If that result seems ludicrous, you may be interested in a recent decision by the Court of Quebec, after a BMO Insurance employee was assessed a taxable employment benefit by of $1,872 in respect of a business trip he took in 2015. Before going into the details of the case, however, let’s review the general rule regarding taxable employment benefits.
The taxpayer’s duties were to manage relationships with MGAs, work with dealers and advisers, train them on BMO products, and generally encourage them to sell BMO products to their clients.Article content The conference, the only one the taxpayer attended in 2015, included a number of activities, some were directly related to work, such as a company booth and training sessions, and some were various leisure activities. The taxpayer gave a presentation about BMO’s products, and participated in as many activities as possible with clients, including a catamaran outing, and had various meals with brokers and advisers.
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The case of the taxpayer who was dinged with a taxable benefit for taking a business tripICYMI: The case of the taxpayer who was dinged with a taxable benefit for taking a business trip — via financialpost Taxes PersonalFinance
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How employee-owned businesses could shake up Canada's business scene | CBC RadioIn their 2022 budget, the federal government committed to creating an Employee Ownership Trust. Our series Work in Progress looks at how EOTs and other worker-owned business models could shake up the Canadian business scene. 'Every employee becomes a shareholder of the company through the trust for free, and they earn additional shares every year, allowing them to grow their wealth over time.' They're not getting it 'for free'. They earn ownership by their skill and labour. Canada needs to change its laws around individual ownership of private corporate shares and the prospectus exemption. It makes these sorts of structures far too onerous for a company going midsize +. It's called Decentralized Autonomous Organizations (DAOs) and the future is on chain. Get with the times dear propagandists
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