It isn’t always a taxable benefit. Non-cash gifts for a special occasion have an upper limit of $500, and non-cash gifts for a work anniversary have an upper limit of $500 every five years. Anything in excess, however, is a taxable benefit.
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Remember to…
Keep your tax return documents, even after you file: “The more organized you can be with receipts and other documentation relating to your return, the better off you’ll be if you are selected for an audit. Be prepared to produce them quickly when CRA asks to see them, and keep in mind that members of your family may be asked to offer up their own documentations as well.”
Have questions?
Give us a call at 905-571-2665 (BOOK)!
We’ve got you covered!
Tax Tip Credit Here
The CRA will never send you an e-mail with a link unless you personally request a transcript via your phone call. They will never ask for personal information via text or e-mail. Additionally, they will also never request payments via pre-paid credit cards, or ask you to provide the tax information of a family member without their consent.
Have questions?
Give us a call at 905-571-2665 (BOOK)! We’ve got you covered!
