Calculate the minimum taxable benefit

Reference no: EM132828226

Problem - Babs Bently of the Cancar Company were given the use of company car on February 1 of the current year. The car was driven 16,000 kilometers during the year and the operating costs were $2,400 for the car during the year, all of which were paid by the company. When the car is not being used by the employee, the Company requires that it be returned to its premises. The car is leased for $635 per month. It is used by Babs Bentley for 11 months of the year. She drives it for personal purposes for a total of 6,000 kilometers and pays Cancar Company $500 for the use of the car.

Required - Ignore all GST/PST/HST implications. Calculate the minimum taxable benefit to the employees for the current year ending December 31?

Reference no: EM132828226

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