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Under a new CRA administrative policy, if you provide your employee with gift cards, the gift card may be considered a non-cash gift which is a non-taxable benefit in certain situations and should not be included as income on the employee's T4 slip. This change is retroactively in effect for January 1, 2022.
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The gift card which met all conditions to be considered non-cash is not a taxable benefit because the value is $500 or less (including taxes) in the year and the gift met all the conditions to be included in the $500 annual limit for non-cash gifts and awards.
Comprehensive list of CRA forms for individuals and businesses. Search, find, and download the latest forms for a range of purposes, organized for quick access.
Feb 23, 2022 · Under section 118.1 of the Income Tax Act, tax credits can be claimed if a taxpayer makes a gift to a qualified donee, such as registered charities and registered municipalities. Tax credits allow taxpayers to reduce their tax liabilities dollar for dollar for the amount of the tax credit.
Aug 30, 2016 · By donating cash and other gifts to an eligible charity or organization, you can reduce your tax liability. As advantageous as these credits can be, Sidney Shultz of Shultz & Associates, a business and financial services company, has seen these tax credits “underutilized” in his practice.
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Dec 21, 2022 · Historically, giving gift cards to employees was considered a taxable benefit. However, the new policy allows giving gift cards up to a $500 value, tax-free to the employee, under specific conditions that are not difficult to meet.
