{"id":8091,"date":"2023-12-14T16:08:05","date_gmt":"2023-12-14T16:08:05","guid":{"rendered":"https:\/\/psw.circleofcare.com\/?p=8091"},"modified":"2023-12-14T16:08:05","modified_gmt":"2023-12-14T16:08:05","slug":"finance-advisory-gift-cards","status":"publish","type":"post","link":"https:\/\/psw.circleofcare.com\/index.php\/2023\/12\/14\/finance-advisory-gift-cards\/","title":{"rendered":"Finance Advisory: Gift Cards"},"content":{"rendered":"

Finance Advisory: Gift Cards Redeemed in Applause<\/h3>\n

Please note that your recent pay stubs might show a new “Applause” item.<\/strong> This is because the Canada Revenue Agency (CRA) has made changes affecting how certain rewards are taxed. Amazon gift cards, pre-paid Visa, and pre-paid MasterCard are now considered “near cash” and are taxable from the first dollar<\/strong>. This is because the CRA sees a lot of flexibility in using Amazon gift cards, categorizing them as “Near-Cash.”<\/p>\n

Please be aware that if you redeem points on Applause for a “near-cash” item, like a Pre-Paid Visa Card, Pre-Paid Mastercard Card, or Amazon gift card,<\/strong> this item will be taxable from the first dollar. This taxable amount will be included on your T4.<\/p>\n

However, if you redeem points for items or other gift cards specific to a merchant\/retail store or group of merchants\/retail stores, the CRA considers them “Non-Cash.”<\/strong><\/span> This means only point redemptions over $500 (the CRA limit) are considered taxable benefits, and they will be included on your T4.<\/p>\n

It’s important to note that Circle of Care must comply with the CRA, and we cannot provide tax advice. If you have specific tax-related questions, it’s recommended to consult with your tax advisor.<\/p>\n

Questions:<\/strong> For questions regarding how the redemption of points will impact your payroll, you can contact the Payroll department at payroll@circleofcare.com or HRDept@circleofcare.com.<\/p>\n","protected":false},"excerpt":{"rendered":"

Advisory from Payroll regarding redeeming Applause points for “near-cash” items: Pre-Paid Visa Card, Pre-Paid Mastercard Card and Amazon gift card.<\/p>\n","protected":false},"author":4,"featured_media":4470,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":{"0":"post-8091","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-memos"},"_links":{"self":[{"href":"https:\/\/psw.circleofcare.com\/index.php\/wp-json\/wp\/v2\/posts\/8091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/psw.circleofcare.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/psw.circleofcare.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/psw.circleofcare.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/psw.circleofcare.com\/index.php\/wp-json\/wp\/v2\/comments?post=8091"}],"version-history":[{"count":1,"href":"https:\/\/psw.circleofcare.com\/index.php\/wp-json\/wp\/v2\/posts\/8091\/revisions"}],"predecessor-version":[{"id":8092,"href":"https:\/\/psw.circleofcare.com\/index.php\/wp-json\/wp\/v2\/posts\/8091\/revisions\/8092"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/psw.circleofcare.com\/index.php\/wp-json\/wp\/v2\/media\/4470"}],"wp:attachment":[{"href":"https:\/\/psw.circleofcare.com\/index.php\/wp-json\/wp\/v2\/media?parent=8091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/psw.circleofcare.com\/index.php\/wp-json\/wp\/v2\/categories?post=8091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/psw.circleofcare.com\/index.php\/wp-json\/wp\/v2\/tags?post=8091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}