K is required to use her own automobile for employment purposes. She incurred the following expenses in
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K is required to use her own automobile for employment purposes. She incurred the following expenses in the current year: Gasoline $2,100, Insurance $1,200, Repairs $600, Parking for employment purposes $300, Interest on car loan $3,800 for 12 months, and Capital cost allowance $6,000. K drove the car 24000 km of which 14000 km were for employment purposes. What is the maximum amount that K is permitted to deduct from employment income in the current year?
Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
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