The Canada Revenue Agency (CRA) has launched the 2025 Automobile Benefits Online Calculator (ABOC), a digital tool designed to help employers accurately estimate automobile benefits for employees, including shareholders. By streamlining the process, the ABOC ensures precise calculation of the benefit’s value, which must be included in the employee's income and reported on their T4 or T4A slip.
Employers can benefit from using this tool by:
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Reducing administrative errors;
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Saving time on manual calculations; and
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Ensuring full compliance with tax regulations, ultimately simplifying the process of benefit reporting.