Parking for employees is available at reduced rates. BCIT employee parking is treated as a taxable benefit according to the Canada Revenue Agency (CRA). The taxable benefit varies for each campus and employee designation. The amount of the benefit is based on the fair market value of the parking, minus any payments made by the employee for parking.
Employee parking at BCIT is optional and those who participate have the ability to opt out any time during the year. Once an employee has opted out, a parking permit can be repurchased on one of the four dates: January 1, April 1, July 1 or October 1. The actual purchase date may occur within three days before or after the start of the month.
We have provided responses to some of the "Frequently Asked Questions" [PDF] regarding the taxable benefit.
Employment related vehicle use
Employees who are required to use their vehicle three or more days on a weekly basis for employment related travel are not subject to a taxable benefit for parking. Verification of the exemption is subject to audit by CRA. A pro-rated exemption is also available for employees who regularly use their vehicles one or two days each week. You and your Manager must complete the Parking taxable benefit exemption request [PDF] to become exempt from the tax.
BCIT has implemented the "Green-Line Car-Pooling Program" [PDF] for employees that will allow a pro-rated taxable benefit for employees of car-pooling.
The benefits of car-pooling are: reduced transportation costs, reduced green-house gas, with fewer vehicles driving to and from campuses.
Inquiries regarding taxable benefit parking, can be forwarded to the Manager, Payroll and Benefits.