Have you given an employee a gift recently?
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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Are you interested in an upcoming election?
Remember: you can get tax credits for making donations to your preferred party and candidate. These credits include: 75% of your first $300, 50% of anything between $401 and $750, and 33.33% of the amount between $751 and $1,275.
So, if you donate the full $1275, you’ll receive a tax credit of $650.
Note: As of January 1st, 2017, this tip no longer applies to corporations. Corporations do however have up to 20 years to claim all unused contributions
Have questions? Give us a call at 905-571-2665 (BOOK)!