knowledge topics

Income Received by Employees

Identify the types of income that may be received by an individual.¹
Identify the types of income that may be received by an employee.²
Identify the types of income that are included in employment income.³
Identify sources from which employment income may be found, such as:
- T4
- Paystub
- Direct deposit
- Tax return
- Record of employment
Explain when the Canada Revenue Agency considers an employee to have received a taxable benefit.⁴
Explain the factors the CRA may consider when determining if an employee benefit is taxable, such as:
- Type of benefit
- Reason the benefit is provided
- Benefit received
Identify taxable benefits that may be added to an employee’s income.⁵
Explain how the value of a taxable benefit is determined.⁶
Explain the tax treatment of income received by an individual from an employer paid group wage replacement plan.
Explain when a taxpayer will incur a taxable benefit related to the receipt of stock options through an employer.
Estimate the tax impact to an employee from the receipt of a taxable benefit.
Identify non-taxable benefits that will not be added to an employee’s income.⁷
Explain the tax impact of receiving each type of income.
Estimate the tax impact of receiving each type of income.
Identify how a salary deferral arrangement (SDA) affects the taxation of income.⁸

Define

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Identify

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Explain

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Compare

To note the similarities and differences between two or more things
Estimate

To determine an approximate value for
Calculate

To find the value using mathematics
Convert

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Evaluate

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Interpret

To give the meaning of / to construe or understand / to translate orally

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