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.
Have questions? Give us a call at 905-571-2665 (BOOK)!
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Did you know?
In 2021, CPP contributions increased to 5.45% from 5.25% for employers and employees, and self-employed individuals increased from 10.5% to 10.9%. The goal is to have one-third of your average salary available upon retirement each year, whereas before it was one quarter.Have questions? Give us a call at 905-571-2665 (BOOK)!
Did you know?
Whether you run your own business or only speak to Shaelene about your personal taxes, consider setting yourself up with Quickbooks Online and Dext (formerly Receipt Bank). Quickbooks is simple, easy, online bookkeeping. Dext allows you to take pictures of all your receipts and invoices so you can upload them to the cloud where we can instantly see them in real time. While it does cost a monthly subscription fee, you can write it off as an accounting fee – these are reasonable accounting fees that you pay so that you can prepare and file your income tax. It helps your accountants tremendously when all of your data is organized in a simple web interface.
Have questions? Give us a call at 905-571-2665 (BOOK)!
