I-3 - Taxation Act

Section 37.1.5 Disposition versions

2023-09-26

37.1.5. For the purposes of section 37, the value of the benefit received or enjoyed by an individual for a taxation year because of, or in the course of, the individual’s office or employment is deemed to be equal,

(a)  for all the gifts, other than excluded gifts, received in the year by the individual from the individual’s employer for one or more special occasions, such as Christmas, an anniversary, a wedding or similar occasion, to the amount by which the value otherwise determined of the benefit for the year exceeds the lesser of

i.  $500, and

ii.  the aggregate of all amounts each of which is the value of such a gift; and

(b)  for all the awards, other than excluded awards, received in the year by the individual from the individual’s employer in recognition of certain achievements, such as reaching a set number of years of service, meeting or exceeding safety standards or reaching similar objectives, to the amount by which the value otherwise determined of the benefit for the year exceeds the lesser of

i.  $500, and

ii.  the aggregate of all amounts each of which is the value of such an award.

In the first paragraph, an excluded gift or an excluded award means a gift or an award that

(a)  is in cash;

(b)  may easily be converted into cash, except a gift coupon or gift certificate, including a smart card and an electronic gift card, that must be used to purchase a property or a service from one or more designated merchants; or

(c)  constitutes a benefit that is referred to in another special provision of this chapter or that may reasonably be considered, without reference to section 34, to be a benefit received or enjoyed by the individual as consideration for the individual’s performance of work.

2003, c. 9, s. 17; 2023, c. 19, s. 15.

2006-03-01

37.1.5. For the purposes of section 37, the value of the benefit received or enjoyed by an individual for a taxation year because of, or in the course of, the individual’s office or employment is deemed to be equal,

(a)  for all the gifts, other than excluded gifts, received in the year by the individual from the individual’s employer for one or more special occasions, such as Christmas, an anniversary, a wedding or similar occasion, to the amount by which the value otherwise determined of the benefit for the year exceeds the lesser of

i.  $500, and

ii.  the aggregate of all amounts each of which is the value of such a gift; and

(b)  for all the awards, other than excluded awards, received in the year by the individual from the individual’s employer in recognition of certain achievements, such as reaching a set number of years of service, meeting or exceeding safety standards or reaching similar objectives, to the amount by which the value otherwise determined of the benefit for the year exceeds the lesser of

i.  $500, and

ii.  the aggregate of all amounts each of which is the value of such an award.

In the first paragraph, an excluded gift or an excluded award means a gift or an award that

(a)  is in cash;

(b)  may easily be converted into cash, except a gift coupon or gift certificate, including a smart card, that must be used to purchase a property or a service from one or more designated merchants; or

(c)  constitutes a benefit that is referred to in another special provision of this chapter or that may reasonably be considered, without reference to section 34, to be a benefit received or enjoyed by the individual as consideration for the individual’s performance of work.

2003, c. 9, s. 17.