During 2020, Ms. Black’s employer provides her with a company-owned automobile for 11 months of the year. It cost $31,433, including applicable HST. She drives it a total of 40,712 kilometers. Of the total kilometers driven, 16,000 kilometers relate to personal use of the automobile. The employer pays all maintenance costs which total 9,219 for the year. What is the minimum taxable benefit for the use of the automobile that will be assessed to Ms. Black for 2020
During 2020, Ms. Black’s employer provides her with a company-owned automobile for 11 months of the year. It cost $31,433, including applicable HST. She drives it a total of 40,712 kilometers. Of the total kilometers driven, 16,000 kilometers relate to personal use of the automobile. The employer pays all maintenance costs which total 9,219 for the year. What is the minimum taxable benefit for the use of the automobile that will be assessed to Ms. Black for 2020
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During 2020, Ms. Black’s employer provides her with a company-owned automobile for 11 months of the year. It cost $31,433, including applicable HST. She drives it a total of 40,712 kilometers. Of the total kilometers driven, 16,000 kilometers relate to personal use of the automobile. The employer pays all maintenance costs which total 9,219 for the year. What is the minimum taxable benefit for the use of the automobile that will be assessed to Ms. Black for 2020
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