Wednesday, January 3, 2018

Tax Time Tips - 2018

For CLAC members in BC, Alberta, Saskatchewan, and Manitoba

It’s almost that time of year! Time to bust out the calculator and do your taxes—or call your accountant. You may receive several documents that you will need when filing your taxes.

1. T4 slip

This will be issued by your employer. Union dues are listed in Box 44. They are tax deductible.

If you participate in the CLAC Pension Plan, contributions remitted on your behalf will be listed in Box 20 and/or Box 52.

2. T4A slip

Members covered for life, AD&D, short term disability, and/or long term disability under the hour bank system will receive a T4A (in a CLAC envelope).

If you participated in the CLAC Pension Plan and took a cash withdrawal in 2017, you will receive a T4A slip (mailed in a CIBC Mellon envelope) by February 28, 2018. This will be sent to your home address on file so please log in to myCLAC.ca to confirm or update your contact information.

3. T4RSP slip

If you participated in the CLAC Group RSP and have registered your account, you will receive a T4RSP (mailed in a CIBC Mellon) envelope by February 28, 2018 if you

took a cash withdrawal from your RRSP in 2017;
made a withdrawal under the CRA Home Buyers or Life Long Learning Plan; or
transferred any money to a spouse/partner as a result of marriage or partnership breakdown.

4. T5 slip

If you participated in the CLAC Group RSP and have not registered your account, you will receive a T5 slip (mailed in a CIBC Mellon envelope) by February 28, 2018.

5. T5008 slip

If you participated in the CLAC Group RSP, you will receive a T5008 slip (mailed in a CIBC Mellon envelope) by February 28, 2018 if you

transferred funds from a nonregistered (NRSP) account to an RRSP account after the first 60 days of 2017; or
took a cash withdrawal from your NRSP in 2017.

6. RRSP Contribution Receipts

If you participated in the CLAC Group RSP and have registered your account, you will receive a contribution receipt if you had contributions in 2017/2018. These receipts are mailed in a CIBC Mellon envelope.

Contributions received beyond the first 60 days of 2017 will be included in the receipt that is mailed by February 28, 2018.
Contributions received in the first 60 days of 2018 will be included in the receipt that is mailed in March 2018.

Many other tax deductions are available. Visit cra-arc.gc.ca for a full list.

Tax Time Tips - 2018

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