Each year, the CRA provides a list of commonly requested audit adjustments to an employer’s payroll as a result of wages and benefits not being correctly reported by the employer. The following is from a series of top ten CRA adjustments.
Top Ten CRA Adjustments
Number 3: Vehicle allowances
Employers are giving flat-rate vehicle allowances to their employees and not reporting the benefits as income.
Increase your compliance knowledge by attending the CPA’s Taxable Benefits professional development seminars for more information on automobile taxable benefits and allowances.