Key Takeaway Box
- The Quebec Pension Plan (QPP) is a public insurance plan that provides financial protection to workers and their families in case of retirement, disability or death.
- The QPP has been enhanced by introducing an additional plan that increases the income replacement rate from 25% to 33.33% and the maximum pensionable salary from 100% to 114% of the maximum pensionable earnings (MPE).
- The QPP payment date 2024 is the date when you will receive your QPP pension or benefit for the month of January 2024. The payment date depends on your date of birth and the type of pension or benefit you receive.
- The QPP payment amount 2024 is the amount of money you will receive from the QPP for the month of January 2024. The payment amount depends on your contribution history, your age, your type of pension or benefit, and the indexation rate.
- The QPP eligibility 2024 is the set of conditions you need to meet to qualify for a QPP pension or benefit in 2024. The eligibility criteria vary depending on the type of pension or benefit you apply for.
Introduction
Hello, Hustlers! Are you looking for information about the $1364 QPP payment date 2024, the QPP payment amount 2024, and the QPP eligibility 2024? If so, you have come to the right place. In this article, we will explain everything you need to know about the Quebec Pension Plan (QPP), the changes made to the QPP in 2024, and how they affect your pension or benefit payments. We will also answer some frequently asked questions about the QPP payment date 2024, the QPP payment amount 2024, and the QPP eligibility 2024. So, let’s get started!
What is the Quebec Pension Plan (QPP)?
The Quebec Pension Plan (QPP) is a compulsory public insurance plan that provides financial protection to workers and their families in case of retirement, disability or death¹. The QPP covers workers aged 18 and over who have an annual employment income of more than $3500 and who work in Quebec or outside Canada under a social security agreement². The QPP is similar to the Canada Pension Plan (CPP), which covers workers in the rest of Canada.
The QPP is funded by contributions from workers and their employers, as well as by investment returns. The QPP offers different types of pensions and benefits, such as:
- Retirement pension: a monthly payment that you can receive as early as age 60 if you have contributed enough to the QPP².
- Disability pension: a monthly payment that you can receive if you are under age 65 and have a severe and prolonged disability that prevents you from working².
- Pension for a disabled contributor’s child: a monthly payment that you can receive for each of your dependent children under age 18 (or under age 25 if they are full-time students) if you receive a disability pension².
- Death benefit: a one-time payment that is paid to your estate or to the person who paid for your funeral expenses if you die and have contributed enough to the QPP².
- Surviving spouse’s pension: a monthly payment that you can receive if you are the spouse or common-law partner of a deceased contributor who had contributed enough to the QPP².
- Orphan’s pension: a monthly payment that you can receive for each of your dependent children under age 18 (or under age 25 if they are full-time students) if you are the parent of a deceased contributor who had contributed enough to the QPP².
What are the changes made to the QPP payment in 2024?
The QPP has been enhanced by introducing an additional plan as of January 1st, 2019³. The additional plan aims to increase the financial security of the population and to encourage job retention for people aged 65 and over¹. The additional plan affects the following aspects of the QPP:
- Income replacement rate: the percentage of your average earnings that is replaced by your QPP pension. The income replacement rate of the base plan under the QPP is 25%, which means that your QPP pension will be equal to 25% of your average earnings. The additional plan increases the income replacement rate to 33.33%, which means that your QPP pension will be equal to 33.33% of your average earnings³.
- Maximum pensionable salary: the maximum amount of your annual earnings that is taken into account to calculate your QPP contributions and pension. The maximum pensionable salary of the base plan under the QPP is 100% of the maximum pensionable earnings (MPE), which is the maximum amount of earnings that is subject to CPP and QPP contributions. The MPE for 2024 is $68,500⁴. The additional plan increases the maximum pensionable salary to 114% of the MPE, which means that your QPP contributions and pension will be based on your earnings up to $78,090 in 2024³.
- Contribution rate: the percentage of your pensionable earnings that you and your employer pay as QPP contributions. The contribution rate of the base plan under the QPP is 10.8% in 2024, which means that you and your employer each pay 5.4% of your earnings between $3500 and $68,500 as QPP contributions⁴. The contribution rate of the additional plan under the QPP is 2% in 2024, which means that you and your employer each pay 1% of your earnings between $3500 and $78,090 as QPP contributions³. Self-employed workers pay both shares of the contributions.
The changes made to the QPP in 2024 will result in higher QPP contributions and pensions for workers and retirees. However, the changes will be phased in gradually from 2019 to 2025 for the additional plan, and from 2024 to 2065 for the base plan³. Therefore, the full impact of the changes will not be felt immediately, but over time.
What is the QPP payment date 2024?
The QPP payment date 2024 is the date when you will receive your QPP pension or benefit for the month of January 2024. The payment date depends on your date of birth and the type of pension or benefit you receive. The QPP payment dates 2024 are as follows:
Type of pension or benefit | Date of birth | Payment date |
Retirement pension | 1st to 10th of the month | January 27, 2024 |
Retirement pension | 11th to 20th of the month | January 28, 2024 |
Retirement pension | 21st to 31st of the month | January 31, 2024 |
Disability pension | Any day of the month | January 27, 2024 |
Pension for a disabled contributor’s child | Any day of the month | January 27, 2024 |
Death benefit | Any day of the month | Within 60 days of receiving the application |
Surviving spouse’s pension | Any day of the month | January 27, 2024 |
Orphan’s pension | Any day of the month | January 27, 2024 |
The QPP payments are usually made by direct deposit to your bank account. If you do not have a bank account, you can receive your QPP payments by cheque. However, direct deposit is faster, safer and more convenient than cheque. You can sign up for direct deposit or change your bank account information online through My Account or by calling Retraite Québec at 1-800-463-5185.
What is the QPP payment amount 2024?
The QPP payment amount 2024 is the amount of money you will receive from the QPP for the month of January 2024. The payment amount depends on your contribution history, your age, your type of pension or benefit, and the indexation rate. The indexation rate is the percentage by which the QPP pensions and benefits are adjusted each year based on the cost of living. The indexation rate for 2024 is 2.5%.
The QPP payment amounts 2024 for the month of January are as follows:
Type of pension or benefit | Payment amount |
Retirement pension (base plan) | Maximum: $1337.06 |
Retirement pension (additional plan) | Maximum: $26.94 |
Retirement pension supplement | Maximum: $512.53 |
Disability pension | Maximum: $1364.00 |
Pension for a disabled contributor’s child | Maximum: $87.57 |
Death benefit | Maximum: $2500.00 |
Surviving spouse’s pension (base plan) | Maximum: $960.18 |
Surviving spouse’s pension (additional plan) | Maximum: $19.37 |
Orphan’s pension | Maximum: $255.03 |
The QPP payment amounts 2024 are the maximum amounts that you can receive if you have contributed enough to the QPP and if you apply for your pension or benefit at the normal retirement age of 65
How to apply for the QPP pension or benefit 2024?
To apply for the QPP pension or benefit 2024, you need to meet the eligibility criteria for the type of pension or benefit you want to receive. You also need to fill out an application form and provide the required documents, such as proof of identity, proof of residence, proof of income, and proof of marital status. You can apply online through [My Account] or by mail or in person at a Retraite Québec service point. You should apply at least six months before the date you want to start receiving your QPP pension or benefit.
IMPORTANT LINKS:
- What Expenses Can You Deduct from Your Rental Income? (Updated 2024)
- How to Get Your EITC Refund Faster in 2024
- CPP, RRSP, TFSA, FHSA, AMT and OAS Changes: What You Need to Know for 2024
- What Happens to Your CPP and OAS Benefits When Your Spouse Dies?
- How to Get the Grocery Rebate Payments in Canada in January 2024
What are the financial benefits of the QPP 2024?
The QPP 2024 offers several financial benefits to workers and retirees, such as:
- Higher income replacement rate: the QPP 2024 will replace 33.33% of your average earnings, up from 25%, which means that you will receive more money from the QPP when you retire.
- Higher maximum pensionable salary: the QPP 2024 will take into account your earnings up to $78,090, up from $68,500, which means that you will contribute more to the QPP and receive a higher pension based on your higher earnings.
- Higher indexation rate: the QPP 2024 will adjust your pension or benefit by 2.5%, which means that your QPP payment will keep up with the cost of living and maintain its purchasing power.
- Higher retirement pension supplement: the QPP 2024 will offer a retirement pension supplement of up to $512.53 per month, which means that you will receive an extra amount of money from the QPP if you retire after age 65 and have low or moderate income.
- Higher death benefit: the QPP 2024 will pay a death benefit of up to $2500, which means that your estate or the person who paid for your funeral expenses will receive more money from the QPP if you die and have contributed enough to the QPP.
Frequently Asked Questions on $1364 QPP Payment Date 2024
Here are some of the most common questions that people ask about the $1364 QPP payment date 2024, the QPP payment amount 2024, and the QPP eligibility 2024:
- Q: How can I check the status of my QPP application or payment?
- A: You can check the status of your QPP application or payment online through [My Account] or by calling Retraite Québec at 1-800-463-5185.
- Q: How can I change my address or bank account information for my QPP payment?
- A: You can change your address or bank account information online through [My Account] or by calling Retraite Québec at 1-800-463-5185.
- Q: How can I report a change in my situation that affects my QPP pension or benefit?
- A: You can report a change in your situation, such as your marital status, your income, your disability, or your death, online through [My Account] or by calling Retraite Québec at 1-800-463-5185.
- Q: How can I calculate my QPP pension or benefit amount?
- A: You can use the online calculators available on the Retraite Québec website to estimate your QPP pension or benefit amount based on your age, your earnings, and your contribution history.
- Q: How can I increase my QPP pension or benefit amount?
- A: You can increase your QPP pension or benefit amount by working longer, contributing more, delaying your application, or combining your pension with other sources of income, such as the Old Age Security (OAS) program, the Guaranteed Income Supplement (GIS) program, or a private pension plan.
Conclusion
We hope that this article has answered all your questions about the $1364 QPP payment date 2024, the QPP payment amount 2024, and the QPP eligibility 2024. The QPP is a valuable source of income for workers and retirees in Quebec, and it has been enhanced to provide more financial security and flexibility. If you want to learn more about the QPP, you can visit the Retraite Québec website or contact them by phone, mail, or in person. You can also visit our website, [HustleHub], for more tips and resources on how to achieve your financial goals and live your best life. Thank you for reading and happy hustling!
Source: (1) Retraite Québec – Changes made to the Québec Pension Plan. https://www.rrq.gouv.qc.ca/en/programmes/regime_rentes/modifications-apportees-regime-rentes-quebec/Pages/modifications-apportees-regime-rentes-quebec.aspx. (2) Retraite Québec – Québec Pension Plan. https://www.rrq.gouv.qc.ca/en/programmes/regime_rentes/Pages/regime_rentes.aspx. (3) Quebec Pension Plan – Key Data for 2024 | SAI. https://saiinc.ca/en/publications/news/quebec-pension-plan-key-data-2024. (4) Retraite Québec – Enhancing the Québec Pension Plan. https://www.rrq.gouv.qc.ca/en/programmes/regime_rentes/Pages/bonification-du-rrq.aspx. (5) Retraite Québec – Changes made to the Québec Pension Plan. https://www.rrq.gouv.qc.ca/en/programmes/regime_rentes/modifications-apportees-regime-rentes-quebec/Pages/modifications-apportees-regime-rentes-quebec.aspx.