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Definitions from the Web

Term: Taxable Benefits

Description:

Taxable benefits refer to the non-monetary perks or advantages provided by an employer to an employee, which are subject to taxation. These benefits are typically offered as part of an employee's compensation package and are considered a form of income by the tax authorities. They are subject to specific tax rules and regulations, and are usually reported on an employee's T4 or W-2 form.

Sample sentences:

1. The company provides its employees with a range of taxable benefits, including health insurance and a company car.
2. As an employee, it is important to understand the value of taxable benefits when calculating your total income for tax purposes.
3. One common example of a taxable benefit is employer-provided housing, which is treated as additional income and subject to taxation.

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