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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 hereEnter your final answer here
Case Acar price 42000   
 usage  11months  
Standby Charge mileage  52000   
 operating Cost11350   
 personal use mileage8000   
 CCA rate 20%   
       
       
Operating Cost Benefit      
 Standby charge 763.6364   
       
 Operating Cost Benefit9603.846   
       
 Total Benefit 10367.48   
Total Benefit       
       
       
       
       
       
       
       
 Show your work hereEnter your final answer here
Case Bcar price 42000   
 usage  9   
Standby Charge mileage  52000   
 operating Cost11350   
 personal use mileage15000   
 CCA rate 20%   
       
      933.3333333
Operating Cost Benefit      
 Standby charge     
       
 Operating Cost Benefit   
       
 Total Benefit    8075.961538
Total Benefit       
       
       
       
       
       
       
      9,009
 Show your work hereEnter your final answer here
Case Ccar price 42000   
 usage  7   
Standby Charge mileage  52000   
 operating Cost11350   
 personal use mileage9000   
 CCA rate 20%   
       
      1200
Operating Cost Benefit      
       
       
       
       
      9385.58
Total Benefit       
       
       
       
       
       
       
      10586

 

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