[Verse 1] When your employer gives you more than pay There's benefits that come into play Automobile allowance for business trips Housing benefits, watch your tax slips Stock options granted at discount rates Income inclusion, don't be late [Chorus] Benefits in, deductions out That's what employment tax is about Automobile, housing, options too RPP and union dues Tax them in, write them down Employment income goes around [Verse 2] Company car for personal use Standby charge, there's no excuse Two percent per month of cost Plus operating, nothing's lost Housing loan at favoured rate Benefit equals market rate [Chorus] Benefits in, deductions out That's what employment tax is about Automobile, housing, options too RPP and union dues Tax them in, write them down Employment income goes around [Bridge] Stock option benefit, when you exercise Fair value minus price you paid, that's your prize But if it's a CCPC qualifying share Deferral rules might get you there [Verse 3] Now for deductions from your pay RPP contributions lead the way Union dues and professional fees Legal expenses, if you please Child care costs when you're away Working income, every day [Chorus] Benefits in, deductions out That's what employment tax is about Automobile, housing, options too RPP and union dues Tax them in, write them down Employment income goes around [Outro] T4 shows the final score Benefits added, deductions floor Employment income, clear and true CPA knowledge coming through
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