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-15.html

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Is there a taxable benefit?

Answer

The item is a long service award under our policy.

Note the fair market value (FMV) of the item in Column B. Include the value of the GST/HST for businesses and provincial/territorial tax, if applicable.

Calculating 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 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 a long service award for service of at least 5 years and no other long service award has been given in the last 5 years

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Date modified:
2016-12-08