T4 Tax Reporting
OPTrust is responsible for providing the member with a T4A by mid-February for buyback payments made in the previous year for the following situations:
- OPTrust reports all payroll, monthly, quarterly and lump sum buyback payments.
- OPTrust only reports monthly, quarterly and lump sum buyback payments (i.e. payments made directly to the OPTrust by the member).
Non-CORPAY employers must report any buyback payments made through payroll deduction on the individual’s annual T4.
For both CORPAY and non-CORPAY employers, OPTrust will also issue T4As to members for LOA and temporary part-time work arrangement purchases that require a PA.