Net pay may be reduced
If you elected to have your Health Spending Account (HSA) benefit rolled into an RRSP this year, please be reminded that this taxable benefit will be processed on the Dec 15 pay (the actual RRSP contribution was made earlier in the year). Your Dec 15 pay may be lower than usual if you have not yet contributed the maximum Canada Pension of $2,356.20 or maximum Employment Insurance contributions of $891.12 as these two deductions are mandatory on this taxable benefit. The maximum impact of this adjustment is equivalent to 6.83% of your HSA-to-RRSP amount (4.95% CPP plus 1.88% EI). For example, if you rolled $1,000.00 to your RRSP, your maximum total additional deduction will be $68.30.
Christmas payroll deadlines
Again this year, UFV will be closed over the Christmas season. The final pay of the year — Dec 31 — will be paid on Mon, Dec 23. All employees who are paid by time sheet are encouraged to estimate the number of hours up to Dec 24 and submit your time sheet to the payroll office by Mon, Dec 16.
All time sheets received after Dec 16 will be processed and paid on Jan 15.
Times sheets are due in payroll by Wed, Jan 8 for payment on Jan 15.
Part-time employees — record of employment
Just a reminder that a Record of Employment is issued only upon request and only when your position has been terminated.
Changes to CCP contributions if you are 65 years of age or older
Employees aged 65 to 70 may choose not to make CPP contributions in 2014 by completing the form, CPT30, “Election to Stop Contributing to the Canada Pension Plan or Revocation of a Prior Election”. You must send the original CPT30 election form to the Canada Revenue Agency (CRA) and file a copy with our Payroll department. No CPP contributions will be deducted on pay dates following the month the form is filed.
You can download the CPT30 form and find additional information from the CRA’s website:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/cpp-rpc/cpp-menu-eng.html
If you choose to continue making CPP contributions no action is required from you.
If you have any questions on any of the above items, please contact Linda Miller at 604-557-4018 (4108), Julie Jabbal at 604-854-4594 (4594), or Marie Betker at 604-851-6313 (6313).
For more information, contact Marie Betker at marie.betker@ufv.ca
12/20/2013