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Inside Internal Controls

News and discussion on implementing risk management

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employee taxable benefits

Lock in 1% interest rate for income splitting loans by March 31, 2018

The prescribed rate used to calculate taxable benefits for employees and shareholders for interest-free and low-interest loans has been 1%, the lowest possible rate, since April 2009, other than in Q4 2013 when it rose to 2%.

 

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Prepare for harmonized sales tax (HST) rate changes

HST rates are set to increase in three provinces. Businesses based in, or doing business with these provinces should prepare for the changes.

 

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