Oct 03, 2016
the CRA views these entities to be corporations for Canadian… Read more »
“The Canada Revenue Agency (CRA) has announced policy changes for taxable employment benefits for 2009.”
The Canada Revenue Agency (CRA) has announced policy changes for taxable employment benefits for 2009. These changes impact employers for income tax purposes and may also impact the GST/HST input tax credits (ITCs) that employers can claim.
Effective for 2009, the CRA will consider no taxable benefit to arise for overtime meals and allowances if:
Also effective for 2009, the following employment benefits will generally not be required to be included in an employee’s income:
Starting in 2009, the rate at which the employment benefit is calculated for mileage reimbursed between home and work will be reduced from the general rate1 to the operating benefit rate of $0.24 cents per kilometre where:
1Currently, the employment benefit is generally calculated at $0.52 cents per kilometre for the first 5,000 kilometres driven and $0.46 cents for each additional kilometre.
TAX TIP OF THE WEEK is provided as a free service to clients and friends of the Tax Specialist Group member firms. The Tax Specialist Group is a national affiliation of firms who specialize in providing tax consulting services to other professionals, businesses and high net worth individuals on Canadian and international tax matters and tax disputes.
The material provided in Tax Tip of the Week is believed to be accurate and reliable as of the date it is written. Tax laws are complex and are subject to frequent change. Professional advice should always be sought before implementing any tax planning arrangements. Neither the Tax Specialist Group nor any member firm can accept any liability for the tax consequences that may result from acting based on the contents hereof.