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Find the minimum standby charge

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Question - In the current year, Mr. Nguyen is provided with a vehicle owned by his employer, Translux Inc. The vehicle was originally purchased by Translux Inc. five years ago for $29,500 (including HST). Nguyen provides you with the following information:

Days the vehicle was available for use by Mr. Nguyen: 275

Months the vehicle was owned by Translux Inc.: 12

Fair market value of the vehicle in the current year: $12,500

Total kilometres driven in the current year: 32,000

Personal kilometres driven in the current year: 12,000

Find the minimum standby charge arising from the employer owned vehicle for Mr. Nguyen in the current year?

Reference no: EM132603240

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