Thursday, 15 January 2015

Tax Slips: 2014 Update

Payroll & Benefit Services has several tax related updates such as tax slip availability, information about payments that are included in the 2014 T4, and a reminder about the Personal Spending Account.

Online Tax Slips Available February

The 2014 tax slips (T4, T4A) for current and former employees will be available online in Bear Tracks in February (date to be confirmed). 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 10th 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.

2014 Tax Slip Information

The 2014 tax slips include all earnings paid and deductions incurred between January 1, 2014 to December 31, 2014. For Semi-monthly paid employees the December 16-31 pay period will be included in the 2015 tax slip because it includes payments received in 2015. For more information about 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 CRA's Employers' Guide - Taxable Benefits and Allowances webpage.

Please contact Michele Boczkowski, Manager of Payroll & Benefit Services if you have any questions about these updates.