With respect to employment related automobile costs and benefits, which of the following statements is correct?

When an employee is provided with an automobile that is purchased by the employer for $$50,000,$ the taxable benefit to the employee will be based on the prescribed limit of $$30,000.$

An employee who uses his own vehicle for employment related activities cannot deduct any financing costs related to the acquisition of the car.

An employee who is provided with a vehicle owned by his employer can deduct capital cost allowance to the extent that the vehicle is used for employment related activities.

If an employee drives an employer provided vehicle for more than $20,004$ kilometers of personal use during a year, there will be no reduction of the basic standby charge.