Tax Tips

Read more about the article Are Taxable Benefits Really A Benefit?
Personal Finance / Tax Planning / Tax Tips

Are Taxable Benefits Really A Benefit?

Many employers offer a range of benefits to their employees. The value of fringe benefits are considered taxable benefits and are included as income on your paycheque. This begs the question: Are fringe benefits really a benefit? It is possible to get the same benefits yourself for less? You need to know your marginal tax rate, how much benefits will cost you and…

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May 21, 2010
Read more about the article Tax Free Employment Benefits
Business / Personal Finance / Tax Planning / Tax Tips

Tax Free Employment Benefits

The Income Tax Act requires that the value of all benefits be included in employment income and taxed accordingly. However, there are some provisions of the Income Tax Act and some administrative practices that may allow for tax-free payments. Non-Cash Awards - If your employer provides you with on-cash gifts for say, birthdays, Christmas, or for a wedding, then the value…

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December 14, 2009