Posté le 17 February 2015 - Dans : What's New
Increase in Quebec taxes and the impact on your premium
In December 2014, the Quebec Minister of Finance announced an increase in taxes (on the capital and compensatoire) on insurance premiums from 2.3% to 3.48%. This change is effective December 3, 2014.
Since it is a tax increase, the insurer will need to include the increase in the monthly rate of your insurance bill.
The application timeframe or method will vary greatly from one insurer to another. If your plan is up for renewal within the next 2 or 3 months, most insurers have decided to wait until the renewal to include the new tax in the rates. Other insurers have decide to apply the increase to all their groups on March 1 or April 1. No matter the method chosen by your insurer, we will keep you informed concerning your own situation as we get the confirmations from the insurers.
If you benefit from our turnkey service, which include the payroll deductions calculation, we will calculate the impact on the payroll of all your employees and we will send them to you automaticallyt.
You will understand that this change is related to a tax rate change decided by the Government of Quebec and is not a unilateral change in your rates decided by the insurer.
Be assured that we remain at your disposal for any questions.