Taxable Benefits - 2007

A taxable benefit is generally any benefit provided to an employee by virtue of their employment. The following lists some of the more common taxable benefits.

• Interest-Free or Low Interest Loans
• Home Purchase Loan
• Home Relocation Loan
• Moving Expenses
• Gifts and Incentive Awards
• Parking
• Tuition Fees
• Registered Retirement Savings Plans (“RRSPs”)
• Holiday Trips, Other Prizes and Awards
• Professional Membership Dues
• Automobile Standby Charge and Operating Cost Benefit
  (if you supply your employees with automobiles)
• Automobile Allowances
• Insurance Premiums Paid by the Company

Click on the link below for tables and summaries related to:

• Prescribed Interest Rates for Loans 
• Taxable Benefits at a Glance
• Automobile Allowance Summary

GST/HST and QST Consequences

Do not forget that taxable benefits have GST/HST and QST Consequences that must be reported with the GST/HST and QST return that includes the month of February. For more information, click on the following links:

• GST/HST Remittance
• QST Remittance

Expense Reimbursements

 Expense reimbursements are payments made by an employer to an employee as repayment for costs incurred while conducting the employer’s business. These are not taxable benefits to the employee. Click on the link for additional information concerning GST/HST and QST related issues for expense reimbursements. GST/HST and QST for Expense Reimbursements.