Commissioned salespeople are often used to mitigate costs and incentivize sales within an organization. While…
Receive Funds Without Having to Pay Tax
While generally you need to consider the tax implications when you receive funds. Here are some areas where funds can be considered tax free. These are a few gems still available to the Canadian taxpayer.
Note this is not meant to be an idea for our governments – so if you are with the government, please do not read on.
- Money borrowed from owned assets such as life insurance, stocks or property
- Canada Child Benefit
- GST/HST Credit
- Lottery Winnings
- Post-Secondary Scholarships
- Payouts from Life Insurance Policies
- TFSA Withdrawals
- Capita Dividends
- Employees may receive up to $500 of non-cash gifts in a year if provided for a special occasion
- Employees may receive a non-cash gift in recognition of long service valued at less than $500 once every five years
In addition to the above, every individual may earn taxable income of $14,398 in 2022 only if they earn less than $155,625. In 2023, every individual may earn taxable income of $15,000 only If they ear less than $165,435.
Increased earnings now decreases the basic exemption available.
This information is for discussion purposes only and should not be considered professional advice. There is no guarantee or warrant of information on this site and it should be noted that rules and laws change regularly. You should consult a professional before considering implementing or taking any action based on information on this site. Call our team for a consultation before taking any action. ©2023 Shajani CPA.
Shajani CPA is a CPA Calgary, Edmonton and Red Deer firm and provides Accountant, Bookkeeping, Tax Advice and Tax Planning services.