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Calculate lise annual automobile taxable benefit

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Reference no: EM133168147

Question - Lise Leclerc works for Liberty Promotions in Northwest Territories and is provided with a company-leased automobile. The automobile was in Lise's possession for 365 days. Of the 32,294 kilometres driven, 15,079 kilometres were for business purposes. The monthly lease cost of the vehicle was $519.80, excluding the GST calculated at 5%.

Lise requested in writing that Liberty Promotions use the optional operating cost method if all the conditions apply. She did not reimburse the company for any of the expenses associated with the automobile.

Required - Calculate Lise's annual automobile taxable benefit?

Reference no: EM133168147

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