Taxes

This notice is provided on behalf of SFU Human Resources, Pension & Benefits team:

You may be wondering if the retiree-paid portion of the Pacific Blue Cross premiums for SFU extended health and dental benefit plans can be claimed as medical expenses. 

To confirm:

-private health plan premiums are NOT a taxable benefit; no T4A will be issued by SFU
-the premiums paid by the retiree can be claimed as a medical expense for tax purposes

A letter from SFU confirming the total premiums paid is NOT required by Canada Revenue Agency (“CRA”) to claim the expense on your tax return.  As such, letters confirming annual benefit premiums paid will not be provided to all retirees. 

Attached are the 2020 premiums you can use for reference to determine your annual premiums paid in 2020. These premiums were also provided to you in the annual retiree letter from SFU HR in December 2019. 

Premiums paid by: Confirmation 
bank direct debit  monthly bank statement 
CIBC monthly pension (staff)  see Box 135 of T4A provided by CIBC 
Sun Life monthly pension (faculty)  See Box 135 of T4A provided by Sun Life 

If you receive a written request from CRA to submit receipts for your medical expenses, you should provide CRA with the annual letter from SFU and/or the premiums summary document, along with the applicable record of your premium payments made (ie. copy of bank statement or T4A, as per table above). 

If CRA then requests further proof of the expenses, please email us at pensions@sfu.ca and provide a copy of the CRA request and the documentation that you submitted. We will review your submission and, if necessary, a confirmation letter may be provided at that time. 

Please also be reminded that MSP premiums were eliminated as of January 1, 2020. If you previously received a T4A from SFU for this taxable benefit, starting with the 2020 tax year you will no longer be issued a T4A from the University. No more MSP premiums means no more taxable benefit to report. 

If you are receiving a monthly pension and have not received your annual tax slip from CIBC/Sun Life, please contact the respective Customer Care Centre:   

CIBC: 1-800-565-0479      Sun Life: 1-866-733-8612 

You should have received the annual retiree letter from SFU HR in December 2020 advising of the 2021 benefit premiums. Please ensure to keep this letter with your 2021 tax documents. If you did not receive a letter, please download the applicable retiree benefits summary from the SFU website, and ensure we have your current Home Address so that we can send you the next update in December 2021.

To review/update your Home Address with SFU, log in to myinfo.sfu.ca 

Enquiries can be emailed to pensions@sfu.ca.  

HUMAN RESOURCES 

Attachment 1

FACULTY (pre Sept 1, 2001) | APSA (pre July 1, 2001)  CUPE (pre May 1, 2003) | Poly Party (pre April 1, 2003)

Retirees pay 50% of the monthly premiums  

Premiums effective 2020:

Amounts shown are the retiree monthly benefit cost 

ATTACHMENT 1
Extended Health (Policy 909903)    Dental Plan (Policy 909903)   
One Person  $ 50.18 per month  One Person  $ 21.88 per month
Two or more Persons   $ 121.23 per month  Two Persons $ 41.47 per month 
    Three or more Persons  $ 61.30 per month 


Attachment 2

Faculty hired on or after September 1, 2001, and retired from the University APSA hired on or after July 1, 2001, and retired from the University 

Retirees pay 100% of the monthly premiums  

Premiums effective 2020:

Amounts shown are the retiree monthly benefit cost 

ATTACHMENT 2
Extended Health (Policy 909903)    Dental Plan (Policy 909903)   
One Person  $71.77 per month  One Person  $$43.76 per month 
Two or more Persons   $180.81 per month  Two Persons $82.95 per month 
    Three or more Persons  $122.60 per month