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Payroll update ‑ January 2025

Posted by Financial Services on January 9, 2025 in General Announcements

Below is important information regarding your 2024 tax slips (T4/T4A) and what to expect for the 2025 calendar year.

DISTRIBUTION OF YOUR 2024 TAX SLIPS

2024 T4 / T4A Tax Slips

Your 2024 tax slips will be available on or before February 28, 2025. Dalhousie Payroll Services will share further information when they are available for you to download.

Note:In certain circumstances, you may receive multiple year-end tax slips. You must include all tax slips when filing your personal income tax return. Please ensure you have received tax slips from all your employers and any RRSP contributions you made in the year before filing your personal income tax return. RRSP tax slips are issued by your financial institution.

Second Canada/Quebec Pension Plan (C/QPP) Enhancement Contribution

Beginning in the 2024 tax year, a newwas deducted from your pay on earnings above $68,500 up to $73,200 per annum. For this purpose, the Canada Revenue Agency 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

You will see the above boxes on your 2024 T4.

2025 TAX YEAR

You are responsible for providing us with a new TD1/TDNS form no later than seven days after a change in your eligible tax credit amounts.

If you claimed the basic tax credit amount in 2024 and there are no changes to your tax credit amounts, no action is required on your part.

Change of Address:

If you have moved, please update your new address as soon as possible through DalOnline.

IMPORTANT PAYROLL UPDATES

New Tax Year – Deduction Update

If you reached the maximum annual contributions to theor the before December 31, 2024, please keep in mind that these deductions will commence again on your first pay in 2025. 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 formended December 31, 2022.The CRA introduced this method to allow employees to claim up to $2 per workday to a maximum of $400 for the taxation year 2020 and to a maximum of $500 for taxation years 2021 and 2022, without the need to track detailed home expenses. It was a simple flat-rate process that was included as part of completing the T1 general return.

The temporary flat rate method does not apply to the 2024 tax year.

Most employees at Dalhousie have the option to work from home, and it is not a requirement of employment. CRA has issued new criteria surrounding the T2200 and if an employee has voluntarily entered into a formal telework arrangement with their employer, the employee is considered to have been required to work from home. As a result, if you are in a voluntary work from home arrangement that meets the 50% threshold and you require a T2200 Detailed form, please ask your department to complete it. Included here is a link to the T2200

If you have any questions regarding T2200’s, please contact kmacderm@dal.ca directly.