ITNEWS-40 - Income Tax - Technical News No. 40

ITNEWS-40 - Income Tax - Technical News No. 40

Doing your T4's and wondering what the last word on Employee gifts & award is?

IT NEWS-40 is where you find the story behind the rules...
It used to be that if it was over $500 the whole amount was taxed, but that's been rescinded..

as of Jan 1, 2010 here's the new rules:
$500 limit
Where aggregate exceeds $500, only excess is taxable
New long service aware, every five years, $500
Average allowed over five years is $600 per year

for more history and dates, best to read up on the link.