EMPLOYEE GIFTS AND PARKING: UPDATED CRA POLICIES
CRA updated several administrative policies in respect of employment benefits, effective January 1, 2022. Two of the key changes relate to employee gifts and parking. These updates were released in late 2022. GIFTS, AWARDS AND LONG-SERVICE AWARDS Under CRA’s existing gifts and awards administrative policy, the first $500 of annual gifts and awards provided to arm’s length employees is non-taxable. This policy does not apply to cash or near-cash gifts. Historically, CRA had considered all gift cards to …
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