Spotlight on Gifts and Awards - Archived
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In 2022, the Canada Revenue Agency (the CRA) revised the Gifts and Awards policy to streamline the administration of these benefits.
The updated policy introduces several key changes to simplify the process for both parties. Employers must now adhere to revised thresholds for non-cash gifts and awards, ensuring they do not exceed the annual limit of $500 per employee. Additionally, any gifts or awards that surpass this limit are considered taxable benefits and must be reported accordingly. Employers should also be aware of the distinctions between cash and non-cash gifts, as the former is always considered a taxable benefit, regardless of the amount. This clarification helps prevent misunderstandings and ensures all parties are on the same page regarding their tax responsibilities.
Understanding the updated gifts and awards policy is not just beneficial, it's essential for employers. It's the key to navigating the complexities of tax regulations and avoiding potential pitfalls of non-compliance, which could result in fines, penalties, and inaccurate reporting on the tax slips.
Participate in this informative webinar to demystify these requirements and provide clear guidance to ensure compliance with the latest changes related to gifts and awards.
Note: Continuing Professional Education (CPE) hours will be applied to your current cycle at the time of registration.
How to access your archived session:
After registering for an archived webinar, a confirmation containing login information is sent approximately 2 business days after the registration has been processed. If you do not receive the login information, check your email SPAM folder. If it's not there, please contact membership@payroll.ca.
You will have access to the archived webinar 24 hours after receiving the login information.
You will gain valuable insights into:
- The legislative updates and requirements from the CRA and Revenu Quebec
- What constitutes a gift, award and reward
- What are benefits, allowances and reimbursements
- The concept of taxable benefits and how they impact both employers and employees
- How to determine the taxability and ensure accurate reporting
After registering for an archived webinar, a confirmation containing login information is sent approximately 2 business days after the registration has been processed.
You will have access to the archived webinar 24 hours after receiving the login information.
Cancellations: No refunds will be issued once the email containing the login information has been provided.