Buying Christmas gifts for your Employees? Check this out!

This blog post is for my fellow Canadians… can I get an eh in here??? (Okay, I don’t say it that much either.)

So you’re an AWESOME employer. You da boss. And you have AWESOME employees that you couldn’t do it without. And it’s going to be Christmas soon! You want to spoil those hard working people with a small gift.

Can you write this off come tax time against your income?
Yep. You bet. You can claim 100% of client gifts against your income.
If you give a non cash gift it is deductible for you and non taxable for your employee given that it meets certain requirements. The requirement are that the gifts are under the $500/per year limit on gifts to employees and they must be for a special occasion such as a religious holiday, birthday, or wedding etc

Will your employee have to claim your gift on their income tax if you give them cash?
If you gift cash or near cash such as a gift card then the amount of the gift is deductible to you and needs to be included in your employee’s income.

So, you incredible boss you, feel free to GIVE!!!!

Here is a link to the CRA website that explains gifts and awards to employees.

AND you should be tracking all your Christmas spending (if you’re on top of your budget, that is.) Lucky you, I have a Christmas FREEBIE… the Christmas Budget Spending Tracker! Get it here!

Published by theprettymoneyblog

To all you women that are working too damn hard to feel like you’re just getting by paycheque to paycheque… To all you ladies that just don’t have the freaking time for financial jargon and complicated budget systems… ​To all you women struggling to feel in control of your money, ’cause you know you can rock it if you just had a simple map… I see you. I GET you. I'm a busy mom of two boys and a wife to my business partner. I love baseball, red wine, and our family trip to Mexico every year. After more than a decade as a licensed professional in the personal finance industry, I’ve figured out strategies that are simple, but have massive impact on your wallet. I’ve left out the jargon and fine print because I know you don't have time for that. The Pretty Money Club enrolls new members twice a year for the 8 week course that will turn your ugly budget into top model pretty money... and most of our members stay in the club after class is done to keep learning and stay in touch with all the women they built community with.

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