INCOME TAX
The Plan has been registered with the Income Tax Department under registration number 0392886. Employer contributions will not be added to your wages and they are not taxable. Your benefits will be subject to Income Tax when they are paid out of the Plan.
The General Teamsters Union, Local 362 Retirement Plan is a specified multi-employer plan (SMEP) for purposes of the revised Income Tax legislation. The T-4 slips issued by employers will contain a box headed "Pension adjustment". The amounts of contributions made by your employer or employers to the General Teamsters Union, Local 362 Retirement Plan on your behalf should appear in this box.
The tax authorities will use the amounts reported as pension adjustments in all of your T-4's for a given year to determine how much you will be permitted to contribute to registered retirement savings plans. It is intended that Revenue Canada report these numbers to you later in the year following its receipt of all T-4 information.
Prairie Teamsters Administration Services Ltd.
209, 7260 - 12 St SE Calgary, Alberta T2H 2S5
Telephone 403-252-6924 - Toll Free1-877-817-7526 - Fax 403-253-3231