The end of 2024 is in sight, and before we know it, it will be time to generate T4s. If your myHSA benefits program includes a Taxable Wellness Account, here's a quick review of how to report those claims on employee T4s.
Taxable Wellness Accounts or Flexible Spending Accounts can benefit employees by allowing them to invest in their wellbeing in a way that matters most to them.
Wellness spending accounts aren't restricted by CRA, but it means that any claims submitted through one of these arrangements must be reported on employees' T4 as taxable income.
Here is how to pull the report you need from the myHSA system:
From your plan administration dashboard, click Reports
Select Taxable Report
Choose the Bank File Range Date you need
The report can be downloaded as an excel file or PDF
WSA Reimbursement Freeze
As the employer, you can pick a cut-off date for WSA claims. During the freeze window, employees will be notified automatically that any claim entered will not be reimbursed to them until the next benefit year begins. Ask us about this feature by calling or booking a meeting today.
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