As the 2023 tax year preparations are underway, there are key taxable benefits that may apply to your employees that you should ensure you are aware of and reporting correctly. As well, if you are submitting more than six information slips to the CRA, remember that you must file electronically starting in 2023. If you do not file electronically but you are required to, you will receive a penalty from the CRA.
Key taxable benefits include:
- Employer-Offered Dental Benefits (New for 2023): It is mandatory to show whether the employee or family members were eligible for dental coverage on December 31, 2023.
- Employee/Shareholder Loans
- Personal Use of a Business Vehicle
- Payments for Employees Using Personal Vehicle for Business
- Eligible Insurance Plans (e.g., life, critical illness and personal disability insurance premiums)
- Board and Lodging
- Incentive Awards
- Tuition Fees