LAWS & ANNOUNCEMENTS
2018 QPP Contribution Rates
|Maximum pensionable earnings||$55,900||$55,300|
|Employee/Employer maximum contribution||$2,829.60||$2,797.20|
|Self-employed maximum contribution||$5,659.20||$5,594.40|
|Basic annual exemption||$3,500||$3,500|
2018 QPIP Premium Rates
|Maximum insurable earnings||$74,000||$72,500|
|Employee premium rate||0.548%||0.548%|
|Employer premium rate||0.767%||0.767%|
|Self-employer premium rate||0.973%||0.973%|
|Maximum employee premium||$405.52||$397.30|
|Maximum employer premium||$567.58||$556.08|
|Maximum self-employed premium||$720.02||$705.43|
Jan.: A Québec version of the new federal CPP model, newly proposed Bill 149 would establish a supplemental QPP plan starting Jan. 1, 2019. Key features of the supplemental plan:
- Increase in the retirement pension from 25% to 33.3%
- Increases in disability pension and surviving spouse’s pension
- Gradual increase in contributions over 7 years (2019 to 2025)
- 14% increase to maximum pensionable earnings (MPE).
Jan. 4: New rules for supplemental pension plans (SPPs) took effect. Highlights:
- Actuarial valuation required before each annuity purchase
- Special annuity purchasing payments into pension fund required to keep solvency at 100% of what it was before annuity was purchased
- New requirements for payment of variable benefits depending on whether made as life income or temporary income
- Beefed up disclosure required in annual statements and for annual meetings.
Jan. 5: December employment in Québec increased 0.6% (26.9K jobs), slightly above the Canada-wide growth rate of 0.4%. Overall employment for 2017 was up 2.2% (90.2K jobs—65.4K full-time, 24.7K part-time).
Dec. 22: Québec created a committee to negotiate a renewal of a global collective agreement with medical specialists providing for staggering amounts provided for in previous deals.
Jan.: New RQ forms and publications (so far):
- TP-1-V, Income Tax Return, Schedules and Guide
- IN-155-V, Business and Professional Income
- IN‑253‑V, Taxable Benefits
- TP-1015.N-V, Election by Fishers to Have Income Tax Deducted at Source.