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During the current year, Gerri's employer provides him with a $200 non-cash wedding gift and...

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Accounting

During the current year, Gerri's employer provides him with a $200 non-cash wedding gift and a $700 non-cash gift as an award for 10 years of service. No amount will have to be included in Gerri's employment income with respect to either of these gifts.
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Part 1
A.
False because the CRA does not provide any concessions for non-cash gifts and non-cash long-service awards to be received tax free.
B.
False because the CRA only allows $500 in non-cash gifts and $500 in non-cash long-service awards to be received tax free. The non-cash long-service award in excess of the limit is taxable.
C.
True because the CRA only allows $500 in non-cash gifts and $ 1 comma 000$1,000 in non-cash long-service awards to be received tax free. Both gifts are under their limits and will be received tax free.
D.
True because the CRA does not have a limit on non-cash gifts or on non-cash long-service awards to be received tax free.

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