2023 tax information and what to expect for the 2024 calendar year
Below is important information regarding your 2023 tax slips (T4/T4A) and what to expect for the 2024 calendar year.
DISTRIBUTION OF YOUR 2023 TAX SLIPS
Your 2023 tax slips will be available by February 22, 2024. UBC Payroll will share further information when they are available for you to download.
Note: In certain circumstances, you may receive multiple year-end slips. You need to include all tax slips when filing your personal income tax return. Please ensure that you have received tax slips from all your employers and for any RRSP contributions, you have made in the year before filing your personal income tax return. RRSP tax slips are issued by your financial institution.
2024 TAX YEAR
It is your responsibility to provide us with a new TD1/TDBC form no later than seven days after a change in your eligible tax credit amounts. If you claimed the basic tax credit amount in 2023 and there are no changes to your tax credit amounts, no action is required on your part.
Change of Address:
If you moved, please update your new address prior to December 31 through Workday Employee Self Service.
IMPORTANT PAYROLL UPDATES
New Tax Year – Deduction Update
If you reached the maximum annual contributions to the Canada Pension Plan (CPP) or the Employment Insurance (EI) and before December 31, 2023, these deductions will commence again on your first pay in 2024. The restarting of these deductions will result in a reduction of your net (take-home) pay.
T2200s Declaration of Conditions of Employment
The “Temporary Flat Rate Method” of claiming home office expenses on the T2200s form ended December 31, 2022: The CRA introduced this method to allow employees to claim up to $2 per work day to a maximum of $400 for taxation year 2020, and to a maximum of $500 for taxation years 2021 and 2022, without the need to track detailed home expenses. It is a simple flat-rate process that is included as part of completing the T1 general return.
The T2200s is no longer available for the 2023 taxation year. If you require a T2200 Detailed form, please ask your department to complete.
UPDATES TO YOUR TAX FORMS
New Canada Dental Care Plan T4/T4A Boxes
To support the administration of the new Canadian Dental Care Plan, the following new boxes have been added to the tax slips beginning with the 2023 tax year.
- Box 45 on the T4: Statement of Remuneration Paid
- Box 15 on the T4A: Statement of Pension, Retirement, Annuity and Other Income
Second Canada/Quebec Pension Plan (C/QPP) Enhancement Contribution
Beginning 2024, a new enhanced C/QPP contribution will be deducted from your pay on earnings above $68,500 up to $73,200 per annum. For this purpose, the Canada Revenue Agency has created two new additional boxes on the current T4 as follows:
- Box 16A – for reporting of employees’ second CPP contribution
- Box 17A – for reporting of employee’s second QPP contribution
Note: Although you will see the above boxes on your T4, no amounts will be reported on your 2023 T4 slips because the second C/QPP contributions (deductions) will only begin in 2024. A new enhanced QPP box will only appear starting with the 2024 Relevé 1.