Changes in Reporting Requirements for Employers for Taxable Benefits

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.