3 Ways We’re Making Tax Time Easier For 2019
By: Benefits by Design | Thursday November 29, 2018Updated : Friday March 4, 2022
It’s the most wonderful time of the year!
And soon after that comes the other most wonderful time of the year: tax time!
Just kidding (and we’re sorry if that song is now stuck in your head), but as scary as it might be, 2018 is coming to a close and tax time is just around the corner. We’re taking steps to make things easier for Advisors and our groups this year with three quality of life improvements!
#1. Annual Tax Tip Documents
We’ve compiled yearly tax tips for the last few years. These documents detail critical information about tax implications and rates as they affect group benefit plans for the year. Remember the removal and then subsequent reinstatement of the Saskatchewan Provincial Sales Tax (PST) from insurance premiums in 2018? We sure do…
Looking for this year’s tax tips document? Download it now.
#2. Taxable and Non-Taxable Benefits for Your Clients
As tax time approaches, it’s important to take the time to remind your clients about their taxable and non-taxable benefits, and how each can affect things when it comes to filing their taxes.
For example, some benefits (such as a Health Care Spending Account) are non-taxable, which is a great bonus for employers! At tax time, employers can add their total Health Care Spending Account (HCSA) spend, as claimed by employees, as a corporate tax incentive.
On the flip side, some benefits (such as a Personal Spending Account) are a taxable benefit. Personal Spending Accounts (PSA)s are deemed to be a part of an employee’s total compensation package, and the dollars will be included on an employee’s T4!
It’s also worth reminding employers that any savings options provided to employees can be taxable as well – things like RRSPs or TFSAs can be added too! Advisors looking to bring added value to clients with any of these benefits would do well to remind employers about them.
Group Benefits Taxation: What are Non-Taxable and Taxable Benefits?
#3. Download your T4A Straight from Nomad
Advisors can now download their eT4A slips directly from Nomad, our online benefits administration portal.
This streamlined and digital approach has a number of significant advantages:
- Faster (instant download!)
- More reliable (no waiting for mail!)
- Green and eco-friendly (less paper!)
We love sustainability at Benefits by Design, so any opportunity to take a more green approach, and we’re all over it. Since this new method also makes things faster, easier, and more reliable for Advisors, we hope you’ll take advantage of it too!