> Finance

Finance

Hours of Operation: Monday to Friday, 8:00 a.m. to 4:30 p.m.

Location: Finance (including Payroll) at UBC's Okanagan campus is located in the lower level, Administration (formerly Student Services Centre) ADM002.  Our office can be accessed through the external door on the lower level, northeast corner of the building.  (Please see the HR/Finance reception desk in ADM006 before proceeding to ADM002.)  

What's New?

The Payroll Department has finalized the 2011 T4 and T4A Statements of Remuneration Paid. These tax slips are now available online through Faculty and Staff Self Service at www.msp.ubc.ca

 

To receive slips online, enter your CWL login and password - this will take you into Faculty & Staff Self Service. In the My Pay column of the screen, select Year End Slips to see the consent agreement to receive T4/T4A slips online for subsequent years.

 

Employees who choose not to accept the agreement will be mailed their T4/T4A slips in late February. This approach is consistent with the requirements of the Canada Revenue Agency.

 

T4A and T4 slips are now very similar in appearance. Please look at the top right hand corner of the document to identify which document it is.

 

Receiving T4/T4A slips online has several benefits:

 

- tax information is available earlier than via mail;

- it is a more sustainable and cost-effective approach;

- it allows faculty and staff to file tax returns online;

- slips are available in a printable PDF format; and

- information from previous years is also available online.

 

If you have any questions, comments and or suggestions, please e-mail:

hrmshelp@finance.ubc.ca

 

Finance Lunch and Learn Session - The next session will be:

Thursday, February 9th, 2012 from 12:00 noon to 1:00 pm in room UNC334.

It will cover:

    • the important points included in the year-end memo that was recently distributed, including year-end timelines and procedures, over/under reports, accruals, audit programs and prepaid expenses,
    • a discussion of the Unit Financial Cerfication Statement process,
    • funding transfer deadlines, and
    • chart of accounts transition.

2012 TD1 forms - The new 2012 TD1 forms for Federal and BC are available.

New Hyperion Training Sessions - Hyperion was introduced in the fall of 2010 as a university wide forecasting and budgeting tool.  Another functionality of Hyperion is that it will streamline the process of completing GPO funding transfers.  GPO funding transfers will be initated within Hyperion as opposed to filling out paper forms. 

The following sessions will be held over the next few months:

    • New User Training - September  23, and 30, 2011 from 8:30 am to 12:00 pm in ADM013.  To register please e-mail financetraining.ubco@ubc.ca.
    • Reporting and Funding Transfers - September 23, and 30 from 1:00 - 4:00 pm in ADM013.  To register please e-mail financetraining.ubco@ubc.ca.
    • Open Lab Sessions - Every Tuesday starting October 4 to November 15 (inclusive) from 9:00 - 11:00 am in FIP129.  No registration is required.

If you have any additional questions, please direct to finance.ubco@ubc.ca.  

More information regarding these training sessions can be found here.

Board Approved 2011/12 Budget - can be found here.

Changes to CPP - As of January 2012, individuals who are working and are receiving a CPP or QPP retirement pension and are:

    • 60 to 65 years of age will be required to contribute to the CPP;
    • at least 65 years of age but under 70 can elect to stop contributing to the CPP;
    • at least 65 years of age but under 70 who elected to stop paying into the CPP can revoke that election in a subsequent year.

Position Numbers - Please note that the position number is only required for salaries apppointments.  Position numbers are NOT required for unpaid/honorary appointments, and OPTIONAL for student appointments.

Account 713001 Professional Fees - Individuals PO & T4A - A new general ledger account, 713001, has been introduced for individuals who are part of a Canadian business which does not have a business number, but is required to have a purchase order (PO) contract with UBC.  The account is part of Consulting Fees and use of this account will generate a T4A.  A T4A is needed to ensure that the University correctly reports earnings paid to this category of individuals.  The use of 713001 rather than 522000 will also ensure that PO commitments are properly calculated at the beginning of each fiscal year.  Additional information can be found here.

Taxation of Post Doctoral Fellowship Earnings - According to the Canadian Associaiton of University Business Officers (CAUBO), the federal government has sought uniformity for the process of scholarship exemptions of fellowship income.  As such, the Canada Revenue Agency (CRA) has declared that all fellowships paid to Post Doctoral Fellows (PDFs) are taxable income.  Fellowships will not qualify as a course of studies that can be reported on a T2202A.  The CRA position firmly appears to be that PDFs are not students.

Cheque Endorsement - HSB no longer accepts any cheque payable to an individual or company and then endorsed to UBC for negotiation because ther is a risk of fraud.

2010/11 Financial Statement Certification - This program is to certify the accuracy and completeness of the financial results and the operation of internal controls.  For more information, please click here. For more information on internal controls, please visit UBC Internal Audit's website.  

Purchase Requisitions Purchase Order Processing - Service Level Changes - In order to minimize delays, eliminate errors requiring protracted resolution, increase compliance with University Purchase Order (PO) procedures, strengthen audit controls, and improve overall customer service, UBC Supply Management and Financial Services departments (in consultation with end-user groups), have concluded a process streamlining review for Purchase Requisition (PR) activity and payments for goods or services over $3,500.  Click here for more information.

2010 T4 & T4A Information - The 2010 T4/T4A slips have been issued online via the Faculty and Staff Self Service. 

Having problems or questions?  Please look at our FAQ and here on navigating the Self-Service Portal.

2011 Payroll Information - Effective January 1, 2011, there are new forms for TD1 & TD1BC Tax forms and the 2011 Appointment Notice and Hourly Payroll Cut-off Schedule.

Hiding SIN in Smart Forms - Effective November 1st, 2010, SIN numbers will be hidden from the data entry screen as well as the hard copy of Honorarium Smart Forms. Click here for more information.

AMEX- Direct Deposit - Direct Deposit has been set up for payments to American Express Travel Cards.  Please click here for FMS online data-entry procedures, or for Smartform procedures in detail.

Rejected Payroll Appointments Policy - To ensure that rejected payroll appointments are resolved in a timely manner primarily to prevent the occurrence of over-expenditure in the project grant (PG). To view the policy, please click here.

Treatment of Revenues in GPO Fund - With the consolidation of activities in General Purpose Operating (GPO), Fee for Service (FFS) and Continuing Studies (CS) funds into the Operating fund, more revenues currently being booked in FFS or CS funds are expected to be recognized in the GPO fund for all departments in both campuses. This memo outlines how this is to be accomplished, as well as includes an FAQ section for clarification on some potential questions.

Interdepartmental Transactions -  Starting April 1, 2010, interdepartmental transactions where a Revenue account is credited with a corresponding debit to an Expense account must be correctly classified in the PeopleSoft ledgers as an “Internal” transaction. This change will affect transactions entered for fiscal year 2010/11 and thereafter, and will facilitate the preparation of external financial reporting where interdepartmental transactions are eliminated. Please click here for more information on the change.

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Last reviewed shim2/13/2012 12:33:07 PM

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