BU357 Lecture Notes - Lecture 4: Term Life Insurance, Conscription, Pension
Document Summary
Exceptions to income inclusion 6(1: section 6/7, 6(1)(a)(i) not considered to be a taxable benefit, 1. ) Deferred profit sharing plan: 2. ) employee life and health trust, 3. ) Group sickness and accident insurance plan: e. g. group income protection premiums, 4. ) group term life insurance policy. It is considered if it says group term life insurance premiums: 5. ) pooled registered pension plan, 6. ) Private health series plan includes provincial levies (employer health tax) If it says private, it is most likely not taxable benefit: 7. ) It is reasonable to conclude that the benefit is not a substitute for salary, wages, or other remuneration for the taxpayer. 2 or more hours of overtime, overtime is infrequent or occasional. Non cash (not cash or near cash: gifts/awards, deductible, total must be less than , if you go over then the excess amount if taxable, not for a non-ar(cid:373)"s le(cid:374)gth parties, so stra(cid:374)gers. If it is a related perso(cid:374), there"s (cid:374)o e(cid:454)e(cid:373)ptio(cid:374)s.
