Difference Between Tax Year & Contract Year, 2496 Update

Taxation Year = hours worked from the first paycheque of 2022 to the final paycheque that you receive in 2022 –  this is the amount that will appear on your T4 slip

  • Taxation year is used to calculate your pension eligibility for the year

Contract Year = the hours worked from January 2, 2022 through December 31, 2022 (as it includes up to December 31st, the contract year total will appear on the first paycheque of 2023… DO NOT use the final pay stub of 2022 to determine your 2496 hours).

  • Contract year is used for the 2496 calculation and for your M&M year

See the attached bulletin regarding your 2496 hours for 2022