Determine which corresponds to automobile taxable benefit

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Ms. High is an employee that is provided with an automobile that her employer bought at a cost of $105,000 including all taxes. The total operating costs of the car were $0.60/km for the year and they were all paid by the employer. The car was available to Ms. High the entire year. Ms. High drove the car a total of 40,000kms during the year, all but 10,500kms were employment related (fully documented). Ms. High reimbursed her employer $1,000 for her personal use of the automobile for the year.

Question 1: Which of the following answers corresponds to the automobile taxable benefit to be included in Ms. High's Net Employment Income for the year?

Option 1: None of the choices shown .

Option 2: $18,841

Option 3: $13,913

Option 4: $0

Option 5: $16,167

Option 6: $8,555

Option 7: $32,460

Option 8: $15,167

Reference no: EM132570469

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