'We're not doing this' says Brison of employee discount tax edict

Canada Revenue Agency wants to start taxing employee discounts

The agency said that if an employee receives a discount on merchandise the amount of the discount should be included in the employee's income tax. There have been no changes to the laws governing taxable benefits to retail employees.

The document was removed by the CRA on Wednesday and is being reviewed by National Revenue Minister Diane Lebouthillier's office.

"This document was not approved by the minister and we are deeply disappointed that the agency posted something that has been misinterpreted like this", John Power, a spokesperson for Minister Lebouthillier, said in a prepared statement.

The same goes for cash rebates an employer might pay after an in-house purchase or any kind of award given by a third-party supplier in connection with the person's employment.

Canadian Press say the federal government seems ready to do away with the petty policy scheme that would have taxed employees for discounts they get at work.

Video captures Florida doctor screaming at patient for complaining about wait
At one point, Gallogly asks Stipe whether she wants to be seen, to which she responds, "I want to go home and get in my bed". The clinic posted a statement from Gallogly on its Facebook page Wednesday afternoon.

NY grand jury looking for NCAA violations by OSU basketball players
FOX23 got a copy of the subpoena that was sent to Oklahoma State University from the U.S. Evans was sacked by the university after the scandal surfaced.

Arvind Kejriwal's blue Wagon R gets stolen outside Delhi Secretariat
The Wagon R was called the "AAP Mobile" as Kejriwal had used to sleep and camp in it during many protests. The vehicle was stolen from the Delhi secretariat - the seat of the state government that Kejriwal heads.

CRA told The Globe and Mail it didn't believe there would be a great increase in discounts reported on tax returns, adding that if the discount was available to the public, it needn't be treated as taxable income.

The guidance created confusion for employers as it appeared to suggest employee discounts could be off the books as long as they had been available to the general public at some point during the year, says Karl Littler, vice-president of public affairs of the Retail Council of Canada.

The 2016 update to the language around employee discounts is the result of the CRA changing its interpretation of the existing tax law, not a change to the law itself. The update was prompted by the tax court ruling in 2011 that the CRA's old guidance for employers was inaccurate and had to be updated.

However, they say retail sector employers shouldn't expect to find themselves subject to a CRA audit over their reporting on employee benefits.

According to the minister's office, the CRA is pulling the guidance documents down off their website to be reviewed, and once that is completed a new version will be put out for consultation with stakeholders.

Related:

  • TCS Q2 net profit down 2.1% to Rs 6446 crore

    TCS Q2 net profit down 2.1% to Rs 6446 crore

    During the quarter, TCS saw its IT attrition rate come down by 0.3% sequentially to 11.3 per cent. The company has fixed October 26 as the record date for payment of dividend.
    CAPROCK Group Inc. Sells 1933 Shares of Walt Disney Company (The) (DIS)

    CAPROCK Group Inc. Sells 1933 Shares of Walt Disney Company (The) (DIS)

    The firm owned 86,811 shares of the entertainment giant's stock after purchasing an additional 14,932 shares during the quarter. A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in DIS.
    Low-priced  carrier Southwest to launch service to Hawaii

    Low-priced carrier Southwest to launch service to Hawaii

    The airline is expected to bring its low-fare, bags-fly-free, no-fee model to the marketplace. "You can count on that", he said. The airline will need to obtain approval for Extended Operations (ETOPS) before they are able to embark on these new flights.
  • Kapil Sharma Returns. He's Kicking Firangis Off The Big Screen

    Kapil Sharma Returns. He's Kicking Firangis Off The Big Screen

    In the motion poster, we see Kapil dressed up as a soldier and can be seen kicking an army general, who is a Britisher. However, the motion poster of the movie is indicating that the movie will be based on the patriotic flavour.
    Juniper Networks Inc Institutional Investor Sentiment Improved in 2017 Q2

    Juniper Networks Inc Institutional Investor Sentiment Improved in 2017 Q2

    Moreover, Decatur Capital Management Inc. has 1.87% invested in the company for 318,395 shares. (NYSE: JNPR ) for 108,127 shares. The stock of Pfizer Inc. 04/26/2017 - Juniper Networks, Inc . had its "neutral" rating reiterated by analysts at Robert W.
    Retail inflation eases to 3.28% in September

    Retail inflation eases to 3.28% in September

    Economists surveyed by Reuters had forecast 2.4% growth in output compared with a revised 0.9% year-on-year increase in July. Rate of price rise in pulses continued with deflationary trend at (-) 22.51 per cent and eggs prices fell by 0.15 per cent.
  • Fastenal Company (NASDAQ:FAST) EPS Analysis

    The collective rating of 2.1 for Fastenal Company (NASDAQ: FAST ) also leans strongly towards the neutral end of the spectrum. Keeping an eyeball on Moving Averages, the 50-day is 43.72; the 200-day is at 44.33, for Fastenal Company (FAST ).
    Tata Teleservices to merge consumer mobile business with Bharti Airtel

    Tata Teleservices to merge consumer mobile business with Bharti Airtel

    The merger will be debt-free and cash-free, which implies that Airtel won't be adding any significant liabilities in the deal. Even 70-80 per cent of the Rs 9,000-10,000 crore deferred payments for spectrum that TTSL holds, will be paid by Tatas.
    OH  boy missing from crime scene believed to be in danger

    OH boy missing from crime scene believed to be in danger

    The names of the victims are not being released at this time pending positive identification and notification of next of kin. Agents from Ohio Bureau of Criminal Investigation & Identification are on the scene processing and collecting evidence.
  • Oxford to ban polluting cars in 'world's first' zero emissions zone

    Oxford to ban polluting cars in 'world's first' zero emissions zone

    It is hoped these improvements to infrastructure will support the introduction of the Zero Emission Zone. Tell us what you think in the comments area below!
    'Breaking Bad' Fans Keep Throwing Pizza on Walter White's House

    'Breaking Bad' Fans Keep Throwing Pizza on Walter White's House

    The pizza-tossing had gotten so bad that the show's creator, Vince Gilligan , urged fans to knock it off more than two years ago. Residents and tourists have been trashing the Quintanas on an online forum since 2014. "Screw you lady", one user wrote.
    Bunkering Resumes in Durban Following Severe Weather

    Bunkering Resumes in Durban Following Severe Weather

    Motlohi could not estimate when the port would be opened again but said it is unlikely it will open on Wednesday. TNPA expected operations to return to normal by midday on Thursday.

Comments

Latest news

Wells Fargo & Company (WFC) Earns "Buy" Rating from Citigroup Inc
If we look at the Volatility of Wells Fargo & Company ( WFC ), Week Volatility is 1.18%, whereas Month Volatility is at 1.28%. Amica Mutual Insurance invested in 1.61% or 318,857 shares. 93,366 were reported by Meiji Yasuda Asset Management Ltd.

(CTSH) is down at $73.60 Cognizant Schedules Third Quarter 2017…
Americafirst Capital Management Llc increased Express Scripts Holding Co (ESRX) stake by 208.39% reported in 2017Q2 SEC filing. Acadian Asset Management Limited Company holds 0.02% of its portfolio in Rosetta Stone Inc (NYSE:RST) for 466,116 shares.

California wildfires disaster could 'get worse before it gets better'
Among those who lost their homes are Raiders legend Cliff Branch, who said he fled his Santa Rosa house at 1:45 a.m. Sonoma County Sheriff Robert Giordano said hundreds of people were still reported missing.

Here's how much Deepika, Ranveer, Shahid are getting paid for Padmavati
Kabir on Wednesday attended Miss Diva Grand Finale as a judge and was asked about the feeling to direct an iconic story. The much awaited trailer for " Padmavati " was released on Monday and exploded the internet in every way possible.

Spain Eurofighter crashes after national day parade, pilot dead
Hispanic Day is an annual national Bank Holiday commemorating when Christopher Columbus set foot in the Americas in 1492. Spain's defense ministry confirmed the Eurofighter went down in Albacete, southern Spain, on its return to base.

Swiss Prosecutors Investigating PSG Chairman
Valcke was interviewed by the attorney general's representatives in Geneva on Thursday "as a suspect", the statement said. Swiss prosecutors have opened up criminal proceedings against Paris Saint-Germain chairman Nasser Al-Khelaifi .

Smith & Nephew plc (SNN) Position Increased by Wells Fargo & Company MN
The firm has a market capitalization of $15.25 billion, a price-to-earnings ratio of 19.87 and a beta of 0.80. The Firm is engaged in developing, manufacturing, marketing and selling medical devices and services.

Inter Milan and Juventus eye summer move for Olivier Giroud
Arsenal brought in £52m striker Alexandre Lacazette , meaning Giroud has been demoted to the bench for most of the season. During his time at the club, he has won the FA Cup three times, and scored a century of goals in 237 appearances.

United States withdraws from UNESCO citing Palestinian Tensions
UNESCO is best known for its World Heritage program to protect cultural sites and traditions around the world. Pursuant to Article II (6) of the UNESCO Constitution, U.S. withdrawal will take effect on December 31, 2018.

Lamarr Houston, Texans Reportedly Agree to Contract
In his first five seasons , 2011-2015, he started all 85 games the Texans played, including five post-season contests. They've had to come back from injuries, they've had to come back and play at a high level.

Del Potro tops Zverev to secure Shanghai quarterfinal
Alexander Zverev won the first set but failed to overcome Juan Martin del Potro in the third round of the Shanghai Masters on Thursday.

Premier League rules out playing Christmas Eve match at 16.00 GMT
Wenger admits he club's have to accept the decision, but has warned Sky Sports that there should be no kick-off before 2pm. The proposal was met by fierce criticism in light of the difficulties of travelling to and from London on Christmas Eve.

Pakistan, US engage at various levels after South Asia strategy stalemate: Aizaz
The Polish Ambassador said there is a vast scope for expansion of bilateral relations between Pakistan and Poland. Pakistan has a particular role to play.

Gabelli Funds LLC Has $2.635 Million Stake in Regeneron Pharmaceuticals Inc (REGN)
The average twelve-month price target among brokerages that have issued ratings on the stock in the previous year is $489.29. It has outperformed by 0.70% the S&P500.The move comes after 5 months negative chart setup for the $48.31 billion company.

High Court rules in favour of Apple's plan for Athenry data centre
The case will return to the courts on Monday, where it will be decided whether or not a further appeal can be made against Apple. Ireland's global business reputation has been damaged by delays to the Apple data centre in Athenry, according to IBEC.

Other news