- Your SIN # is required under the Income Tax Act for tax reporting purposes and in order to issue a T4A slip.
- Armstrong Regional Cooperative is required by law to have this number on file and does not violate the Personal Information Protection and Electronic Documents Act (PIPEDA).
- The number provided will not be used for any other purpose.
- In the event your equity allocation is over $100.00 and purchases are made for personal use only, your SIN # will assist you with the ability to collect the withholding tax held by Canada Revenue Agency (CRA) when filing your annual personal income taxes. Not only will you be able to benefit from the ARC’s equity/cash back program you can also collect further funds from CRA.
Why do you need my social insurance number? – Armstrong Regional Co-op
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Social Insurance Numbers are required for T4A’s.
T4A’s are mailed out in February of each year to Co-op members who received a member refund in excess of $100 in April the preceding year.
Armstrong Regional Co-op is required by CRA (Canada Revenue Agency) to report all member refunds paid in excess of $100 and to withhold 15% of the amount earned over $100 and remit it to the government. The T4A reflects the member refund made to you in the previous year. Member Refunds are not necessarily taxable. Member Refunds earned on consumer goods (i.e. Gasoline for private car use) are not subject to tax. You are entitled to claim the tax withheld as outlined on your T4A as a credit when you file your personal income tax.