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Drache Summer 2009 Newsletter

   Summer 2009 Drache Newsletter
   CRA to Ease up on Employment Benefits
   Prescribed Rates for the Third Quarter of 2009

Summer 2009 Drache Newsletter - Charles Rotenberg
As we head into the summer of 2009, there are some tax matters worth consideration. The Canada Revenue Agency (CRA) has changed their administrative policies regarding certain employment benefits. For the most part, they are easing up on the taxability of certain items often in the interest of administrative convenience for themselves and taxpayers. Thre prescribed rates of interest for the third quarter of 2009 have been announced and, as expected, they have not changed from the second quarter rates. We hope you all have a happy and healthy summer.
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CRA to Ease up on Employment Benefits - Charles Rotenberg
The Canada Revenue Agency (CRA) issued Income Tax Technical News No. 40 on June 11, 2009. As a result of a review of taxable benefits, the CRA has announced changes to its administrative policies for taxable employment benefits in order to reduce a number of administrative difficulties and increase fairness to employees.
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Prescribed Rates for the Third Quarter of 2009 - Charles Rotenberg
The prescribed rate for income tax purposes changes on a quarterly basis. For the third quarter of 2009, the rate will stay at 1%, the lowest it has ever been. Please see our March 2009 Newsletter for a more detailed discussion about the planning opportunities that this offers.
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