8legs: The globe and mail

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Santa’s year-end review from the North Pole Finance Office

Santa’s North Pole Finance Office discusses non-taxable employee benefits like education costs, gifts, and club dues to improve elf compensation.
The review notes a sleigh upgrade and clarifies that the new aircraft-like purchase is exempt from the 10% luxury tax per the federal budget.
Santa can claim capital cost allowance for the sleigh, but cannot accelerate depreciation under new budget provisions.
Elf FHSA moves allow each elf to contribute up to $8,000 annually, enabling tax-efficient down payments.
Mrs. Claus explores self-employment via knitting on Etsy to deduct ongoing home and vehicle costs.
Santa Inc. can cover sleigh maintenance with a tax-free allowance, avoiding additional company benefits if used mainly for work.
The piece positions these strategies as practical tax planning ideas readers can apply personally.
The review touches on moving elves to homes and explores related tax implications and deductions.
The article notes ongoing tax planning discussions across roles, including Mrs. Claus and elf staff, within a private office context.
The piece concludes with a reminder to evaluate personal tax planning options in light of new budget provisions.

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