Vancouver, British Columbia--(Newsfile Corp. - January 26, 2016) - BDO Canada draws taxpayers attention to January 30th filing deadline for certain items, including taxable employee benefits.
If you had a low-interest loan from your employer during any part of the year, you're deemed to have received a taxable employment benefit.
InvestmentPitch.com has produced a "video news alert" highlighting these tax tips. If this link is not enabled, please visit www.InvestmentPitch.com and enter "tax tips" in the search box.
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If you have received a loan in order to purchase shares, rather than employment, the amount of the loan will be included in your income, even where interest is charged at the prescribed rate. There is an exception to this rule if the loan is repaid by the end of the taxation year of the lender, following the taxation year in which the loan was received, in which case the loan balance will not be included in your income.
If you make an investment loan to your spouse, common-law partner, minor child or a family trust for them, the investment income from investing the loan proceeds will be taxed in your hands, rather than in the hands of the family member who received the loan, unless certain rules are followed.
These tax tips are general in nature and should not be relied upon to replace professional advice.
For more information or to subscribe to BDO Canada's newsletter, please visit www.bdo.ca.
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