New financial data for 2011
With the new year comes new figures for CPP, OAS, tax rates, etc. Here are some of the new figures you will need to plan for the year ahead.
RRSP contribution rates
The RRSP contribution limit for 2011 is 18% of 2010 earned income less the pension adjustment to a maximum of $22,450
Remember any contributions made in January and February of 2011 can qualify for 2010 contributions and will fall under the 2010 maximum limit of $22,000
Read this article to learn more about how much you can contribute to an RRSP
Canada Pension Plan (CPP)
Maximum retirement pension at age 65 – $960 per month
Maximum disability pension – $1153 per month
Maximum Survivors benefit (under age 65) – $529.09 per month
Maximum Survivors benefit (over age 65) – $576.00 per month
Here’s a couple of articles on how much the government will pay you:
- More CPP figures for 2011
- Details of how the CPP is determined and why you should not count on the maximum
- Will CPP be there when you retire?
Old Age Security (OAS)
Maximum OAS at age 65 – $524.23 per month
OAS clawback starts at $67,668 of income and fully clawed back at $109,607 of income
Read this for more figures on OAS and Guaranteed Income Supplement (GIS)
Read this article to learn more about Minimizing OAS clawback
New federal tax brackets for 2011
For 2011, the tax rates have not changed but the tax brackets have increased according to indexation. The new Federal budget this year could change these figures.
$0 to $10,527 – Personal Exemption
$10,528 to $41,544 – 15% marginal tax rate
$41,545 to $83,088 – 22% marginal tax rate
$83,089 to $128,800 – 26% marginal tax rate
0ver $128,801 – 29% marginal tax rate
Remember these rates do not include provincial tax.
Coming soon to Retire Happy VIP members: 2011 Marginal Tax Rate Card. 2010 is currently available.