Arrange to receive non-taxable benefits from your employer instead of taxable benefits where possible. Examples of non-taxable benefits include: employer contributions to a registered pension plan (the pension is taxable when you receive it); and contributions to a “private health ser- vices plan,” such as those covering medical expenses, hospital charges and drugs not covered by public health insurance and dental fees.
If you received interest-free or low- interest loans from your employer, the loans will generally result in a taxable benefit.
The taxable benefit is based on original cost of the automobile and does not decrease as the car ages. Consider purchasing the car from the company by way of an interest-free loan from your employer and personally claiming depreciation on the car.
Avoid employer-owned vehicles costing over $30,000.
You can reduce the taxable benefit if your automobile is used primarily (generally, greater than 50%) for business purposes and by keeping your personal use to less than 20,000 kilometers per year.
resident who works in the U.S. may deduct contributions made to a U.S. pension
plan, under certain circumstances, up to the taxpayer’s RRSP deduction limit.
This will reduce
the individual’s unused RRSP contribution room.
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