The Canada Revenue Agency (“CRA”) has released an updated version of publication T4130, “Employer’s Guide - Taxable Benefits and Allowances”. This guide explains an employer’s responsibilities in determining taxable benefits and how to calculate the value of benefits and allowances, including the GST/HST treatment of such benefits.
New for this year is a clearer explanation of “cash outs” of security options, as well as general information on what may constitute a security option provided to employees. The latest guide also includes updated taxable benefit and automobile benefit rermittance rates.
In addition, the CRA has announced that, effective January 2018, this guide will only be available in an electronic format.