Francine Lafleur works for Downy Corporation in Alberta and is provided with a company-owned automobile. The automobile was in Francine's possession for 365 days. Of the 49,184 kilometres driven, 25,660 kilometres were for business purposes. The purchase price of the vehicle was $30,820.00, excluding the GST calculated at 5%. Francine requested in writing that Downy Corporationuse the optional operating cost method if all the conditions apply. She did not reimburse the company for any of the expenses associated with the automobile.
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Step 1: Calculate Automobile Availability
Step 2: Calculate Standby Charge
Step 3: Calculate Operating Cost Using the Optional Method
Step 4: Calculate the Automobile Taxable Benefit