Look Inside City Hall to Address Deficit: Chamber
November 23, 2022
Property Tax Rate Ticks Up to 3.93% for 2023
November 30, 2022
Many employers will provide gift cards to employees this year as a way of thanking them for their hard work and service. CRA has recently updated its taxable benefit regulations to expand the definition of non-cash gift cards – which could affect you and your employees this season.
Historically, CRA has treated all gift cards as near-cash and fully taxable. A new “non-cash” category of gift card is being recognized. As long as 1) the card can only be used to purchase goods or services from a single retailer, or a group of retailers identified on the card 2) the terms and conditions clearly state that amounts loaded to the card cannot be converted into cash and 3) appropriate details are documented, a gift card can be considered non-cash and treated as non-taxable if the total non-cash gifts/awards the employee has received in the year is less than $500.
Details here.
Historically, CRA has treated all gift cards as near-cash and fully taxable. A new “non-cash” category of gift card is being recognized. As long as 1) the card can only be used to purchase goods or services from a single retailer, or a group of retailers identified on the card 2) the terms and conditions clearly state that amounts loaded to the card cannot be converted into cash and 3) appropriate details are documented, a gift card can be considered non-cash and treated as non-taxable if the total non-cash gifts/awards the employee has received in the year is less than $500.
Details here.