Reference no: EM133114951
Question - In the current year, Mr. Gupta is provided with a vehicle owned by his employer, Vertux Inc. The vehicle was originally purchased by Vertux Inc. two years ago for $27,500 (including HST). Gupta provides you with the following information:
Days the vehicle was available for use by Mr. Gupta: 241
Months the vehicle was owned by Vertux Inc.: 12
Fair market value of the vehicle in the current year: $18,250
Total kilometres driven in the current year: 28,000
Personal kilometres driven in the current year: 13,000
REQUIRED - For the current taxation year:
a. Calculate the minimum standby charge arising from the employer owned vehicle for Mr. Gupta.
b. Calculate the minimum operating cost benefit arising from the employer owned vehicle for Mr. Gupta
c. Calculate the total taxable benefit arising from the employer owned vehicle for Mr. Gupta.
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