Finance Update November 2020

Travel and gathering restrictions resulted in a decision to hold our 2020 BCRTA AGM online.  This brought about a significant savings and contributed to a future surplus.  The uncertainty of the restrictions made it difficult to project expenditures for the coming year.  The AGM approved a budget based primarily on the previous year’s anticipated budget. We as a Finance Committee continue to monitor our income, expenditures and investments.

I’m certain that you are watching your personal investments as interest rates are dropping. The Finance Committee continues to do the same with the BCRTA investments. We have some GICs that mature before the end of December and those GICs will be reinvested at the lower interest rate currently available.

Our financial systems have been fully migrated to upgraded software. This has moved the organization to a professional industry standard for bookkeeping and reporting.  We are grateful to staff for the additional work and commitment to this transition.

The BCRTA’s priority at this time is to follow government recommendations regarding travel and gatherings.  We do not want to put any of our members at risk.  Staff continue to work primarily from home, visiting the office on a regular schedule to manage mail and other paperwork. The building in which we operate continues to be closed to visitors, but our phones are staffed for regular working hours, and you can reach our staff at any time via email

Our services to members continue, uninterrupted.

Submitted by Grace Wilson, Chair, Finance Committee

Tax Tips for Retired Educators – Updated for 2019 Tax Year

Last year’s tax preparation checklist was our most frequently accessed resource. So we are back this year with an updated guide to help you make the most of your tax return. BCRTA does not offer income tax advice, but here are some common things to keep in mind. Working through this list will help you complete your return to your maximum advantage. This year’s check list was put together by our Pensions and Benefits Committee, with some additional tips from financial expert and PostScript columnist Mike Berton.

Eligible Medical Deductions

Any eligible medical costs that you pay that exceed 3% of your net income can be deducted when you complete your income tax return this year. A couple usually should combine all medical expenses on one tax return – usually the one with the lowest income – to gain the highest value deduction.
  • Eligible medical expenses are those payments made by you or your spouse that were not fully reimbursed by an insurance plan. Some examples that you should explore:
  • Prescribed medications
  • Payments to a medical doctor, dentist, and most paramedical service providers such as physiotherapists, chiropractors, massage therapy, etc.
  • See CRA’s complete list of medical expenses that may be eligible for tax deductions here.
  • Premiums that you paid for any health service plan other than MSP.
  • If you participate in our Johnson insurance with Prestige Travel Plan you should receive a letter that itemizes your claimable premiums as well as your claims history that shows your eligible deduction. If you don’t see this by March 16, follow up with them.
  • If you participate in MEDOC and have requested a letter that shows the eligible amount of premiums in a previous year you should receive it soon. This year’s tax notices are scheduled to be sent out by February 19th. If you are a MEDOC participant but have never requested this notice, call Johnson at 1.800.563.0677 and you will automatically receive one every year.
  • If you are signed up for Extended Health Coverage with Green Shield and premiums are deducted from your Teacher’s Pension Plan payments, GSC premiums are always shown in Box 135 of the T4 you received from TPP. See more about tracking GSC claims at

The New Canada Caregiver Credit

The Canada caregiver credit (CCC) is a non-refundable tax credit that may be available to you if you support a spouse, common-law partner or a dependant with a physical or mental impairment.  For detailed information click here.

Disability Tax Credit

The disability tax credit (DTC) is a non-refundable tax credit that helps persons with disabilities or their supporting persons reduce the amount of income tax they pay. For detailed information click here.

Age tax Credit

If you were 65 or older on Dec. 31, 2018 you may be able to claim an age tax credit. The credit is geared to income with the maximum discount for those whose income is less than $36,976, and the credit is gradually eliminated as your income increases. There is a corresponding provincial tax credit as well. This deduction can also be transferred to a spouse. For detailed information click here.

Charitable Donations

Tax credits are available for donations made to registered charities. In a spousal relationship, the claim can be split or attributed to either person to provide the greatest tax advantage. For detailed information click here.

Political contributions

Tax credits are available for any contributions you and your spouse made to registered federal political parties or British Columbia political parties. For more information about the federal credit click here and for British Columbia credits click here.

Tax Form Updates

The CRA has revised the T1 Personal Income Tax return form this year.  You should allow yourself a little extra time to complete the return. The new return has expanded from four to eight pages including calculations that were once on other schedules. Line numbers have changed from 3 digits to 5 digit numbers. Where possible, the print is larger to assist those with vision impairments.

Payment Options

If you are among the 16% of Canadians that owe tax after filing, you now can pay using a credit card, PayPal, or Interac e-Transfer (See Payments to the Canada Revenue Agency on the CRA website).

Other Options

You can now also file a return electronically on CRA’s website. You will have to register on the CRA website MY Account service to do this.  Once you have registered, you can take advantage of CRA’s “Auto-fill My Return” Feature.

Need Help Filing Your Return?

There are several low-cost or free tax filing programs available on-line. Search for “on-line tax filing.”  A listing provided by CRA can be found by clicking here.
There are also many volunteer run tax preparation clinics at Seniors’ and Community Centers around the province.

CRA Scams

Be on the alert for phone calls, e-mails or letters pretending to be from the Canadian Revenue Agency. If you receive one of these, provide NO information. Rather contact CRA directly by calling 1-800-959-8281 or check your CRA My Account on-line.

June Finance Updates

June is the month that BCRTA sets our budget, and a time when we review year-to-date results. For the current 2018-2019 fiscal year a projected budget deficit of $33,415 was approved at the 2018 AGM. This year we found that fewer teachers are retiring, so our membership growth was not quite as high as we anticipated. As we reviewed the trends, directors heightened their awareness of spending, without slowing our efforts to serve members through projects in progress and organizational momentum. A detailed review by staff of all business expenditures resulted in some savings. Some directors also found savings by having fewer committee meetings when possible, saving on travel costs. The result is that while income was slightly below projected, expenses were significantly less than budgeted and BCRTA is not in a deficit position for this year.

For the coming year 2019-20, the Finance Committee is taking a cautious but more confident approach to projected revenue and expenses. For clarity of reporting, the expense section of the projected budget will look slightly different. It will enable Directors to easily track committee expenses and will also be more transparent for members. The Board will be recommending a budget with a small deficit of just over $3,000.

To continue to provide and increase services to members, the Board will also be recommending a fee increase to $42 for the following 2020-2021 year, which begins on July 1, 2020. This five percent increase will be the first change to fees in three years, and tracks with inflation.

In May the Finance Committee formed an ad hoc committee to review committee members’ travel and accommodation eligibility. The purpose of the review was to bring clarity, consistency, and standard administrative procedures for handling expense claims. The following changes will be added to expense vouchers and the BCRTA handbook.

  • Hotel accommodation for Metro area members will be provided if they live further than the Surrey/Langley border.
  • In the event a BCRTA Director or member is required to attend multi-day meetings, then he/she may obtain overnight accommodation to facilitate attendance at these meetings.
  • Travel and/or accommodation requests that fall outside of existing policy must have prior approval of the Finance Committee Chairperson.
  • No reimbursement will be made for any unauthorized expenses until authorization has been obtained.
  • In the Guide to BCRTA Zone Meeting Expenses:
  • 5 (c) the rate for hotel accommodation shall be no more than $145.00 plus tax per night.

Please note that travel and/or accommodation requests that fall outside of existing policy will be considered on the basis of time, combined cost (e.g., road + air), weather conditions and disabilities.

Travel reimbursement has been increased to $ .54 per km. This is in keeping with the new BCTF rate.

Grace Wilson
1st VP and Treasurer

Supporting Children and Grandchildren and Those with Disabilities: Links and Resources

For those who are paying for the care of children or grandchildren, PostScript finance columnist Mike Berton offers links to government resources that may offer help for now and for future needs. Read Mike’s article “Supporting Children and Grandchildren” in the Summer 2019 issue of PostScript.


Medical Expense Tax Credit (METC)

Disability Tax Credit (DTC)

The Canada Caregiver Credit (CCC)

Registered Disability Savings Plan (RDSP)