The Finance and Payroll Department oversees the financial policies, procedures and processes used at Victoria University. Financial Services at Victoria University support department heads, budget managers and business officers in their understanding of the complexities of financial management and their associated responsibilities.
Financial Management Procedures
The Financial Management Procedure Manual will help Department Heads, Budget Managers and Business Officers understand the complexities of financial management and their responsibilities. Visit this page to better understand the financial policies, procedures and processes used at Victoria University.
Finance & Payroll Department
Victoria University in the University of Toronto
Northrop Frye Hall, NF 116
73 Queen's Park Crescent
Toronto, ON M5S 1K7
2020 Tax Information
The Canada Revenue Agency (CRA) announced recently that those who worked from home (WFH) more than 50% of the time over at least four consecutive weeks in 2020 due to COVID-19 will now be eligible to claim the home office expense deduction for the 2020 tax year.
According to the CRA, a new temporary flat-deduction method will allow eligible Canadians to claim a deduction of $2 for each day (exclude: days off, vacation days, sick days and other leaves of absence) when they WFH because of COVID-19 up to a maximum of $400. Under this new method, you will not need T2200S tax form signed by Victoria University to be eligible.
The CRA has also made amendments to its work-from-home tax forms (T2200S and Form T777S) and has launched a calculator to assist in the calculation of eligible home office expenses for those that choose not to claim the flat deduction method. Employees with larger claims for home office expenses may prefer to use the detailed method.
To make a detailed claim, you will require a confirmation of employment form (T2200S). This form is available upon request. Victoria University will issue a T2200S form to qualified employees to validate your conditions of employment to allow you to make a detailed expense claim.
Please contact Victoria University Finance and Payroll Services Department to request a T2200S if you wish to make a detailed claim. There is no need to obtain T2200S tax form for the flat-rate method.