Hi,
I would like to know if car benefits for sharesholder is a company cost or not. Is it correct if the entry like:
Debit: Employee Benefits
Credit: Due to shareholder M. xxx
Thanks a lot!
Sylvie
Sylvie
As per the Taxable Benefit and Allowances from CRA for Car Benefits:
Information on the topics discussed in this chapter can be found at: ■ canada.ca/taxes-auto-motor-benefits ■ IT-63, Benefits, Including Standby Charge for an Automobile, from the Personal Use of a Motor Vehicle Supplied by an Employer – After 1992 ■ IT-522, Vehicle, Travel and Sales Expenses of Employees ■ canada.ca/automotor-allowances and select “Facts about automobile and other vehicle benefits and automobile allowances”
The above will get you started.
Sylvie
As per the Taxable Benefit and Allowances from CRA for Car Benefits:
Information on the topics discussed in this chapter can be found at: ■ canada.ca/taxes-auto-motor-benefits ■ IT-63, Benefits, Including Standby Charge for an Automobile, from the Personal Use of a Motor Vehicle Supplied by an Employer – After 1992 ■ IT-522, Vehicle, Travel and Sales Expenses of Employees ■ canada.ca/automotor-allowances and select “Facts about automobile and other vehicle benefits and automobile allowances”
The above will get you started.
*Community Hub is the new name for Sage City