Published: March 5, 2020
Last Updated: March 17, 2020
If your company owns or leases an aircraft for business purposes and it makes a flight for the primary purpose of providing free or subsidized travel for the personal benefit of an employee or shareholder, a taxable benefit for Canadian income tax purposes will result for the employee or shareholder. The amount of the income tax benefit is usually computed as the cost of a regular first class ticket to the same destination.
Disclaimer:
"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."
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