Taxable Benefits

January 17, 2014

Staff meals and social events – What you need to know
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Staff meals and social events – What you need to know

Bookkeeping, Business Management, Corporate Taxation, Payroll and Taxable Benefits

Staff meals and social events – What you need to know

By Webmaster|2017-01-02T20:23:16-07:00January 17th, 2014|Bookkeeping, Business Management, Corporate Taxation, Payroll and Taxable Benefits|

Alot of people ask me about whether or not they can write off in full their Christmas parties or other social events thrown for their employees. In short, the answer is yes. In general, all meals and entertainment provided, whether they are for clients, subcontractors, or employees, are 50% deductible. However, there are certain exceptions to this rule. There are about 8 other special situations this could apply but for this posting we will just talk about your employees and [...]

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December 14, 2012

Tax Implications of Employee Christmas Bonuses and Gifts

By Webmaster|2017-01-02T20:23:17-07:00December 14th, 2012|Business Management, GST/HST, Payroll and Taxable Benefits, Personal Taxation|

Now that the Christmas season has arrived, one issue that many employers have is how to give those sought after yearend bonuses to their employees. No matter what type of Christmas bonus you give to your employee, there are tax consequences to either your company or to your employee. We will discuss some of these options and their tax implications as follows. Please note that you may be required to withhold CPP and(or) EI on some of the options below [...]

Setting up your company payroll

By Webmaster|2017-01-02T20:23:17-07:00December 7th, 2012|Business Management, Corporate Taxation, Payroll and Taxable Benefits, Personal Taxation|

Many new owners are sometimes not aware that even though they have incorporated, there is a liability to the government with regards to company payroll. As an employee, what you do know is that you receive your pay cheque each month with CPP, EI, and tax withholdings. However, what many don't know is what the employer has to do with those withholdings. To comply with CRA, if you have monthly payroll, you must remit the paycheque withholdings to CRA by [...]