Question
Simone works for Successful Business Inc. in Quebec and earns an annual salary of $34,000.00 paid on a weekly basis. In addition to her regular
Simone works for Successful Business Inc. in Quebec and earns an annual salary of $34,000.00 paid on a weekly basis. In addition to her regular salary, Simone's employer provides 100% paid group term life insurance coverage through a third party of two times her annual salary. The monthly group term life insurance premiums are $0.51 per $1,000.00 of coverage, excluding taxes. Her employer also provides and pays 100% private health insurance benefits with a monthly premium of $220.00, excluding taxes. The tax on insurance premiums in Quebec is 9%. Her federal TD1 claim code is 2 and her provincial TP-1015.3-V deduction code is B. Simone will not reach the Quebec Pension Plan, Employment Insurance or Quebec Parental Insurance Plan annual maximums this pay period.
Pensionable earnings equals the base salary of $653.85 plus the taxable benefit value of 64.06.
Net taxable income (CRA) equals base salary of $653.85 plus the taxable benefit of $8.72 less the deduction for enhanced C/QPP of $6.51.
Could you help me, how to calculate group term life and private medical.
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