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The cost of the car is $40,000 including HST. If the car is leased, the monthly lease payment is $800 including HST. The car is
The cost of the car is $40,000 including HST. If the car is leased, the monthly lease payment is $800 including HST. The car is driven for a total of 28,000 km during 2016 and its operating costs for the year are $7,000. Assume the car is leased. It is used by the employee for 11 months of the year. In the other month, they were required to return the car to their employer's premises. They drive it for personal purposes for a total of 7,000 km.
Calculate the minimum taxable benefit. This includes the standby charge and the operating cost.
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