Finance, Taxes, Insurance
Canada To Raise Tax Value on Personal Use of Aircraft
Application of this proposed administrative policy will be retroactive and be applied to any open audits, notices of objection or pending litigation.

The Canada Revenue Agency (CRA) has proposed an increase in the taxable value and stringency for calculating the financial benefits of the personal use of business aircraft owned or leased by a corporation. Since early last year, the Canadian Business Aviation Association (CBAA) has been warning that the CRA was reviewing its long-time policy of how to calculate taxable income from personal use of business aircraft.