IT470R(Consolidated)

IT470R(Consolidated) - NO IT-470R(Consolidated INCOME TAX...

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NO.: IT-470R (Consolidated) DATE: See Bulletin Revisions section SUBJECT: INCOME TAX ACT Employees’ Fringe Benefits REFERENCE: Paragraph 6(1)( a ) (also sections 118.8 and 118.9; subsections 5(1), 6(3), 6(6), 6(19) to (22), and 118.5(1); paragraph 18(1)( l ) and subparagraph 6(1)( b )(ix)). Latest Revisions – ¶s 6, 7, 9, 18, 19, 37, 46 & 47 Revenue Canada’s income tax interpretation bulletins (ITs) provide technical interpretations and positions regarding certain provisions contained in income tax law. Due to their technical nature, ITs are used primarily by departmental staff, tax specialists, and other individuals who have an interest in tax matters. For those readers who prefer a less technical explanation of the law, the Department offers other publications, such as tax guides and pamphlets. While the comments in a particular paragraph in an IT may relate to provisions of the law in force at the time they were made, such comments are not a substitute for the law. The reader should, therefore, consider such comments in light of the relevant provisions of the law in force for the particular taxation year being considered, taking into account the effect of any relevant amendments to those provisions or relevant court decisions occurring after the date on which the comments were made. Subject to the above, an interpretation or position contained in an IT generally applies as of the date on which it was publicized, unless otherwise specified. If there is a subsequent change in that interpretation or position and the change is beneficial to taxpayers, it is usually effective for future assessments and reassessments. If, on the other hand, the change is not favourable to taxpayers, it will normally be effective for the current and subsequent taxation years or for transactions entered into after the date on which the change is publicized. If you have any comments regarding matters discussed in an IT, please send them to: Director, Business and Publications Division Income Tax Rulings and Interpretations Directorate Policy and Legislation Branch Revenue Canada Ottawa ON K1A 0L5 This electronic version of this document is the official version. On November 1, 1999, Revenue Canada will begin operations as the Canada Customs and Revenue Agency. Contents Application Summary Discussion and Interpretation INTRODUCTION (¶s 1-3) PART A – AMOUNTS TO BE INCLUDED IN INCOME Board and Lodging (¶s 4-5) Rent-Free and Low-Rent Housing (¶ 6) Travel Benefits (¶ 7) Personal Use of Employer's Motor Vehicle (¶ 8) Gifts (Including Christmas Gifts) (¶ 9) Holiday Trips, Other Prizes and Incentive Awards (¶s 10-13) Frequent Flyer Program (¶ 14) Travelling Expenses of Employee's Spouse (¶ 15) Premiums under Provincial Hospitalization and Medical Care Insurance Plans (¶s 16-17) Employer-Paid Educational Costs (¶ 18-22) Cost of Tools – Reimbursement (¶ 23) Wage Loss Replacement Plans (¶ 24) Interest-Free and Low-Interest Loans (¶ 25)
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IT470R(Consolidated) - NO IT-470R(Consolidated INCOME TAX...

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