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E greater than 50 of the total use the taxpayer may

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Unformatted text preview: automobile • Based on actual personal use of employer provided automobile • Operating benefit = Prescribed rate [$0.27 in 2013] x # personal km driven [ITA 6(1)(k)] • If automobile is used primarily for employment duties (i.e., greater than 50% of the total use), the taxpayer may choose an alternative method to compute the operating benefit: o One- half of the standby charge [ITA 6(1)(k)] Employee uses own automobile • If employee uses own automobile and employer pays some (or all) of the operating expenses, the operating benefit is actual operating costs paid by the employer prorated for personal use by the employee [ITA 6(1)(l)] 1 Includes GST/HST and provincial sales tax © A Iqbal RSM324H1S – Winter 2014 Employee Loans • The benefit an employee receives from a low interest low is a taxable benefit [ITA 6(9)] • Taxabl...
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