Is there a taxable benefit?

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https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/benefits-allowances/gifts-awards-social-events/there-a-taxable-benefit-14.html

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Is there a taxable benefit?

Answer

The item is included under our gifts and awards policy.

Note the full fair market value of the item in Column A. Include the value of the GST/HST for businesses and provincial/territorial tax, if applicable.

Calculating the fair market value of gifts and awards
Item Column A – FMV of the Gift or Award Column B – FMV of the Long Service Award Column C – FMV when item falls outside our gifts and awards policy

You have told us:

  • The item qualifies as a valid gift or award
  • The item is not a gift or award in cash or near-cash, a performance-related reward, a reimbursement, a hospitality reward, disguised remuneration or a gift and award given by a closely held corporation to its shareholders, related persons, or someone who is not an employee
  • The item is not of a trivial value
  • The item is not a long service award

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Date modified:
2016-12-08