T4A Tax Slips
The OSSTF Benefits plan provides Basic Life Insurance and AD&D (Accidental Death and Dismemberment) benefits based on 2 times annual earnings. The funding for these benefits is from the negotiated FTE funding for active members and there is no required member contribution. Therefore, the Life & AD&D premium is a taxable benefit and members will be receiving T4A tax slips from OTIP for these taxable benefits by the end of February. These taxable benefit amounts are calculated based on the cost of Life and AD&D premiums paid for the 2017 calendar year (January to December).
Prior to transition into the OSSTF ELHT, these amounts would have been reported to members on their T4 from their employer.
The OSSTF Benefits plan provides Basic Life Insurance and AD&D (Accidental Death and Dismemberment) benefits based on 2 times annual earnings. The funding for these benefits is from the negotiated FTE funding for active members and there is no required member contribution. Therefore, the Life & AD&D premium is a taxable benefit and members will be receiving T4A tax slips from OTIP for these taxable benefits by the end of February. These taxable benefit amounts are calculated based on the cost of Life and AD&D premiums paid for the 2017 calendar year (January to December).
Prior to transition into the OSSTF ELHT, these amounts would have been reported to members on their T4 from their employer.
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