Question
Mr. O's employer requires him to use his own vehicle for work and pay all of the vehicle's operating costs. Mr. O. is not
Mr. O's employer requires him to use his own vehicle for work and pay all of the vehicle's operating costs. Mr. O. is not paid commissions. Mr. O. purchased a vehicle on July 1, 2020 for $37,290 including HST. Mr. O. drove this vehicle 25,000 kilometers, of which 15,000 were for work. The capital cost allowance for 2020 is $15,255. During the 6 months he owned the vehicle he paid bank loan interest $1,950 gas and oil maintenance insurance licence plates 1,840 300 1,400 100 Required: Calculate the amount Mr. O. can deduct from employment income. Show all calculations.
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
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