The top 10 non-taxable benefits that can boost your total compensation GlobeMoney
Tax time is nearly here. If you’re an employee, Thursday was the deadline for you to have received your T4 slip showing the amount of your taxable employment earnings and benefits that should be reported on your tax return for 2018. My friend Jackson called me this week in a panic when he received his T4 slip. “Tim, I can’t believe the taxable amounts added to my income this year. I’m going to owe a lot of tax – this is crazy,” he said.
“Jackson, the art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest possible amount of hissing,” I replied, quoting 17th century French statesman Jean-Baptiste Colbert. “Yeah, well, I’m hissing here,” he said. It turns out that Jackson’s employer had made gifts of slow-moving inventory to the staff worth about $2,000 each. The employees were thrilled at the time, but now realize they have to pay tax on most of the value. Are there any benefits that an employer can give an employee on a tax-free basis? Sure. Here are the top 10 non-taxable benefits.
Approach your employer to negotiate some of these benefits if you can. After all, these amount to tax-free compensation. Tim Cestnick, FCPA, FCA, CPA, CFP, TEP, is an author, and co-founder and CEO of Our Family Office Inc. He can be reached at
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
R. Kelly charged with 10 counts of aggravated sexual abuseThursday’s charges come after years of allegations directed at the R&B singer, accusing the now-52-year-old of sexual misconduct involving women and underage girls
Read more »
Singer R Kelly charged with 10 counts of sexual abuseChicago prosecutors have charged R&B star R. Kelly with 10 counts of aggravated sexual abuse, according to media reports citing court records.
Read more »
R. Kelly charged with 10 counts of aggravated sexual abuseChicago prosecutors have charged R&B star R. Kelly with 10 counts of aggravated sexual abuse, according to media reports citing court records.
Read more »
Singer R. Kelly charged with 10 counts of aggravated sexual abuseFriday’s charges come after years of allegations directed at Kelly
Read more »
Now 10 cases of measles diagnosed in B.C. outbreak, vaccinations way upTwo new cases of measles have been diagnosed in the Vancouver area for a total of 10 illnesses as health officials say they're concerned they can't find the source of one of the infections.
Read more »