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TAX BULLETIN - ARCHIVES 2005
  • Extract from the web site of Canada Revenue Agency in connection with interest rates for the first calendar quarter of 2006:
    • The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 3%.
       
  • Extracts from the web site of Department of Finance of Canada in connection with 2006 Automobile Deduction Limits and Expense Benefit Rates for Business:
    • The ceiling on the capital cost of passenger vehicles for capital cost allowance (CCA) purposes will remain at $30,000 (plus applicable federal and provincial sales taxes) for purchases after 2005.
    • The limit on the deduction of tax-exempt allowances paid by employers to employees using their personal vehicle for business purposes will increase by 5 cents to 50 cents per kilometre for the first 5,000 kilometres driven and 44 cents for each additional kilometre.
     
  • Extract from the web site of Canada Revenue Agency in connection with record keeping :
    • Under the Act, books, records, and their related accounts and source documents, other than those referred to in paragraphs 27 and 28 below, have to be kept for a minimum of six years from the end of the last tax year to which they relate.
  • Extract from the web site of Canada Revenue Agency in connection with gifts and awards given by employers to their employees:
    • The Canada Revenue Agency reminds employers that certain gifts and awards that they give to their employees may not result in a taxable benefit to the employees. Employers can now give their employees, on a tax-free basis, two non-cash awards per year to mark employment achievements and two non-cash gifts per year to mark special occasions such as holidays, birthdays, or marriage. The total cost including taxes of the two gifts OR of the two awards cannot be over $500 per employee. If the total cost including taxes of the two or more gifts or the two or more awards in a year is over $500, the fair-market value of one or more of the gifts or awards may have to be included in the employee's income. Employers can deduct the total cost of the gifts or awards from their income regardless of the value.