Note: We are not tax advisors, so unfortunately we are not allowed to give tax advice or instructions for filing your tax return. For this information, please speak to a tax professional or click here for a CRA webpage with instructions on including your T4A in your tax return.
Finally, League only issues T4As for members employed by Peel Elementary Teachers' Local (PETL). For all other League members, please refer to your HR team for more details.
What is a T4A?
A T4A is a Canada Revenue Agency (CRA) tax document used for filing your annual income taxes. The full title of a T4A is "Statement of Pension, Retirement, Annuity, and Other Income", and is used to report most types of income you receive beyond the income from your main employer.
Will League provide me with a T4A?
The Lifestyle Spending Account (LSA) is considered a taxable benefit in the eyes of the CRA, meaning you will pay taxes on the reimbursements you receive from this account. Therefore, League will issue you a T4A for the 2018 tax year (January 1 - December 31, 2018) only if you spent money from your LSA in 2018.
Please note that LSA spending is based on the date that the funds came out of your LSA. For League Marketplace purchases, this date would be your payment date. For LSA claims, this date would be your claim approval date, not the actual purchase date for the receipt/invoice you claimed.
As per CRA guidelines, money spent from your LSA should be taxed at your marginal income tax rate. You’ll only be taxed on the funds you've actually used.
Example: In 2018, you allocated $1500 to your LSA, but only used $1000. Therefore, you will be only be taxed on the $1000 showing in your League 2018 T4A.
What about the Health Spending Account (HSA)?
Great news! The HSA is a tax-free medical expenses account, so you will never be taxed on your HSA spending. Therefore, HSA spending will not appear on your T4A statement.
What is PayChequer, and how will I receive my T4A?
League is partnering with PayChequer, an online payslip and tax document platform, to provide you with your League 2018 T4A for LSA spending. In early February 2019, you will receive an email from PayChequer to the email address you use to log in to your League account. This email will contain a unique link for your use only, which will allow you to access and download your T4A on PayChequer. Please do not share this unique link with anyone else.