In 2017, Revenu Quebec has reduced rates for the Quebec Health Services Fund to ease the burden on small and medium-sized businesses. These rates will decline incrementally over the next five years. Employers with a payroll under $5 million are eligible for a rate reduction for payments toward the QHSF. Companies with a payroll above $5 million are not eligible for a rate reduction, and their rate will remain at 4.26%. If your company’s total payroll is below $1 million and in the primary and manufacturing sectors, your contribution will decrease to 1.55% from 1.6%. If your company is between $1 million and $5 million in payroll in the primary and manufacturing sectors, your rate will be determined by the following formula: 0.8725% + (0.6775 x S), where S is total payroll in millions. So, a company with $3 million in payroll would pay a rate of 2.93%. Basically, the rate will vary between 1.6% and 4.26% for companies of this payroll size. Companies in all other sectors will see their contributions decrease from 2.7% to 2.5% in 2017. If your company is between $1 million and $5 million in payroll in all other sectors, your rate will be determined by the following formula: 2.06% + (0.44 x S), where S is total payroll in millions. So, a company with $3 million in payroll would pay a rate of 3.38%. Rates will vary between 2.5% and 4.26% for companies in this group. These rate reductions towards the QHSF are intended to make small and medium-sized businesses more competitive in Quebec. Rates have been lowered even more for companies in the manufacturing and primary sectors due to challenges faced by smaller companies in this industry against larger competitors.
2017-03-08 00:00:00 2017-03-08 00:00:00 https://quickbooks.intuit.com/ca/resources/taxes/eligibility-requirements-qhsf-rate-reduction Taxes English Discover the rate reduction for the Quebec Health Services Fund. These changes will make small and medium-sized businesses more competitive. https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/06/08214148/Business-Owner-Reviews-Her-Companys-Payroll-Data-To-See-If-She-Qualifies-For-A-QHSF-Reduction.jpg Eligibility Requirements for the QHSF Rate Reduction
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