In 2018 the Canada Revenue Agency is making the following two changes to ease the burden for employers who have to report taxable benefits:
- Employers who pay group term life insurance premiums for retirees will only have to report a paid premium if it is greater than $50 and it is the only income reported on a T4A slip. Previously, all amounts, regardless of how small, had to be reported.
- The threshold for reporting employee benefits that result from employer-sponsored social events will be $150 per person, instead of $100. All other aspects of the related policy will stay the same.