Mr. Down is provided with an automobile that has been leased by his employer. The lease payments
Question:
Mr. Down is provided with an automobile that has been leased by his employer. The lease payments are $815 per month, an amount that includes all taxes and an $89 monthly payment for insurance. The total operating costs of the car were $4,600 for the year and they were paid by the employer. The car is used by him for nine months of the year and, during the three months it was not used, it must be returned to the premises of his employer. During 2021, he drives it a total of 32,000 kilometres. Of this total, 29,000 kilometres were for employment related use and 3,000 for personal use. He reimbursed his employer $50 per month of use for his personal use of the automobile.
Question : Calculate the amount of the taxable benefit if any received by Mr. Down by virtue of his employment relating to Use of his company provided car ?
. Kindly cite the web link from CRA Canada website while answering to this question.Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett