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NEW In-House Counsel | Insurance | Intellectual Property | Immigration | Natural Resources | Real Estate | Tax

Job perks can also come with penalties

Thursday, September 15, 2016 @ 8:00 PM | By Vern Krishna

The taxation of benefits is one of the more troublesome questions for employees, which frequently engages them in long disputes with the Canada Revenue Agency (CRA) over small amounts. An employee’s standard of living has two components: salary (bonuses, stock options), and perquisites of office. Salary and bonuses are generally fully taxable; stock options can receive special favourable tax treatment. But non-taxable perks of office are the mother lode that can substantially improve one’s standard of living.

There are two types of exempt perks of office:...