99.1k views
4 votes
Overtime meal allowance is considered non-taxable if (CRA):

a) Canada Revenue Agency
b) Current Ratio Analysis
c) Cost Reduction Adjustment
d) Collective Retirement Account

1 Answer

3 votes

Final answer:

The CRA, or Canada Revenue Agency, establishes conditions under which an Overtime meal allowance can be considered non-taxable, such as the duration of overtime work or the allocated amount for meals. The Overtime meal allowance is considered non-taxable under specific conditions set by the Canada Revenue Agency (CRA). The correct option is a) Canada Revenue Agency.

Step-by-step explanation:

The Overtime meal allowance is considered non-taxable under specific conditions set by the Canada Revenue Agency (CRA). The correct option is a) Canada Revenue Agency. This agency is responsible for overseeing taxation laws and policies in Canada, including what types of allowances and benefits are taxable or non-taxable for Canadian workers.

When certain conditions are met, such as the length of the overtime work or the allowance amount, the overtime meal allowance can be excluded from taxable income. These conditions are intended to not burden employees with additional taxes on expenses deemed necessary due to work obligations, like meals during overtime.

User Box Box Box Box
by
8.7k points