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Calculators

Work income kept
on retirement in 2024

Compare your income with and
without work income

Be sure to add to your gross work income the incentive pay received from your employer.

Retirement income must include private retirement income. This may include benefits from a private pension plan (e.g., RREGOP) and a registered retirement savings plan (RRSP). Retirement income cannot be split.

For individuals aged 65 years or over, the calculator estimates and includes the amount of the Old Age Security pension and the Guaranteed Income Supplement in the socio-fiscal transfers.

Enter only the amount paid as a retirement pension by the Québec Pension Plan (QPP). The calculator does not take into account the disability pension, the surviving spouse’s pension or the QPP death benefit.

As of January 1, 2024, you will be able to stop contributing to the QPP if you are already receiving your retirement pension.

See the work income that you retain in 2024 Information button for the work income that you retain.

When you start a new job, be sure to complete the tax withholding forms provided by your employer so that the tax withheld reflects your situation. In addition, form TP-1015.3-V will allow you to take advantage of the tax assistance offered by the tax credit for career extension during the year through an adjustment of the tax deductions from your salary. If you do not complete this form, this assistance will be paid after your tax return is filed.
On gross work income of $:
  • $ will be added to your disposable income;
  • your work income retention rate will reach %.
Your gross
work
income
Minus
government withholding
Plus
employment incentives
Work
income retained
Employment incentives
Tax credit for career extension
Deduction for workers
Canada employment amount
Work premium
QPP contribution amount retained
Canada Workers Benefit
Exemption from the Guaranteed Income Supplement for work income
TOTAL

Compare your disposable income with and without work income in 2024

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The net government withholding and clawback include the amount of provincial and federal taxes before the employment incentive measures, required contributions such as those paid to the Québec Pension Plan, and the reduction in benefits such as those under the Old Age Security Program.

Federal personal income tax Information button for the Federal personal income tax. Excluding the Canada employment amount.

Québec personal income tax Information button for the Québec personal income tax. Excluding the tax credit for career extension and the deduction for workers.

Québec Parental Insurance Plan

Québec Pension Plan Information button for the Québec Pension Plan.

If you are already receiving your retirement pension from the Québec Pension Plan (QPP), your contributions to the Plan will increase the pension paid the following year. In fact, the pension that will be paid to you in 2024 will be increased by an amount equal to 0.66% of the work income contributed during the year 2023.

If you have chosen to stop making contributions, you will not have to pay this amount. See employment incentives for more information.

Health Services Fund

Québec Prescription Drug Insurance Plan

Employment insurance

Social assistance

Old Age Security Program

Guaranteed Income Supplement (GIS) Information button on the Guaranteed Income Supplement (GIS). The amounts presented exclude the portion of benefits linked to the exemption on work income for the GIS.

Solidarity tax credit

Senior assistance amount

Shelter allowance program

GST tax credit

Measures intended to protect from taxation certain work income either through a deduction or a tax credit. The objective of these measures is to enhance incentives to work while recognizing certain employment-related expenses.

Tax credit for career extension

Deduction for workers

Canada employment amount

Work premium

Amount retained if you stop contributing to the QPP Help button for the amount retained if you stop contributing to the QPP. You will retain this amount because you have chosen to stop contributing to the QPP.

Canada Workers Benefit

Exemption from the GIS for work income

The retention rate of work income represents the net proportion that a taxpayer will keep of his gross work income. It is calculated by dividing the increase in disposable income following entry into the labour force by the work income.

See the assumptions in the “Warning” section

Return to the description of the calculator

Updated March 8, 2024