The questions below are based on the following information : The cost of the car is $ 20,000 including HST . If the car is leased the monthly lease payment is $ 500 including HST . The car is driven for a total of 26,000 km during 2020 and its operating costs for the year are $ 4,000 .
Assume the car is leased . It is used by the employee for 11 months of the year . In the other month , he was required to return the car to his employer's premises . He drives it for personal purposes for a total of 6,000 km . The minimum taxable benefit is
A $ 1,150
B $ 1,650
C $ 1,800
D $ 1,964

Answer rating: 100% (QA)

Solution is given below The minimum taxable benefit is Ans... View the full answer