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-4.html

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Is there a taxable benefit?

Answer

The item is not included under our long service awards policy.

Note the full fair market value of the award in Column C. 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 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 gift or award is for long service of at least 5 years, but another one was given in the past 5 years

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Date modified:
2016-12-08