The Treasury Board of Canada Secretariat has released the 2021 Quebec taxable benefits calculations for the Pensioners’ Dental Services Plan (PDSP).
Since 1993, employer contributions toward some group insurance plans – including health and dental – are considered a taxable benefit for employees and pensioners who reside in Quebec, and these amounts are subject to Quebec income tax.
Each year, the Treasury Board Secretariat (TBS) calculates the value represented by its pensioner and employee health and dental plans for income tax purposes for residents of Quebec.
Beginning January 2021, $394.98, or $32.92 monthly, is the amount that represents the taxable benefit for PDSP pensioners that must be collected and remitted for residents of Quebec. The federal government’s pay and pension systems will be updated to reflect this new rate.
For more information, visit the TBS website or contact their Pensions and Benefits sector.