[Verse 1] When you punch the clock and earn your pay Sections five through eight show us the way Salary and wages, benefits too Employment income's coming through Your boss gives perks, they're taxable gains Housing allowance, company planes Every dollar earned from nine to five Subdivision A keeps tax alive [Chorus] Employment income, count it all Salary wages, benefits call Auto housing, stock options rise Deductions few, but that's no surprise Five to eight, the sections say What you earn, you're gonna pay Employment income, subdivision A [Verse 2] Company car sitting in your drive Standby charges keep tax alive Personal use means taxable benefit Operating costs, you can't omit Housing provided by your employer Taxable value, you can't avoid her Fair market rent is what they'll assess Employment income, nothing less [Chorus] Employment income, count it all Salary wages, benefits call Auto housing, stock options rise Deductions few, but that's no surprise Five to eight, the sections say What you earn, you're gonna pay Employment income, subdivision A [Verse 3] Stock options granted at discount price Employment benefit, pay the price twice Exercise date determines the year Half the benefit can disappear Section one-ten, subsection d Employee stock option deduction, you see Qualifying shares get special treatment Reducing tax on your achievement [Bridge] Allowances reasonable, maybe not taxed Unreasonable ones, the CRA's got you tracked Deductions limited, not like business income Legal fees and union dues, small kingdom Travel costs for earning pay Office rent if you work away Employment's restrictive, that's the game Subdivision A stakes its claim [Chorus] Employment income, count it all Salary wages, benefits call Auto housing, stock options rise Deductions few, but that's no surprise Five to eight, the sections say What you earn, you're gonna pay Employment income, subdivision A [Outro] From your paycheck to your perks Canadian tax law always works Employment income, now you know Subdivision A steals the show
← 1 Residency and Liability to Tax | 4 Business and Property Income (Subdivision b) →