What is it?
A Taxable Payment is a payment to an individual for services deemed as income under the Canada Income Tax Act. This does not include, and is different than, employment income which is individual income received as a result of an employer-employee relationship.
Why is it important?
The University is required to follow Canada Revenue Guidelines which stipulate a payor (the University) must supply a T4A slip to an individual whenever paying a fee for service. The record of these payments is filed with CRA.
Where do I find more information?
If you have any questions about taxable payments or T4A slips for non-employment income, please email Accounts Payable.