There are a number of income sources available to Canadians in retirement.
Pension Plan Archives - Akler Browning LLP
Income tax is a big-ticket item for most retired Canadians. Especially for those who are happily free of the requirement to make mortgage payments, the annual tax bill may be the single biggest annual expenditure they are required to make.
The Quebec Pension Plan contribution rate for employees and employers for 2020 is 5.7%, and maximum pensionable earnings are $58,700. The basic exemption is $3,500.
The Canada Pension Plan contribution rate for 2020 is increased to 5.25% of pensionable earnings for the year.