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- Overview
- On this page
- Determine if the benefit is taxable
- Calculate the value of the benefit
- Withhold payroll deductions and remit GST/HST
- Report the benefit on a slip
- References
Calculate payroll deductions and contributions
You may provide educational assistance to your employee or your employee's family member.
•Determine if the benefit is taxable
•Calculate the value of the benefit
•Withhold payroll deductions and remit GST/HST
•Report the benefit on a slip
Generally, if you provide a benefit , an allowance or a reimbursement for educational assistance to your employee or your employee's family member, the benefit is taxable. Depending on your situation, the benefit may not be taxable under the Income Tax Act.
What is a scholarship or a bursary
Scholarships and bursaries are amounts paid or benefits given to students, or on their behalf, to enable them to pursue their education.
The term bursary is not defined in the Income Tax Act, but the meaning is broad enough to include almost any form of financial assistance to enable a student to pursue their education.
They can include amounts paid to cover living expenses, as well as amounts that are directly related to tuition fees.
They usually apply to studies at the postsecondary level or beyond, such as at a university, college technical institute or other educational institution. However, there are circumstances under which they are awarded for education below the postsecondary school level.
If the benefit is taxable, the value of the benefit is equal to:
•Fair market value of the benefit received or enjoyed
•minus Any amounts your employee reimbursed you
•equals Value of the benefit to be included on the T4 or T4A slip
Example 1 – No calculation
Corporation B paid for their employee Holly to take an accounting course at a local community college to upgrade her skills to take on more responsibilities in the payroll department. The employer reimbursed her the full $500 cost of the course.
Benefit provided to your employee : Option 2
The withholding and remitting requirement depends on the type of remuneration: cash , non-cash , or near-cash . You must withhold the following deductions:
Non-cash and near-cash: Option 1
Withhold: Income tax CPP EI (do not withhold) Remit: GST/HST in certain situations
Cash: Option 2
Withhold: Income tax CPP EI Do not remit: GST/HST (do not remit) The amounts must be included in the pay period they were received or enjoyed. Learn how to calculate deductions and the GST/HST to remit: How to calculate – Calculate payroll deductions and contributions.
Benefit provided to your employee – T4 slip: Option 2
If the benefit is taxable, you must report the following amounts on the T4 slip:
Non-cash and near-cash: Option 1
Report on: Box 14 – Employment Income Box 26 – CPP/QPP pensionable earnings Code 40 – Other Information
Cash: Option 2
Report on: Box 14 – Employment Income Box 24 – EI insurable earnings Box 26 – CPP/QPP pensionable earnings Code 40 – Other Information Learn how to report on a slip: Fill out the slips and summaries – File information returns (slips and summaries).
Legislation Document navigation
Next: Determine the tax treatment of payments other than regular employment income
The official tax receipt or form you received from your educational institution will indicate the amount of eligible tuition fees that you paid for that calendar year. To qualify, the fees you paid to attend each educational institution must be more than $100.
A $25 course transfer fee will be charged to students requesting to change courses in which they are registered in the refund period/registration deadline for the course. The fee must be paid at the time the transfer is requested. If the request is made by telephone, students must supply their credit card information as payment.
For application information, contact Admission Client Services at 416-736-5000. View details about fee waivers. Note for international applicants: Exercise caution if choosing an external agency to represent you in the admissions process. All fee payments should be made payable to "York University" and not to a third party.
Students at Mount Royal University are required to pay all tuition and mandatory fees by the prescribed fees deadline dates. Fall: In the fall semester there are two fee payment deadlines.
People also ask
What happens if I don't pay my tuition?
How do I know if my tuition fees are eligible?
How much does it cost to transfer a course?
How do I find a breakdown of my tuition fees?
Who will be charged international tuition fees?
How are course fees calculated?
Jul 27, 2017 · Course fees are all-inclusive, and are calculated by combining the tuition fee, course administration and technology fee, and Students’ Union and Alumni Relations fees. If applicable, the course materials fee and the out of country fee or the out of province fee, may also be charged.
