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Principal Changes – Taxable Benefits Granted in 2023

These are the principal changes regarding taxable benefits granted in 2023.

Rates related to the use of an automobile

Allowance for the use of a motor vehicle

For 2023, the per-kilometre rate we generally consider reasonable for determining if the allowance you pay to an employee for the use of a motor vehicle is reasonable is $0.68 for the first 5,000 kilometres and $0.62 for each additional kilometre.

Operating-costs benefit related to an automobile made available to an employee

For 2023, the per-kilometre rate for calculating the operating-costs benefit of an automobile made available to an employee for personal use is $0.30 if the employee is engaged principally in selling or leasing automobiles. In all other cases, it is $0.33.

Lodging and meals provided to a restaurant or hotel employee

Meals

For 2023, the maximum price for calculating the value of the benefit related to meals provided to a restaurant or hotel employee is $9.88. For 2024, it is $10.69.

Lodging

For 2023, the maximum weekly price for calculating the value of the benefit related to lodging provided to a restaurant or hotel employee is $54.75. For 2024, it is $58.00.

Low-interest loans

The table below lists the prescribed interest rates for 2023 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 2023
1st quarter / January 1 to March 31 4%
2nd quarter / April 1 to June 30 5%
3rd quarter / July 1 to September 30 5%
4th quarter / October 1 to December 31 5%

FHSA contributions

Contributions you make to a first home savings account (FHSA) for an employee and related administrative costs you pay are a taxable benefit if the amounts are not withheld from the employee's remuneration. You have to include the benefit in boxes A and L and, where applicable, in box G or box I of the employee's RL-1 slip. Go to the Benefit Provided to an Employee page.

For more information, go to the FHSA Contributions Made by the Employer page.

Social events

We have changed how we treat benefits related to social events to reflect the changes the Canada Revenue Agency (CRA) made to its policy. These changes took effect on January 1, 2022.

We have not changed the rules specific to gift certificates and gift cards.

For more information, go to the Social Events page.

Parking

We have adopted the Canada Revenue Agency (CRA) policy regarding employee parking benefits in the case where the number of parking spaces offered by the employer is limited. Our policy mirrors the CRA's administrative policy in effect since January 1, 2022.

For more information, go to the Parking page.

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