The article presents update on the Canada Revenue Agency's (CRA) revised T4130 Employer's Guide Taxable Benefits. According to CRA, child care is not taxable if the services are provided at the employer's place of business, the services are managed directly by the employer, the services are...
A flat-rate vehicle allowance that isn’t calculated based on the number of kilometers driven is considered taxable income. Since this is a lump sum you give to your employees in advance, it can’t be averaged at the end of the year and translated to a per-kilometer allowance to...
The T4002 guide dives deep into how to calculate and claim capital cost allowance for depreciable property like buildings, furniture, or equipment. The CCA allows you to deduct the cost of these assets over several years, helping reduce your taxable income. Eligible Capital Expenditures (ECE) Thi...
However, the Canadian government does put a limit on how much you can contribute and deduct from your taxable income. Read more How does the disability tax credit work? People with disabilities face costs that other taxpayers don’t, such as attendant care, special devices and computer ...