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Tax time, so what is a taxable benefit.


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I recently received my T4 and box the 40 amount is the same as my YTD "travel allowance" paid out in 2023. If it is my "travel allowance" I have paid already tax on this as shown on my 2023 pay stubs. Is this possible cra allows paid travel (and already taxed) days to be included as a taxable benefit as shown in my box 40?  Has anyone else dealt with this.

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3 hours ago, John Deer said:

I recently received my T4 and box the 40 amount is the same as my YTD "travel allowance" paid out in 2023. If it is my "travel allowance" I have paid already tax on this as shown on my 2023 pay stubs. Is this possible cra allows paid travel (and already taxed) days to be included as a taxable benefit as shown in my box 40?  Has anyone else dealt with this.

I use an accountant.

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On 3/4/2024 at 8:51 AM, John Deer said:

I recently received my T4 and box the 40 amount is the same as my YTD "travel allowance" paid out in 2023. If it is my "travel allowance" I have paid already tax on this as shown on my 2023 pay stubs. Is this possible cra allows paid travel (and already taxed) days to be included as a taxable benefit as shown in my box 40?  Has anyone else dealt with this.

Get an accountant, it’s not worth the headache from cra if you make an error

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  • 4 weeks later...

a small world cup

On 3/4/2024 at 8:51 PM, John Deer said:

I recently received my T4 and box the 40 amount is the same as my YTD "travel allowance" paid out in 2023. If it is my "travel allowance" I have paid already tax on this as shown on my 2023 pay stubs. Is this possible cra allows paid travel (and already taxed) days to be included as a taxable benefit as shown in my box 40?  Has anyone else dealt with this.

Travel allowance is not a taxable benefit and may be excluded from an employee's income if it is reasonable and the employee travels away from the office.

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