Test yourself on taxable benefit rules

True or false: Parking passes are taxable benefits
By Sheila Brawn
|Canadian Payroll Reporter|Last Updated: 10/02/2017
Parking Pass
There are a number of different types of benefits that employers may provide to employees, including automobiles, parking, gym memberships, cell phones, health and dental plans, stock options, Christmas parties, and awards. Shutterstock

With numerous laws and regulations to follow, payroll administration can be a challenge, even for the most seasoned professionals. One area that can pose difficulties is taxable benefits.

There are a number of different types of benefits that employers may provide to employees, including automobiles, parking, gym memberships, cell phones, health and dental plans, stock options, Christmas parties, and awards.

Some of the benefits are subject to income tax deductions, as well as Canada/Quebec Pension Plan (C/QPP) contributions, employment insurance (EI) and Quebec Parental Insurance Plan (QPIP) premiums, and year-end reporting, while others are not.