During this festive time of year, our clients often ask us whether or not employee gifts, bonuses and social events are taxable. Unfortunately generally speaking, a gift or award that you give an employee is a taxable benefit and must be included in their employment earnings. However, the good news is that there are some exceptions. Continue reading
There are generally costs associated with hiring new employees – advertising costs, placement or recruitment agency fees, the time required to interview and evaluate candidates, etc. What some employers aren’t aware of is the fact that there are income tax credits (some refundable, others can only be used to reduce actual taxes owing) that can reduce the costs associated with hiring certain types of employees.