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Why minimum standby charge arising from employer leased

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Reference no: EM132647633

In the current? year, Ms. Patel is provided with a vehicle leased by her? employer, Everex Ltd. The vehicle originally cost? $30,000 and was leased by Everex Ltd. in the prior? year, on a? 36-month lease term.

Ms. Patel provides you with the following? information:

Days the vehicle was available for use by Ms. Patel in the current? year: 250
Days the vehicle was leased by Everex Ltd. in the current? year: 365
Fair market value of the vehicle in the current? year: $14,500
Lease payments? (including HST, excluding? insurance): $820 per month
Total kilometres driven in the current? year: 29,000
Personal kilometres driven in the current? year: 15,000

Question 1: Why the minimum standby charge arising from the employer leased vehicle for Ms. Patel in the current year? is $4373?

Reference no: EM132647633

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