Loan from an Employer to buy House:
If you get a loan from your employer to buy or refinance a home and you pay interest equal to prescribed rate it will not be a taxable benefit to you.
Moving Expenses:
If you relocate becasue it is required by your employer and your employer reimburses you for all the costs assocaited with this move, then this reimbursement is not taxable to you.
Say your employer requires you to move and you have to sell your home. Let us also assume that you incur loss on sale of your home. If your employer reimburses you for a loss, upto $15,000 of that reimbursement is non taxable to you.
Prescribed Area Benefit:
A remote location (includes many places far south of Arctirc cirlce) is called a prescribed area. If you work in a remote area you may be eligible for tax free benefits in the form of rent free or low rent housing allowance for children’s education.
Counselling:
Cmployer paid counselling related to mental or physical health is non taxable. This can include counselling related to mental health, stress management, addiction or financial counselling.
Day Care Service:
If your employer provides inhouse day care services, it is a non-taxable benefit to you.
Transportation Passes:
Transportation passes received by employees of bus or railway companies are a non-taxable benefit.
Group Plan Premium:
Premiums paid by your employer for group plans for sickness, disability or accident insurance are tax free benefits to you.
Death Benefit:
A death benefit upto $10,000 paid to your heirs is non-taxable.
Discount on Merchandise:
Any discounts that an employer offers to its employees for purchase of merchandise sold by employer are non-taxable. Discounts shuld be available to all employees.
Membership Fee:
If an employer pays membership fees for social or recreational clubs it is non-taxable benefit as long as membership is for the advantage of employer.
Awards and Gifts:
Employers can give non cash award to employees each year provided the cost of award does not increase $500 including all taxes. Similarly each employee can get a non-cash gift provided the cost of gift does not exceed $500 including all taxes. Gifts like air miles are taxable.
Meals:
If your employer provides subsidized meals at work place cafeteria, it is a non-taxable benefit provided you are required to pay a reasonable charge for the meal.
Fitness Facilities:
If your employer provides you in house fitness facilities it is nontaxable benefit.
Disclaimer:
This information is for educational purposes only. It does not constitute any legal advice or opinion. Please do not use any of its contents without seeking a professional advice.
References:
http://www.cra-arc.gc.ca/bnfts/mrtl/menu-eng.html
101 Tax Secrets for Canadians by Tim Cestnick
Mansoor Suhail (Mani)
Accountant
MS TAX – BSBA – EA – ICIA – RA
Tax for Canada and U.S.A
Web: www.theaccountingandtax.com and www.taxservicesguru.com
Blog: http://taxservicesguru.blogspot.ca
416 – 283 – 8774