Principal Changes – Taxable Benefits Granted in 2020
Allowance for the use of an automobile
For 2020, the per-kilometre rate that we generally consider reasonable is $0.59 for the first 5,000 kilometres and $0.53 for each additional kilometre.
Operating-costs benefit related to an automobile made available to an employee
For 2020, the per-kilometre rate for the personal use of an automobile is $0.25 if the employee is engaged principally in selling or leasing automobiles. In all other cases, it is $0.28.
Meals
For 2020, the maximum price for calculating the value of the benefit related to meals provided to a hotel or restaurant employee is $8.93. For 2021, it is $9.26.
Lodging
For 2020, the maximum weekly price for calculating the value of the benefit related to lodging provided to a hotel or restaurant employee is $51.25. For 2021, it is $52.25.
The table below provides the prescribed interest rates for 2020 for calculating the value of the benefit related to a low-interest loan granted to an employee or a shareholder.
| Period of the year | Prescribed interest rate for 2020 |
|---|---|
| 1st quarter / January 1 to March 31 | 2% |
| 2nd quarter / April 1 to June 30 | 2% |
| 3rd quarter / July 1 to September 30 | 1% |
| 4th quarter / October 1 to December 31 | 1% |
In the exceptional circumstances caused by COVID-19, we consider that the reimbursement, in whole or in part, upon presentation of receipts, of a maximum of $500 to compensate the cost of acquiring personal computer equipment or office furnishings needed for remote working does not constitute a taxable benefit for the employee. We consider that it is you, the employer, who primarily benefits from this reimbursement.