Determine her maximum automobile related deduction

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Question - Jan 1, 2019, Victoria purchased a used truck to be used in her incorporated business. It cost $40,000, with maximum CCA being deducted in that year as a class 10 (30% CCA) vehicle. The purchase was financed with a bank loan of $42,000. For 2020, the interest on this loan was $1,560. The automobile is used exclusively for business purposes, with the 2020 operating costs totaling $2,025. In determining her 2020 business income, determine her maximum automobile related deduction?

a) $21,585.

b) Need more information to calculate it

c) $10,185.

d) $13,035

Reference no: EM132990359

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