Question
ii. Which of the following statements is true regarding the CRA;s right to reassess an income tax return? a. Retiring allowance; life insurance paid by
ii. Which of the following statements is true regarding the CRA;s right to reassess an income tax return?
a. Retiring allowance; life insurance paid by the employer; legal fees incurred to collect unpaid salary.
b. Tips and gratuities; dental insurance paid by the employer; exercise of options o purchase shares of the employer
c. Employee contributions to a registered pension plan; signing bonus on accepting employmen; availability of an employer owned automobile
d. Monthly automobile allowance; group disability insurance paid by the employer; promotional costs incurred in selling the employers products.
iv. Throughout 2021, X Ltd. provided Mary with a company-leased car for employment purposes but paid none of his car related operating costs. The manufacturers list price of the car was $38,000, including HST. During the year Mary drove a total of 40,000 kilometres of which 30,000 were in the course of employment.
X Ltds monthly lease payments were $1,100 including HST.
Which of the following is Marys taxable benefits in relation to the car?
a. $4,399
b. $4,550
c. $2,200
d. $3,300
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