If an employee is paid a flat rate vehicle allowance, which is not based on kilometres travelled, the allowance will be a taxable benefit to the employee. If it is taxable, the employer will also have to deduct CPP, EI and income tax from the payment. The employee may be able to claim employment expenses on their personal tax return as a deduction to offset this taxable benefit.
- BC SPECULATION AND VACANCY TAX INTRODUCEDJanuary 9, 2019 - 9:00 am
- Provincial Education Credit Eliminated… (Again)December 28, 2018 - 9:00 am
- Short Term Accommodations TaxedDecember 24, 2018 - 9:00 am
- Did you know…December 19, 2018 - 9:00 am
- Minor Income Splitting Adjustments IntroducedDecember 5, 2018 - 2:01 pm
Why Hire a Professional?
Unlike many other professionals, anyone can call themselves an accountant. The term accountant is not reserved or in any way restricted.
The Kemp Harvey Group is pleased to offer over a century of collective accounting experience. Discover how we can meet your needs with our ability. Click here to see the broad range of services we provide at Kemp Harvey.