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
(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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get StartedRecommended Textbook for
Introduction To Federal Income Taxation In Canada
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
33rd Edition
1554965020, 978-1554965021
Students also viewed these Accounting questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App