EMPLOYEE COMPUTER PURCHASE PLAN
Purpose of the Plan:
Kwantlen Polytechnic University offers employees the opportunity to improve their computer skills and knowledge by owning their own equipment. Through the employees’ computer loan plan, employees can purchase hardware and software using an interest-free loan paid back through payroll deduction. This plan does not include service or warranty costs on the equipment.
When purchasing equipment consider the types of warranties and service agreements offered by the vendor, as you are responsible for all service on your machine.
You may purchase your equipment from any vendor that you choose, and you do not have to purchase all your equipment from the same vendor.
** Please note that 2014 is the final year that the Employee Computer Purchase Plan will be offered. **
Provisions of the Plan:
The maximum value of the loan is $2,000. Loans will be processed on a first-come, first-serve basis. The repayment will be deducted over 15 pay periods, to commence immediately.
The basic rules for employee computer purchase are as follows:
- Computer Equipment covers both hardware and software.
- The maximum loan allowed is $2000.00.
- Repayment through payroll deduction will be over 15 pay periods.
- Kwantlen allows employees one purchase per fiscal year. Employees who are currently participating are not eligible. Preference will be given to employees who have not had a previous loan.
- This plan applies to all employees who have a permanent position with Kwantlen.
- The rules of the Canada Revenue Agency require that, while the interest cost is borne by Kwantlen, the interest value will become a taxable benefit to the employee. A standard rate set by Canada Revenue Agency is used to calculate this benefit. A quarterly taxable benefit will be added to your income and statutory deductions will apply.
Employee Qualifications:
Employees must have a regular position with Kwantlen. The repayment will be deducted in equal payroll deductions over 15 pay periods. The value of the loan payments cannot exceed the employee's net income before the loan payment. Employees who are currently paying back a previous loan will not be eligible to participate again until their current loan is repaid in full.
2014 EMPLOYEE COMPUTER PURCHASE PLAN – (note: 2014 is the final year for this offer)
MAY 26, 2014 to JUNE 15, 2014
- The loan must be repaid over 15 pay periods; deductions will start on pay 14 (pay date July 11, 2014) and the final payment will be deducted on pay 2/2015 (pay date January 23, 2015).
What do you need to do?
- Submit your name, Banner ID # and original receipt to Payroll no later than June 16, 2014.
- Once your loan is approved, you will be notified by email.
- Change: Cheques will no longer be issued - instead your loan funds will be directly deposited into your bank account (much like an expense payment) within 5 to 7 days after signing the promissory note.
- You will need to sign a promissory note between June 16 and June 20, 2014 in the Payroll department at Langley campus.
- The Computer Loan will only be processed after you sign the promissory note.
- If you require the original receipt for warranty purposes you can pick it up when you sign the promissory note.