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Question 1: During 2009, Mr. Sam Warren is provided with an automobile that is leased by his employer. The monthly lease payment is $791 per month. This figure includes $91 HST. During the year, the car is used by Mr. Warren for a total of 310 days. When he is not using the car, his employer requires that it be returned to their premises. During this period, he drives the car a total of 40,000 kilometers, 22,000 of which are employment related. Calculate Mr. Warren's minimum taxable benefit for the use of the automobile.
Financial Statement Analysis and Preparation
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Computation of Free Cash Flow
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