(1) Clothes To You Ltd. provides Ms. Sui with an automobile. The annual lease cost of the...
Fantastic news! We've Found the answer you've been seeking!
Question:
(1) Clothes To You Ltd. provides Ms. Sui with an automobile. The annual lease cost of the car, including HST, is $18,400. Ms. Sui is reimbursed for her operating expenses when using the car for business. Clothes To You Ltd. also pays for any insurance, license fees and repairs and maintenance related to the operation of the automobile. The operating expenses for the year totaled $6,200, including HST. She used the car 10,000 kilometers for pleasure and 30,000 kilometers for business. She is charged $200/month for the use of the car and operating costs.
Calculate the automobile benefits for tax benefits using the canadian income tax act.
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
Posted Date: