefit (age 65 and over) $ $ $ Children of disabled contributors benefit $ $ $ Children of deceased contributors benefit $ $ $ survivors & retirement benefit (pension at age 65) $1, $1, $ survivors & disability benefit $1, $1, $ Death Benefit (Maximum lump sum) NOT INDEXED $2, $2, $2, FLAT RATE Earnings Related Portion CPP Disability benefit $ $ $ CPP Survivor benefit - younger than 65 $ $ $ Change the rates for all Retirement, Disability, and Survivor Benefits as indicated above. A. The average monthly CPP Retirement benefit for 2013 was $594.19/month (or annual benefit of $7,130.28), while the maximum monthly CPP Retirement benefit for 2013 was $1,012.50/month (or annual benefit of $12,150.00). B. NaviPlan uses the max monthly benefits, $1,012.50/month or annual benefit of $12, CPP Disability Benefit flat rate 2013: $ : $ CPP Survivor Benefit younger than 65 flat rate 2013: $ : $178.54
33 OAS Benefit Payment Rat es OAS BENEFIT Quarter 2014 Max Monthly Benefit 2013 Max Monthly Benefit 2012 Max Monthly Benefit All recipients Jan-Mar $ $ $ All recipients Apr-Jun $ $ $ All recipients Jul-Sep $ $ $ All recipients Oct-Dec $ $ $ Clawback Threshold $71,593 $70,954 $69,562 Clawback Rate 15% 15% 15% Eliminated when net income is equal to or greater than Update the existing OAS (quarterly) Monthly Benefit rate 2013: $ : $ : $ $116,103 $114,640 $112, HRDC review the Old Age Security benefit rates in Jan, Apr, Jul, and Oct and adjust rates accordingly to reflect increases in the cost of living as measured by the Consumer Price Index. A. The CDN NaviPlan applications use the quarterly rate noted above and multiplies this value by 12 months to determine the OAS annual maximum pension amount. As a result of this calculation the OAS annual maximum pension amount may be understated Change the OAS Clawback Income Threshold amount 2013: $70, : $71, : $72, The OAS Clawback Threshold is indexed to inflation Change the OAS Benefit Elimination net income amount 2013: $114,640 or greater 2014: $115,716 or greater 2015: $116,163 or greater OAS benefits are eliminated when an individual s net income is $116,103 or greater. A. Note that the HRSDC may adjust the OAS Benefit Elimination value with each quarter.
34 Individuals with net income over $72,809 must repay part or the entire maximum OAS pension amount. The OAS clawback applies to net income. Net income in excess of the clawback threshold is clawed back at 15%. A. For example using the 2013 threshold of $70,954 and a net income of $75,000 the clawback will be $ The formula is as follows: i. Individual s net income minus the OAS Threshold amount for the year equals the Difference between the individual s income amount and the OAS threshold amount ii. Difference multiplied by 15% = the amount of OAS Repayment iii. OAS Repayment amounts are deducted on a monthly basis from the following year OAS payments $75,000 - $70,954 = $4,046 * 15% = $ TOTAL OAS Repayment for the year RRSP Cont ribut ion Limit Update the RRSP Contribution Limit, the maximum amount: 2013: $23, : $24, : $24, : $25, The Income Required amount in order to make this maximum contribution is indexed to increases in the Average Industrial Wage beginning in 2010 and following years Defined Benefit/ RPP Maximum Pension Benefit Limit Change the Defined Benefit Maximum Pension Benefit limit amount 2013: $2, : $2, : $2, Note that the Defined Benefit RPP maximum pension benefit limit is 1/9 th of the Money Purchase RPP / RRSP annual contribution limit. A. Source for both RRSP Contribution limit and Defined Benefit limits: Defined Cont ribut ion/ Money Purchase Plan Cont ribut ion Limit Change the Defined Contribution Pension Plan contribution limit amount 2013: $24, : $24, : $25, The contribution limit for these plans is similar to the RRSP contribution limit, i.e. 18% of earned income TFSA Cont ribut ion Limit From , the TFSA Contribution Limit amount was kept at $5,000. In 2013, this amount started being indexed for inflation (2013 index amount is 2.0%, 0.9% for 2014). A. Starting in 2015, the annual TFSA contribution limit will increase from $5,500 to $10,000 and will remain at this level for subsequent years. The limit will no longer be indexed to inflation. B. Source: Home Buyers Plan (HBP) Limit s For 2014, maintain the existing Home Buyers Plan withdrawal limit of $25,000 and 15 years for the number of years
35 for repayment RRIF Minimum As of 2015, Canadians who are 71 will now only have to withdraw 5.28% from their RRIF, down from the current 7.38% Canada Educat ion Savings Grant (CESG) Qualifying Net Family Income Threshold Amount s Child's family has qualifying net income Child's family has qualifying net income More Than 1 2 Year for the year of less than (bracket 1) for the year of less than (bracket 2) (bracket 3) $44, $89, $89, % 30.0% 20.0% 2014 $43, $87, $87, % 30.0% 20.0% 2013 $43, $87, $87, % 30.0% 20.0% 2012 $42, $85, $85, % 30.0% 20.0% 2011 $41, $83, $83, % 30.0% 20.0% Change the CESG family net income thresholds as noted above in both the Planning levels and the Education Savings Calculator. A. The CESG income brackets are indexed yearly based on inflation and are the same as the Federal 15% and 22% tax bracket income thresholds Maintain all other rates/values associated with the RESP and CESG plans Dividend Tax Credit Federal & Provincial NPE & NPS The Dividend Tax Credit is a federal/provincial non-refundable tax credit Canadian source dividends are either: A. Eligible dividends, i.e. Enhanced, or B. Other than eligible dividends, i.e. Existing (or non-eligible) NPE Dividend Tax Credit Rates & NPSE v11.8, v12.2 Detailed Tax Method Update the Dividend Tax Credit rates, both Eligible and Other than eligible for those jurisdictions as necessary. Dividend Tax Credits - NPE (Public Corp - Eligible, Enhanced Tax Credit) Province Alberta 10.00% 10.00% 10.00% 10.00% 10.00% British Columbia 10.00% 10.00% 10.00% 9.76% 10.31% Manitoba 8.00% 8.00% 8.00% 8.00% 11.00% New Brunswick 12.00% 12.00% 12.00% 12.00% 12.00% Newfoundland/Labrador 5.40% 11.00% 11.00% 11.00% 11.00% Northwest Territories 11.50% 11.50% 11.50% 11.50% 11.50% Nova Scotia 8.85% 8.85% 8.85% 8.85% 8.85% Nunavut 5.51% 5.51% 5.51% 5.51% 5.82% Ontario 10.00% 10.00% 6.40% 6.40% 6.40% Prince Edward Island 10.50% 10.50% 10.50% 10.50% 10.50% Quebec 11.90% 11.90% 11.90% 11.90% 11.90% Saskatchewan 11.00% 11.00% 11.00% 11.00% 11.00%
36 Yukon 15.00% 15.08% 15.08% 15.08% 15.08% Federal 15.02% 15.02% 15.02% 15.02% 16.4% Dividend Tax Credits - NPE (CCPC*, other than eligible dividends) Province Alberta 3.1% 3.1% 3.48% 3.48% 3.48% British Columbia 2.59% 2.59% 3.40% 3.40% 3.40% Manitoba 0.83% 0.83% 1.75% 1.75% 1.75% New Brunswick 4.00% 5.30% 5.30% 5.30% 5.30% Newfoundland/Labrador 4.10% 4.10% 5.00% 5.00% 5.00% Northwest Territories 6.00% 6.00% 6.00% 6.00% 6.00% Nova Scotia 3.50% 5.87% 7.70% 7.70% 7.70% Nunavut 3.05% 3.05% 4.00% 4.00% 4.00% Ontario 4.50% 4.50% 4.50% 4.50% 4.50% Prince Edward Island 3.20% 3.2% 1.00% 1.00% 1.00% Quebec 7.05% 7.05% 8.00% 8.00% 8.00% Saskatchewan 3.05% 3.05% 4.00% 4.00% 5.00% Yukon 3.17% 4.03% 4.51% 4.51% 4.51% Federal 11.02% 11.02% 13.33% 13.3% 13.3% Year Enhanced Rate Gross Up (all provinces) Existing General Gross-Up (all provinces) % 18% % 25% % 25% % 25% % 25%
37 The taxable amount of Federal Eligible / Enhanced dividends gross up rate is as follows: 2013: 138% 2014: 138% The taxable amount of Federal dividend tax credit on the total Eligible / Enhanced grossed up amount is unchanged for : 15.02% 2014: 15.02% The Federal dividend tax credit rate factor for Eligible / Enhanced dividends is already implemented for : 2/3 2014: 13/ Other than eligible dividend gross-up rate already implemented for 2015: Year Other than eligible dividend gross up Other than eligible dividend tax credit % 13.33% % 11.02% % % % % % % % % After % 9.030% NPE Exist ing Federal Dividend Tax Credit Calculat ion Revised Eligible / Enhanced dividends calculation: ELIGIBLE DIVIDENDS Gross Up Rate 138% Federal Dividend Tax Credit Rate % Federal 29.00% Provincial Dividend Tax Credit Rate - ON 10.00% Provincial - ON 13.16% Calculation of tax as follows based on $100 of Dividend Amount of Dividend received = $100 Taxable dividend amount = $100 x 138% = $138 GROSS Federal Income Tax = $138 x 29% = $40.02 MINUS Federal Dividend Tax Credit = $138 x % = $20.73 Net Federal Tax Payable on $100 Dividend = $19.29 $19.29 GROSS Provincial Income Tax = $138 x 13.16% = $18.16 MINUS Provincial Dividend Tax Credit = $138 x 10.00% = $13.80
38 Net Provincial Tax Payable on $100 Dividend = $4.36 $4.36 TOTAL TAX PAYABLE (Federal & Provincial) = $ Other than eligible / Existing dividends calculation: OTHER THAN ELIGIBLE (Non-eligible dividends) Gross Up Rate 118% Federal Dividend Tax Credit Rate % Federal 29.00% Provincial Dividend Tax Credit Rate - ON 4.50% Provincial - ON 13.16% Calculation of tax as follows based on $100 of Dividend Amount of Dividend received = $100 Taxable dividend amount = $100 x 118% = $118 GROSS Federal Income Tax = $118 x 29% = $34.22 MINUS Federal Dividend Tax Credit = $118 x % = $13.00 Net Federal Tax Payable on $100 Dividend = $21.22 $21.22 GROSS Provincial Income Tax = $118 x 13.16% = $15.53 MINUS Provincial Dividend Tax Credit = $118 x 4.50% = $5.31 Net Provincial Tax Payable on $100 Dividend = $10.22 $10.22 TOTAL TAX PAYABLE (Federal & Provincial) = $ NPS Dividend Tax Credit Rates Refer to revised rates in Section See " Update the Dividend Tax Credit rates, both Eligible and Other than eligible for those jurisdictions as necessary." on page 35, See " The taxable amount of Federal Eligible / Enhanced dividends gross up rate is as follows:" on page 37, See " The taxable amount of Federal dividend tax credit on the total Eligible / Enhanced grossed up amount is unchanged for 2013." on page 37, and See " The Federal dividend tax credit rate factor for Eligible / Enhanced dividends is already implemented for 2014." on page Maintain the NPS Provincial Modifier Rounded Percentage value 2013: : NPS Exist ing Federal Dividend Tax Credit Calculat ion Revised The calculation is the same for both eligible and other than eligible dividends; however the rates used are different Eligible calculation:
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