Electronic Funds Transfers (EFT) and Automated Clearing House (ACH) are the preferred methods of payment for vendors, contractors and consultants.
With timely invoice payment a top priority of vendors, the below standards are outlined to ensure a common understanding of UBC’s obligation for payment. For updates on the payment status of your invoice, please contact directly the purchase requestor (vendor’s primary contact) or department to which you are invoicing.
The standard payment terms are 30-days. Due date and currency exchange rate are calculated based on the invoice date. For further details, please refer to UBC’s standard Purchase Order Terms and Conditions.
Canadian / U.S. Vendors
All invoice payments to Canadian vendors are made by direct deposit using EFT. Payments to U.S. vendors are made by direct deposit using ACH. Vendors will receive a remittance advice when a payment is made.
To change and update banking details, please visit the Vendor Information Changes page.
All invoice payments to International vendors are made by wire transfer. The currency exchange rate is calculated based on the invoice date. A Wire Transfer Form is required for each payment request.
Notice to T4A and T5 Recipients
UBC will begin issuing T4A and T5 statements on an annual basis, effective January 1st, 2018.
Starting in January 2018, no T4A and T5 statements will be issued during the year. We will issue annual T4A and T5 statements for 2018 payments in early 2019.
This change of process will benefit our vendors by reducing the number of documents that are needed to file taxes, and standardize the T4A and T5 issuance to that which is recommended by the CRA