Payroll Operations has several tax related updates such as tax slip availability, information about payments that are included in the 2013 T4, and a reminder that the Personal Spending Account is a taxable benefit.
Online Tax Slips Available Feb 10
The 2013 tax slips (T4, T4A) for current and former employees will be available online in Bear Tracks starting February 10, 2014. All employees with a CCID must consent to receive their tax slips online.
Employees who have not yet consented to receive online tax slips will be contacted directly via email to ask them to consent. Please remind all new employees in your department to complete the one-time Tax Slip Consent process before February 6 to ensure they can access their online tax slip. The process for signing up is fast, easy and only needs to be completed once. Employees that leave the University can continue to use Bear Tracks to view their tax slips as long as they access their account at least once per year.
2013 Tax Slip Information
The 2013 tax slips include all earnings paid and deductions incurred between January 1, 2013 to December 31, 2013. The last semi-monthly pay period included in the 2013 tax slips is the December 1-15 pay period which was paid on December 24. The December 16-31 pay period will be included in the 2014 tax slip because it includes payments received in 2014. For more information about the 2013 tax slips, please visit the Tax Slips webpage on the Human Resource Services website.
Personal Spending Account is a Taxable Benefit
Eligible support staff can use their Personal Spending Account (PSA) to assist with personal wellness related expenses. Expenses claimed under the PSA are considered a taxable benefit and are subject to income tax as outlined by the Canada Revenue Agency. Support Staff who claimed expenses this year under the PSA will notice that Box 40 (other information) on their T4 includes the PSA reimbursement amount. For more information about taxable benefits please visit the 2013 T4 Information.
Please contact your Employment and Pay Advisor if you have any questions about these updates.