Housing Taxable Benefit

Sage 50 Accounting - Canadian Edition

Sage 50 Accounting - Canadian Edition
Solutions are just a click away as you share, learn and network with other small business owners, bookkeepers, and accountants. Sage 50 Accounting support specialists and knowledgeable fellow users are ready to help!

Housing Taxable Benefit

  • Hello,

    We have an employee who lives in a cabin on the property and pays rent.  The decision to charge rent was made some time ago in order to recoup the costs of upgrades to the cabin (before this employee was hired).  At this point the costs have been recouped and we would like to switch to a rent free arangement with a taxable benefit for the employee ($650/month). My understanding is that becasue the employee is also paid a wage the taxable benefit amount is subject to EI as well as CPP and tax.

    How do I set up the payroll module to do this?  I have tried but I keep coming up with a semi-monthly cheque that includes the $325 in income but deducts the $325 twice! 

     

    Thanks :)

  •  Hello Indigoeve,

    View knowledgebase article How to create a new payroll benefit on how to setup a taxable benefit in your payroll module in Sage Simply Accounting.

    Let me know if you have any other questions,