Taxes....

petros
#1
Fvck me with a wire brush!

A parking spot at work is considered taxable income?


Parking

Answer a few questions to determine whether there is a taxable benefit.

Employer-provided parking is usually a taxable benefit for an employee. The amount of the benefit is based on the fair market value (FMV) (external - login to view) of the parking, minus any amount the employee pays to use the space. You have to include any GST/HST that applies to the value of this benefit.


There are some exceptions to the taxability of parking:
  • If the employee has a disability, the parking benefit is generally not taxable, see Disability-related employment benefits (external - login to view).There is no taxable benefit for an employee when both of the following conditions are met:
    • You provide parking to your employee for business purposes (external - login to view).
    • Your employee regularly (external - login to view) has to use his or her own automobile or one you usually supply to do his or her duties.
Note
Travel between work and home is not considered travel for business purposes.

Do not include a benefit in the employee's income in the following situations:
  • A business operates from a shopping centre or industrial park where parking is available free of charge to both employees and other people.
  • An employer provides scramble parking (external - login to view). Scramble parking is still a benefit to the employee, but in the absence of the ability to accurately assign a value to the benefit because of the random or uncertain nature of it, a benefit is not included in income. For examples, see Examples of Scramble Parking (external - login to view).
To determine if an employee has received a benefit, the facts of each case must be examined. If you are not sure if employer-provided parking is a taxable benefit contact your tax services office (external - login to view).
 
SLM
#2
Lol. Yep. Depending on the city, parking can easily run into the thousands of dollars per year.
 
petros
#3
Who pays for parking in an industrial area or remote job site?
 
SLM
#4
Quote: Originally Posted by petrosView Post

Who pays for parking in an industrial area or remote job site?

Quote:

If you cannot determine the fair market value, do not add a benefit to your employee's remuneration.

T4130 - Employers' Guide Taxable Benefits and Allowances 2012 (external - login to view)

Basically it's paid lots, if you work in a downtown area somewhere and pay for parking on a monthly basis with a guaranteed spot. If they boss picks up the tab, you get taxed on it.
 
petros
#5
Quote: Originally Posted by SLMView Post

T4130 - Employers' Guide Taxable Benefits and Allowances 2012 (external - login to view)

Basically it's paid lots, if you work in a downtown area somewhere and pay for parking on a monthly basis with a guaranteed spot. If they boss picks up the tab, you get taxed on it.

The creepy chick from CRA that phoned me yesterday didn't think so even after explaining that I live and work core urban in the same location. Her map says I work downtown and that is that.
 
SLM
+1
#6  Top Rated Post
Quote: Originally Posted by petrosView Post

The creepy chick from CRA that phoned me yesterday didn't think so even after explaining that I live and work core urban in the same location. Her map says I work downtown and that is that.

I don't know Petros, that's the Employer's Guide to Taxable Benefits (the link). The majority of the time that I've seen it (and I don't see it often), it relates to a "perk" of employer paid parking and for most people I think that's probably what it boils down to. I have no idea why she'd be referring to a map? You should take it to a tax professional locally.
 
petros
#7
I'm in an area where people rent their yards to downtown workers for parking. It's one to dispute that's for sure.

Flatulence wasn't kidding when he said they were cracking down on the CRA loopholes.
 
SLM
#8
Quote: Originally Posted by petrosView Post

I'm in an area where people rent their yards to downtown workers for parking. It's one to dispute that's for sure.

Good luck with that.

Quote:

Flatulence wasn't kidding when he said they were cracking down on the CRA loopholes.

No, they've been getting stricter for a while now.
 
petros
+1
#9
At least they didn't ask about block heater plugs and electrticity used to keep a vehcile alive so you don't die on your journey home from work that is taxed that keeps the country going.
 
karrie
#10
Quote: Originally Posted by petrosView Post

Who pays for parking in an industrial area or remote job site?

Quote: Originally Posted by petrosView Post


Do not include a benefit in the employee's income in the following situations:

  • A business operates from a shopping centre or industrial park where parking is available free of charge to both employees and other people

Your original post says specifically that if parking is free, then it's not a taxable benefit.

The taxable benefit applies only to employees being given 'pay' spots.

No need to use that wire brush on yourself.
 
petros
#11
Quote: Originally Posted by karrieView Post

Your original post says specifically that if parking is free, then it's not a taxable benefit.

The taxable benefit applies only to employees being given 'pay' spots.

No need to use that wire brush on yourself.

It's because of where I live.
 

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