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During 2020, Mr. Comptois is provided with an automobile that has been leased by his employer. The lease payments are $700 per month, an amount that includes a $50 monthly payment for insurance. The car is used by him for 11 months of the year and, during the month of non-use, he is required to return the vehicle to his employer's premises. During 2020, he drives it a total of 40,000 kilometres.
Required:
Problem 1: Calculate the automobile benefit that Mr. Comptois has to include in his 2020 employment income. Show calculations leading to your answer.
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