Ubc Finance T4

The T4 slip is a crucial document for anyone employed by the University of British Columbia (UBC), including those working within the Finance department. It summarizes your taxable income earned and the deductions made from that income during the calendar year (January 1st to December 31st). Understanding your UBC Finance T4 is essential for accurately filing your Canadian income tax return.

Key Components of Your UBC Finance T4:

• Box 14: Total Employment Income: This is arguably the most important box. It represents your gross income from UBC Finance, before any deductions. This figure includes your salary, wages, taxable benefits, bonuses, vacation pay, and any other form of remuneration you received.
• Box 16 & 17: Employee's CPP Contributions & Employee's EI Premiums: These boxes show the amount of Canada Pension Plan (CPP) contributions and Employment Insurance (EI) premiums that were deducted from your paycheques throughout the year. These amounts are compulsory deductions and contribute to your future pension and employment insurance benefits.
• Box 18: Employee's QPP Contributions (Quebec Pension Plan): This box will only be relevant if you were employed in Quebec and contributed to the Quebec Pension Plan.
• Box 20: RPP Contributions: This indicates the amount contributed to a Registered Pension Plan (RPP), if applicable. This could include contributions to the UBC Faculty Pension Plan or Staff Pension Plan. These contributions are tax-deductible, reducing your taxable income.
• Box 22: Income Tax Deducted: This is the total amount of federal and provincial income tax that UBC Finance deducted from your paycheques. This amount is remitted to the Canada Revenue Agency (CRA) on your behalf.
• Other Boxes: Depending on your specific circumstances, other boxes might contain information, such as union dues (Box 44), taxable benefits (e.g., employer-provided housing or vehicle, detailed in Box 40 or elsewhere on the slip), or other deductions.

Accessing Your T4:

UBC employees typically access their T4 slips electronically through the UBC Self-Service portal. You'll need your employee ID and password to log in. Once logged in, navigate to the "Employee" section, then look for options such as "Tax Forms" or "T4 Slips." Electronic access allows for convenient retrieval and printing of your T4.

Importance for Tax Filing:

You need your T4 slip to accurately complete your income tax return. The information on the T4 slip allows you to report your income and claim relevant deductions and credits. The CRA uses this information to determine whether you owe taxes or are entitled to a refund.

What to do if you find Errors:

Carefully review your T4 slip for accuracy. If you believe there's an error, immediately contact the UBC Finance department or the payroll office. Do not alter the T4 slip yourself. UBC Finance will need to issue a corrected T4 slip (a T4A) if any information is inaccurate. Filing your taxes with incorrect information can lead to penalties and delays in processing your return.

Record Keeping:

Keep a copy of your T4 slip for your records, along with any other relevant tax documents, for at least six years. This is important in case the CRA reviews your tax return.