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Tuesday, September 03, 2013

Tax Free Benefits

As a small business you are looking to save at every corner but it does not have to come at the cost of your employee benefits.  With Corporate Care you can provide all the medical benefits that much larger companies provide at a fraction of the cost. We do this through the use of a private health service plan. The Corporate Care plan has no sign up fee and no monthly fee and is completely customizable for you and every one of your employees. It is simple and easy to use. You can sign up on our website in under 5 minutes and start saving the same day.  By running your personal health and dental benefits through Corporate Care, a third party administrator, business owners can write off their health and dental expenses through their business. This is a personal tax-free benefit to the owner.  If you extend this out to your employees by way of a health spending account, it’s a wonderful tax-free benefit for your employees, too.

Other tax free benefits that may interest you:

Overtime meal allowances:  Since 2009 Canada Revenue agency no longer considers a meal to be a taxable benefit if an employee is working overtime. To a maximum amount of $17

Non-Cash gifts under $500:  As an employer you are allowed to give non cash gifts worth up to $500 a year without it being considered a taxable benefit.

 

Post-secondary scholarships for your kids:  For all your employees that have kids this is a popular one, as an employer you can provide your employees children with scholarships for post secondary education the scholarship must be declared by the employees children. The scholarship cannot be used for primary or secondary school.

2017 Update:

Rules for gifts and awards

gift has to be for a special occasion such as a religious holiday, a birthday, a wedding, or the birth of a child.

An award has to be for an employment-related accomplishment such as outstanding service, employees' suggestions, or meeting or exceeding safety standards. It is recognition of an employee's overall contribution to the workplace, not recognition of job performance. Generally, a valid, non-taxable award has clearly defined criteria, a nomination and evaluation process, and a limited number of recipients.

Posted by Margaret Koniuck at 3:19 PM 0 Comments