News and Insights

Taxable Benefits Guide Updated by Canada Revenue Agency

Tax Development Nov 02, 2020

The Canada Revenue Agency (CRA) has updated publication T4130, Employer’s Guide – Taxable Benefits and Allowances. The guide explains an employer’s responsibilities in determining taxable benefits, calculating the value of benefits and allowances, and determining when GST/HST must be remitted on the value of the benefit.

New for this year, the CRA has increased the reasonable value of an overtime meal or allowance from $17 to $23, effective January 1, 2020, and the total amount of non-accountable allowances paid to an elected municipal officer must be included in their income.