Comments on: Taxable Benefits And The Company Car http://blog.taxresource.ca/if-your-employer-provides-an-automobile/ Canadian Tax Help & Financial Planning Resources Sun, 12 Feb 2012 02:53:18 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Tax Guyhttp://blog.taxresource.ca/if-your-employer-provides-an-automobile/comment-page-2/#comment-10250 Tax Guy Tue, 15 Mar 2011 15:09:55 +0000 http://blog.taxresource.ca/?p=315#comment-10250 That article answers your question. That article answers your question.

]]> By: Joannahttp://blog.taxresource.ca/if-your-employer-provides-an-automobile/comment-page-2/#comment-10249 Joanna Tue, 15 Mar 2011 14:59:29 +0000 http://blog.taxresource.ca/?p=315#comment-10249 The article answers your question. The article answers your question.

]]> By: Amyhttp://blog.taxresource.ca/if-your-employer-provides-an-automobile/comment-page-2/#comment-10170 Amy Thu, 10 Mar 2011 19:15:23 +0000 http://blog.taxresource.ca/?p=315#comment-10170 Hello, As the principal shareholder of my corporation, what is it more beneficial to the company, and to myself personally: have the company pay the lease for my vehicle or have the company pay me a car allowance? Thank you in advance for any insight you may have. Hello,
As the principal shareholder of my corporation, what is it more beneficial to the company, and to myself personally: have the company pay the lease for my vehicle or have the company pay me a car allowance?
Thank you in advance for any insight you may have.

]]> By: Tax Guyhttp://blog.taxresource.ca/if-your-employer-provides-an-automobile/comment-page-2/#comment-9972 Tax Guy Thu, 03 Mar 2011 21:23:53 +0000 http://blog.taxresource.ca/?p=315#comment-9972 The $0.25/km would be tax free. If you don't think it's enough add it to your income and claim the actual expenses related to business use. The $0.25/km would be tax free. If you don’t think it’s enough add it to your income and claim the actual expenses related to business use.

]]> By: Bubblehttp://blog.taxresource.ca/if-your-employer-provides-an-automobile/comment-page-2/#comment-9971 Bubble Thu, 03 Mar 2011 20:40:38 +0000 http://blog.taxresource.ca/?p=315#comment-9971 This is a hypothetical scenario: I might have to do business travel with my personal vehicle. I have an allowance of 0,25 cents/km. Would I be able to file for the remaining rate per kilometers that are set by federal government? In the case that the allowance was set as part of my taxable income (Put that the scenario would be around 12000 km or more (even double). The forms mentioned that this is possible if the allowance is reasonably low or high, up to what % does the agency considers reasonable; and having my employer filling the pertinent form. This is a hypothetical scenario: I might have to do business travel with my personal vehicle. I have an allowance of 0,25 cents/km. Would I be able to file for the remaining rate per kilometers that are set by federal government? In the case that the allowance was set as part of my taxable income (Put that the scenario would be around 12000 km or more (even double). The forms mentioned that this is possible if the allowance is reasonably low or high, up to what % does the agency considers reasonable; and having my employer filling the pertinent form.

]]> By: Tax Guyhttp://blog.taxresource.ca/if-your-employer-provides-an-automobile/comment-page-2/#comment-9802 Tax Guy Wed, 23 Feb 2011 18:13:58 +0000 http://blog.taxresource.ca/?p=315#comment-9802 Driving to and from work is personal use of the vehicle and would affect your taxable benefit.If you don't want a taxable benefit, you would need to leave the vehicle at the employers parking lot every day. Driving to and from work is personal use of the vehicle and would affect your taxable benefit.

If you don’t want a taxable benefit, you would need to leave the vehicle at the employers parking lot every day.

]]> By: Jerryhttp://blog.taxresource.ca/if-your-employer-provides-an-automobile/comment-page-2/#comment-9798 Jerry Wed, 23 Feb 2011 17:54:30 +0000 http://blog.taxresource.ca/?p=315#comment-9798 I drive a vehicle provided to me as an employee of the Govt of Ontario. There is much discussion on the standby charge for personal use of these vehicles. We are prohibited from using the vehicles for anything other than government business, ie, no personal use on evenings and weekends, but do record kms as personal for trips directly from a residence to usual place of business.Should the days through the year that are not available for personal use as described be deducted when calculating standby charges?Thank you I drive a vehicle provided to me as an employee of the Govt of Ontario. There is much discussion on the standby charge for personal use of these vehicles. We are prohibited from using the vehicles for anything other than government business, ie, no personal use on evenings and weekends, but do record kms as personal for trips directly from a residence to usual place of business.

Should the days through the year that are not available for personal use as described be deducted when calculating standby charges?

Thank you

]]> By: Tax Guyhttp://blog.taxresource.ca/if-your-employer-provides-an-automobile/comment-page-2/#comment-9788 Tax Guy Tue, 22 Feb 2011 22:08:19 +0000 http://blog.taxresource.ca/?p=315#comment-9788 If the employer is paying some of the operating costs, there will be an operating cost benefit. If the car is used mainly for business, you have the choice of 1/2 the standby charge or the actual costs paid in proportion to your personal use of the vehicle. If the employer is paying some of the operating costs, there will be an operating cost benefit. If the car is used mainly for business, you have the choice of 1/2 the standby charge or the actual costs paid in proportion to your personal use of the vehicle.

]]> By: C Nutthttp://blog.taxresource.ca/if-your-employer-provides-an-automobile/comment-page-2/#comment-9778 C Nutt Tue, 22 Feb 2011 20:12:57 +0000 http://blog.taxresource.ca/?p=315#comment-9778 Company provides employee a car - no problem with the standby charge calcs.Company pays for insurance on car but all other costs are paid for by the employee directly. Operating cost benefit calc doesn't make sense to use - so is taxable benefit for insurance paid by the company just based on pro-rata personal usage? Company provides employee a car – no problem with the standby charge calcs.

Company pays for insurance on car but all other costs are paid for by the employee directly. Operating cost benefit calc doesn’t make sense to use – so is taxable benefit for insurance paid by the company just based on pro-rata personal usage?

]]> By: Tax Guyhttp://blog.taxresource.ca/if-your-employer-provides-an-automobile/comment-page-2/#comment-9682 Tax Guy Thu, 17 Feb 2011 21:23:58 +0000 http://blog.taxresource.ca/?p=315#comment-9682 Jane, Yes the car is tax taxable benefit which may be reduced under certain conditions. Jane,
Yes the car is tax taxable benefit which may be reduced under certain conditions.

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