Principal Changes – Taxable Benefits Granted in 2020

Coronavirus (COVID-19)

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These are the principal changes regarding taxable benefits granted in 2020.

Rates related to the use of an automobile

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.

Lodging and meals provided to a hotel or restaurant employee

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.

Low-interest loans

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%
Remote working equipment

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.

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