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Changes to the Formulas to Calculate Source Deductions and Contributions (TP-1015.F-V)

Here are the changes to the Formulas to Calculate Source Deductions and Contributions (TP-1015.F-V) for 2013. 

Variable E

The indexation factor used to calculate the value of personal tax credits for 2013 is 2.48%.

Variable F

Foreign specialist employed by a new financial services corporation

You must include in variable F the remuneration paid to a foreign specialist who took up employment duties after March 20, 2012, under an employment contract entered into after that date, where certain conditions are met. These conditions are essentially the same as those that apply to foreign employees.

New key positions recognized by SODEC

You must include in variable F the remuneration paid after March 20, 2012, to a foreign individual who holds a certificate issued by SODEC and who acts as assistant producer, assistant director, set designer, financial comptroller, accountant or assistant accountant, visual effects producer or visual effects coordinator.

Variable H, H1and H2– Deduction for employment income

For 2013, the maximum deduction for employment income has been increased from $1,075 to $1,100. Consequently, the maximum amount of variables H, H1and H2has been increased from $1,075 to $1,100.

Variable K – The constant for adjusting the income tax rate

For 2013, a new income tax rate of 25.75% applies to taxable income of more than $100,000. The 2012 income thresholds for taxable income have been indexed. Specifically,

  • the 16% rate applies to taxable income of $41,095 or less (previously $40,100);
  • the 20% rate applies to taxable income of more than $41,095, but not more than $82,190 (previously $80,200);
  • the 24% rate applies to taxable income of more than $82,190, but not more than $100,000;
  • the 25.75% rate applies to taxable income of more than $100,000.

The values of variable K are therefore $1,644 (increased from $1,604), $4,913 (increased from $4,812) and $6,681.

Variable M – QPP

For 2013, the QPP contribution rate has increased from 10.05% to 10.20%, (5.1% for employees and 5.1% for employers).

In addition, the maximum pensionable earnings for the purposes of the QPP have been increased from $50,100 to $51,100. Variable M has therefore been increased from $2,341.65 to $2,427.60.

Variables N et N1– QPIP

For 2013, the maximum insurable earnings subject to QPIP premiums have been increased from $66,000 to $67,500. The employee premium rate remains 0.559% and the employer premium rate remains 0.782%. Consequently, variable N has increased from $368.94 to $377.33 and variable N1 has increased from $516.12 to $527.85.

New variables for the health contribution

As of 2013, you must withhold the health contribution of an individual who, during the year, is 18 or over. In certain situations, an individual may request that you not withhold the health contribution by submitting to you form TP-1015.3-V, Source Deductions Return, duly completed.

The formulas for calculating the source deductions of Québec income tax for the year are amended to take into account the health contribution.

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