Quebec announces 2007 rates

Parental insurance plan premiums for employees and employers remain the same

Quebec Pension Plan (QPP) rate

Revenu Qu├ębec has released the QPP rates and maximums for 2007. They are:

Maximum pensionable earnings:$43,700
Basic exemption:$ 3,500
Maximum contributory earnings:$40,200
Contribution rate (employee and employer):4.95%
Maximum employee contribution:$ 1,989.90
Maximum employer contribution:$ 1,989.90

Quebec Parental Insurance Plan (QPIP) rates

The Quebec Parental Insurance Plan (QPIP) premium rate for employees remains at 0.416% for 2007. The employer rate remains at 0.583% for 2007. The maximum insurable earnings will increase from $57,000 to $59,000 for 2007. As a result, the maximum employee contribution for next year will be $245.44, while the maximum employer contribution will be $343.97.

CNT levy maximum to rise

Effective January 1, 2007, the maximum amount subject to the levy for financing the Commission des normes du travail will increase from $57,000 to $59,000.

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