Revenu Québec recently updated guide IN-253-V, Taxable Benefits, which addresses the most common benefits provided to employees, such as vehicle allowances, insurance, meals and lodging, travel, membership dues, cell phone costs, and gifts and awards. Along with a description of each benefit, the guide outlines whether a certain benefit must be included in the income of an employee receiving the benefit.
Notable changes found in this version of the guide include:
- The reasonable per-kilometre automobile allowance rates increased in 2024 to $0.70 for the first 5,000 kilometres and $0.64 for each additional kilometre.
- The general prescribed rate used to determine the taxable benefit relating to the personal portion of automobile operating costs is $0.33 per kilometre. For taxpayers employed predominantly in the selling or leasing of automobiles, the prescribed rate is $0.30 per kilometre.
- The maximum price for calculating the value of a benefit related to meals and weekly lodging provided to a hotel or restaurant employee for 2024 increased to $10.69 and $58.00, respectively. For 2025, the rates will increase to $11.57 and $61.71, respectively.
- The prescribed interest rate used to calculate the benefit of low-interest loans made to an employee or shareholder was 6% for January through June 2024 and decreased to 5% for July through December 2024.
- Effective June 25, 2024, the rate used to calculate a deduction on security options that become taxable benefits for an employee related to the sale or exchange of securities has been reduced from one-half to one-third.
