Rental and Utility Benefit Sample Clauses

Rental and Utility Benefit. Employers that provide housing to employees are required to charge a taxable benefit if the housing is provided at a rental rate below Canada Revenue Agency’s (CRA) ceiling levels. CRA views an employer providing subsidized rent to an employee as an employment benefit or income and therefore CRA is required to tax that benefit as employment income. To calculate the taxable benefit the rent paid is deducted from the CRA ceiling amount (the ceiling amount is intended to approximate market rent) and if the rent is less than the CRA ceiling amount, then a taxable benefit situation exists. For example, if current CRA ceiling levels are $893/month for a house or trailer and $534 per month for a suite or duplex. The taxable benefit for a house with a rental rate of $500 per month would be $393 per month ($893 ceiling amount less the $500 rent paid). If an employee rented this house for all 12 months during the year the total taxable benefit would be $4,716 and would be added in box 40 on the employees T4 and included in their taxable income when they complete their tax return. In many cases an employee may owe taxes when completing their tax return as the division does not calculate or submit any taxes during the year on the employee’s behalf for taxable benefits. The Division also pays all water and sewer bills for all teacher housing. The amount of these water and sewer charges paid on behalf of employees is also added to the taxable benefit in box 40 of the T4 and this is also included in the employee’s taxable income when calculating annual income tax. Water and sewer costs vary between $30 and $90 per month. Resulting in taxable benefits on an annual basis between $360 and $1,080. Employee’s should also note that even if they are on leave from the Division, if they are still in the employ of the Division and receiving subsidized rent, a taxable benefit will still be calculated and included on their T4.
Sample 1
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Related to Rental and Utility Benefit

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