You are required to complete this acknowledgment form based on City records that indicate you have been provided a free annual Guelph Transit bus pass in lieu of a permit for access to a municipal parking lot in downtown Guelph OR or you qualify for a discounted bus pass at 50% of the regular monthly cost.
As a result of the series of Payroll Compliance Audits conducted by the CRA over the past several years, it has been confirmed that the City of Guelph is required to levy a taxable benefit to all staff who receive a City-paid or subsidized bus pass. The taxable benefit is the value of the portion that the City discounts on your behalf.
For example, if you receive a free annual bus pass, valued at $80.00 per month (subject to change), your taxable benefit is $80.00 per month. You do not pay this taxable benefit amount, but income tax will be calculated based on the amount and remitted to the CRA on your behalf.
Retroactive reimbursements to your taxable benefit amount will not be made due to a failure to notify Parking and Payroll of a change in your situation.