Public insurance

Public insurance

1. Provincial programs

   • Workers compensation (WSIB)
     • IF used, no right to sue Adjudicated benefit No spousal or children benefit (CPP only child)
     • Compensation and rehabilitation to workers on a no-fault basis
     • Funding: mandatory employer contribution
     • Covers work accidents
     • Waiting period 1d
     • Benefit period indefinate
     • 80% to 90% of income
     • Benefit tax-free
   • Health and drug plan

2. Federal programs

   • Old Age Security
     • Guaranteed Income Supplement
       • Additional for low income
       • Not taxable
       • Written application
       • Starts at 65 yo
     • Requirements
       • 65 yo
       • Min 10 years residing currently in Canada; or 20 years, before living abroad
       • Legal resident or citizen
     • Funding: government tax revenue
     • Benefit
       • Deferred up to 60 months
       • Based on time of residency; full pension years
       • +0.6% per month from 65 to 70
       • Taxable
         • Clawback: Net income x Threshold
           • Min Thresholed < Net income < Max Threshold = (net income - threshold) x 15%
       • Survivor income if low-income, between 60 and 64
         • Allowance not taxable
       • CPI adjusted; max is 40 years of living
   • Canada Pension Plan
     • Self-employed are covered only by CPP
     • Funding
       • Employers + Employees contributions - 9.9% earnings (4.95/4.95)
         • Discount lowest-earning and caregiver years
         • End at death or when receiving
         • PRB after 60 until 65
       • Deductible for employer, tax credit for employee (taxable)
     • Requirements
       • Min 60 yo
       • One valid contribution
       • Submit application
     • Retirement benefit
       • Spouses may split benefits; max survivor is 626.23$/692.75$; combined, 1154.58$; 60%
       • Taxable
       • +0.6% per month from 60 to 65
       • +0.7% per month from 65 to 70
       • Pension, survivor's pension, death benefit
       • CPI applied yearly
       • PRB max is 1/40 of CPP
       • Death benefit max is 2500$
     • Disability benefit
       • Integrated with LTD group plan; premium can be reduced All taxable
       • Total disability: CPP, any job for education; severe definition
         • Very strict definition; you should&nbsp; basically not be able to do anything ever again Severe + prolongued
       • Waiting period 4 months
       • Benefit to age 65; child benefit until 18
         • Until 25 if in school
       • Death benefit to 2500$
       • Contributes 4y for the last 6; contributory
   • Employment insurance
     • Requirements
       • Job loss at no fault
     • Funding: employee contribution
       • Self-employed do not have the right
     • Benefit
       • Taxable
     • Disability benefit
       • Also unemployment, and maternity - Premium can be reduced if proven to the board that your group benefit is equal to or better than EI
       • Waiting period 14 days
       • 15 weeks coverage
       • Requirement of 600 hours worked over 12 months
       • Max 55% of gross weekly income to max
       • Contributory benefit: employer + employee