Quebec has revised this guide to reflect the following changes for taxable benefits from a Quebec Income Tax/QST perspective:
- New form TP-41.C-V, Work Chart for the Benefit Related to an Automobile can be used to calculate the benefit related to an automobile made available to an employee.
- The per-kilometre rates for 2008 have been increased by 2 cents to $0.52 for the first 5,000 kilometres and $0.46 for each additional kilometre, for purposes of determining whether a mileage allowance is considered reasonable.
- As of January 1, 2008, the general prescribed rate used to determine the taxable benefit relating to the personal portion of automobile operating expenses paid by employers increased by 2 cents to 24 cents per kilometre. For taxpayers employed principally in selling or leasing automobiles, the prescribed rate increased by 2 cents to 21 cents per kilometre.
- Effective March 14, 2008, an employee can deduct 50% of the taxable benefit resulting from the option to purchase shares of a corporation that is a Small and Medium-sized Businesses (“SMB”) carrying on innovative activities for the calendar year, if during the year,
- it carries on a business in Quebec and had an establishment there;
- its assets (including those of associated companies) is less than $50 million at the beginning of its first fiscal year or for its taxation year ending in the calendar year preceding the given calendar year;
- it was granted a Rit was granted a R&
- The $1000 maximum tax-exempt amount of financial compensation paid to an emergency service volunteer is to be indexed annually beginning January 1, 2009.