Your weekly dose of tax knowledge - become tax savvy in just 2 minutes!
Q: Does parking rental fee in office building claimed by employees monthly need to be declared in Form EA? If yes, is this tax exempted?
A: Monthly parking rental fee claimed by employees need to be declared in the employee's Form EA. However, it is tax exempted, restricted to the actual amount expended, hence should be declared under the tax exempt allowances section.
Wishing you plentiful tax savings!
YYC Tax Guru