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Add Canadian Pension Plan (CPP), Old Age Security (OAS), and Employment Insurance (EI)

Can you include Canadian Pension Plan (CPP) and Old Age Security (OAS) in future versions? It is fairly easy to add these via custom income streams or tax, but the difficulties are:

  • premium: CPP and EI premium are a percentage of income till a max rate;
  • amount: CPP is number of contribution years, and number of the contribution years reached the max amount; OAS is numbers of years lived in Canada;

It would be more realistic to have these as part of the software to reflect better on scenarios such as part-time work before retirement.

CPP: https://www.canada.ca/en/services/benefits/publicpensions/cpp.html OAS: https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security.html EI: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-deductions-contributions/employment-insurance-ei/ei-premium-rates-maximums.html

38 votes

Tagged as Suggestion

Suggested 15 January 2023 by user Ye Huang

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  • 15 January 2023 Ye Huang suggested this task

  • 15 January 2023 Kyle Nolan approved this task

  • avatar
    Kelito Miguel

    Would like these too but CPP is very challenging to model right. OAS amount is an easy calc and based on # of year in Canada. But CPP benefit amounts are quite complicated to calculate due to all the rules and exemptions re: non-contributing years or part-time, parental leaves, etc, etc. There are a couple good websites incl one run by the guy who created the formulas for the government; even the CRA calc or “estimated benefit” makes assumptions about contributions being maxed from now until year for claiming them. Not an easy one for Kyle. Easiest is to get a best estimate of benefits manually from third party sites and use and adjust them in PL. ;)

    23 October 2023
  • avatar
    JD Richard

    We can figure out what the amounts are. What needs to be modelled is the difference paid monthly if you take these payments before 65 (-.6% for every year down to 60) or delayed to 70 (+ .6% for every year from 65 to 70). Then the model tells you that if you live to 90 and your CPP/OAS grows matching inflation your recommended to take it at 67: the the optimum point based on your finances. There are plenty of finance and YouTube videos describing the problem. As well, the math should not be too difficult.

    25 October 2023
  • avatar
    Dabble07

    Those collecting OAS also get a 10% increase to the amount they are collecting in the month following their 75th birthday. This should be included as a feature for any OAS payments.

    Another important planning factor is that OAS starts getting clawed back when an individuals taxable income exceeds a threshold ($86,912 July/24 - June/25).

    https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/recovery-tax.html

    11 March
  • avatar
    Chris Welman

    OAS also has the GIS supplement which is means-tested against previous year taxable income. I don’t believe there is currently a way to model this, and it would be a good addition for Canadian users.

    11 December