Confirmation Of Labour Fund Contribution Field: Annual Contribution (Doc ID 823784.1)

Last updated on JUNE 01, 2016

Applies to:

Oracle HRMS (Canada) - Version 12 and later
Information in this document applies to any platform.
Information in this document applies to any platform.
FORM:PAYCATAX.FMB - Canadian Tax Signup

Goal

An employee has an annual labour Fund Contribution of $12,000. They are paid monthly so the per
pay period deduction is $1000.00. At the beginning of the year, the 'annual' contribution to be
entered on the Federal Tax form would be $12,000.

If the employee starts in June, what 'Annual' contribution should be used?
$12,000 for the whole year ($1,000 x 12 pay periods) or
$6,000 for the portion of the year they have been hired ($1,000 x 6 pay periods)

The documentation is unclear. Please explain how the system works with the Labour Fund
Contribution amount to determine the correct tax credit and also advise what the correct 'annual'
contribution would be based on the above example

Solution

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