Virtually every employer regularly encounters the issue of employment benefits. An employee who receives something personal in nature (cash or non-cash), may be a recipient of an employment benefit. If the employer does not realize that a benefit has been conferred on the employee, it could bring unpleasant surprises to both the employer and the employee.
Determining which benefits are taxable and which are not can be a challenging exercise. The current COVID environment has also brought added complexities as many employers have staff working from home quite regularly. What new considerations may arise from this?
In this webinar, Stan Shadrin of CPA Solutions LLP & Adam Serota of BRS Tax Lawyers LLP will provide an insightful overview of the income tax implications of benefits and allowances employers provided to their employees. Attendees will learn when employment benefits are taxable, how to determine the value of these benefits, what is new or changed as a result of COVID, and when sales taxes and payroll deductions are applicable to these benefits. Understanding the tax consequences of employment benefits can also assist in deciding the types of benefits to offer in employee compensation planning.
More specifically, topics covered will include:
Employment benefits basics:
general overview of the treatment of most common employment benefits,
CRA interpretations, and
Most recent cases of interest and CRA views
Employment benefits and COVID-19: working from home, personal protective equipment, changes to T4 forms, etc.
This webinar will be of most interest to tax practitioners & accountants, practicing independently or in small to medium sized firms, as well as anyone handling payroll reporting.
Professional Development Credits
Wolters Kluwer professional development programs are designed to meet the continuing education requirements of a variety of professional associations. These requirements do vary by association and region. Please consult your provincial association to ensure this webinar meets the continuing professional development standards for your specific situation.
Stan Shadrin, CPA, CA, of CPA Solutions LLP & Adam Serota of BRS Tax Lawyers LLP
Stan is a Chartered Professional Accountant (CPA, CA). He has completed three levels of the In-Depth Tax Course and has over 10 years of experience working for national accounting firm and local accounting firms.
Over his career Stan has advised variety of clients ranging from owner managed businesses to public companies. Stan’s areas of specialty include tax structuring, Canadian tax compliance and other tax matters, dealing with issues related to Canadian inbound taxation and Canadian outbound taxation.
Stan has also presented on variety of tax topics at CPA Ontario events and other professional development courses.
Adam Serota, LL.M (Tax)
Adam completed his Bachelor of Commerce Degree from the Sprott School of Business and his Juris Doctor from Osgoode Hall Law School. Adam thereafter obtained his LL.M (Tax) from Osgoode Hall Law School.
Adam joined Buote Ranieri Serota LLP in 2014 after serving as independent legal counsel to a mid-sized accounting firm that specialized in audits and appeals. Adam has extensive experience in corporate law and in various tax services including but not limited to audits, appeals, voluntary disclosures, advance income tax rulings and opinion letters.
Adam describes his personal strength as being able to listen to all sides and find creative solutions in order to facilitate the best negotiated solution.
Admitted to the Ontario Bar, 2013.
|Contributors||Adam Serota, Stan Shadrin|
|Subject Area||Corporate Tax|