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Canada Revenue Agency (CRA) Policies on Taxable Benefits

If you are an employer and offering taxable benefits to your employees, please review the 2023 updates on taxable benefits policies on gifts, awards, long-service awards, social events, hospitality functions, and parking. A summary is provided below:

Gifts, awards, and long-service awards: certain gift cards that cannot be converted into cash can be treated as ‘non-cash’ if they meet the criteria. Eligible cards can be considered part of the $500 limit for non-cash gifts and awards during the year. Learn more here.

Parking: a new ratio was provided to help simplify when a taxable benefit must be included as income, where a limited number of parking spaces are provided to employees by the employer. Learn more here.

Social events and hospitality functions: a new category was created for virtual social events. Virtual social events provided by an employer for its employees will not be considered a taxable benefit when the cost per employee is within the limit applicable to that type of virtual social event. Learn more here.

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