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What is the SOFI Report? Why is my earnings information included?

January 11, 2023

The SOFI, or Statement of Financial Information, is a reporting requirement under the Financial Information Act. The report is due December 31 and must contain the district’s audited financial statements, a list of employees’ remuneration and expenses (if total remuneration exceeds $75,000) and a list of payments made to suppliers (if total payments exceed $25,000) for the year ended June 30th. This information is available to the public under the Freedom of Information and Privacy Act and is posted on both the Abby Schools and BC Government websites. The Finance Department has now remitted our SOFI report for the year ending June 30th, 2022.

T4 PREPARATION
The Finance Department is currently preparing approximately 3,000 T4s for the 2022 year. Employees will receive their T4 by email as soon as available, prior to February 28, 2023. Your earning statements and T4s for the current as well as prior years are also available in AMS on the ‘My Info’ tab under ‘Documents & eForms – Employee Statement’.

Some frequently asked T4 questions are:

Why does Box 14 on my T4 slip not equal my year-to-date earnings on my last pay statement of the year?

  • Box 14 includes taxable benefits as well as year to date earnings. Taxable benefits are identified in box 40 on your T4 slip.
  • Year to date earnings can be found on your final pay statement under the earnings section in column ‘Year to Date’ line ‘Earnings Total’.
  • Taxable benefits show on your pay statement in the top right corner underneath the ‘Pay Period’ line.
  • Taxable benefits include employer paid group life insurance, employer paid dependent life insurance, AD&D and any EI rebate paid. Depending on your payroll, you may have all or only some of these taxable benefits.

Why do I have two T4s?
Payroll for Teachers, Support Staff, Administration, Casuals and TTOCs are processed separately as required by Canada Revenue Agency. If you are on more than one payroll, you will receive a T4 for each one. Examples are classroom teachers also performing TTOC or Summer School work, Support Staff also performing Casual work and Teachers who become Administrators part way through the year.

What is the amount in Box 52?

  • This is your Pension Adjustment. Canada Revenue Agency uses the Pension Adjustment to determine how much room an individual has available to contribute to their RRSP for the following year.
  • Pensions BC calculates the amount for Teachers, TTOCs, Administrators and Support Staff.
  • For Support Staff who participate in the Teamsters Pension Plan, it is the employer’s payment into the pension.

What is the amount in Box 85?
If you have an amount reported in box 85, it is the employee’s portion of extended health care and dental premiums.

If you have any questions, please let us know by sending us an email via the following links:

Happy 2023 from the Finance Team!

MONICA SCHULTE, ASSISTANT SECRETARY-TREASURER
Finance Department