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Peterman Inc. provides an automobile to Ms. Winters for her to use…

  • Peterman Inc. provides an automobile to Ms. Winters for her to use in carrying out her employment duties.  
  • Ms. Winters is given full possession of the car and is allowed to use it for personal needs.  However, when she is not using it for employment or personal activities, it must be returned to Peterman’s premises so that it can be used by other employees.
  • The automobile was purchased in 2019 for $42,000 and, during the years 2019, 2020, and 2021 the Company has deducted maximum CCA.
  • During 2022, Ms. Winters drove the car 52,000 kilometers, with the Company paying for all of the operating costs.  These costs totaled $11,350 during the year.

 

Ignore all GST/PST/HST implications.  Indicate the minimum taxable benefit that would be allocated to Ms. Ms. Winters in each of the following Cases:

 

Case A Ms. Winters has use of the car for 11 months of the year.  Personal use during the year totals 8,000 kilometers.

 

Case B Ms. Winters has use of the car for 9 months of the year.  Personal use during the year totals 15,000 kilometers.

 

Case C Ms. Winters has use of the car for 7 months of the year.  Employment use during the year totals 9,000 kilometers.

 

PLEASE INCLUDE FORMULAS

  Show your work here Enter your final answer here
Case A car price   42000      
  usage    11 months    
Standby Charge  mileage    52000      
  operating Cost 11350      
  personal use mileage 8000      
  CCA rate   20%      
             
             
Operating Cost Benefit            
  Standby charge  763.6364      
             
  Operating Cost Benefit 9603.846      
             
  Total Benefit  10367.48      
Total Benefit             
             
             
             
             
             
             
             
  Show your work here Enter your final answer here
Case B car price   42000      
  usage    9      
Standby Charge  mileage    52000      
  operating Cost 11350      
  personal use mileage 15000      
  CCA rate   20%      
             
            933.3333333
Operating Cost Benefit            
  Standby charge         
             
  Operating Cost Benefit      
             
  Total Benefit        8075.961538
Total Benefit             
             
             
             
             
             
             
            9,009
  Show your work here Enter your final answer here
Case C car price   42000      
  usage    7      
Standby Charge  mileage    52000      
  operating Cost 11350      
  personal use mileage 9000      
  CCA rate   20%      
             
            1200
Operating Cost Benefit            
             
             
             
             
            9385.58
Total Benefit             
             
             
             
             
             
             
            10586

 

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