[Verse 1] Sarah drives her company car to meetings every day Benefit-in-kind gets calculated, two percent they'll weigh Of the purchase price plus GST, that's her annual cost Add operating expenses, or the benefit gets lost Stock options granted below fair value on the date Create a taxable benefit when shares appreciate [Chorus] Auto, housing, stock options too Benefits taxable, here's what's due RPP contributions, union dues subtract Gross to net employment, get the numbers exact Standby charge, operating cost Personal use means benefit's not lost [Verse 2] Housing allowance for remote locations up north Reasonable amounts escape taxation going forth But subsidized housing creates benefit each year Fair rental value minus what the employee pays here Loan benefits calculated at prescribed interest rates When borrowed funds exceed ten thousand, CRA awaits [Chorus] Auto, housing, stock options too Benefits taxable, here's what's due RPP contributions, union dues subtract Gross to net employment, get the numbers exact Standby charge, operating cost Personal use means benefit's not lost [Bridge] Deductions from employment income, limited they are RPP contributions, union dues that travel far Legal expenses for collecting wages owed Professional membership fees, down this narrow road Child care when traveling for work beyond eight hours away Tradesperson's tools exceeding limits, deduct what you may [Chorus] Auto, housing, stock options too Benefits taxable, here's what's due RPP contributions, union dues subtract Gross to net employment, get the numbers exact Standby charge, operating cost Personal use means benefit's not lost [Outro] Calculate with precision, benefits and deductions clear Employment income taxation, CPA knowledge sincere
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