Quiz 1 -Automobile tax benefit
144 views
Skip to first unread message
Korina
Jun 20, 2011, 12:13:23 PM6/20/11
to CGA TX1 session 4 - 2011
Hi everyone,
If anyone can suggest on this one please, it would be great.
ABC Inc. provides Ginger Kelly with a company car. The car is leased
for $500/month (including GST and PST and excluding insurance) and was
made available to her for 8 months. ABC pays all of the operating
costs which amounted to $3,500 in 2010. Ginger drove 13,000 km in 2010
of which 8,000 were for business. What is the minimum taxable benefit
that Ginger must include on her 2010 personal tax return?
I calculated it as $1,000 standby charge + $500 operating benefit =
$1,500, but still not sure if $3,500 operating cost reimbursed by
employer should be ignored or not?
Korina
If anyone can suggest on this one please, it would be great.
ABC Inc. provides Ginger Kelly with a company car. The car is leased
for $500/month (including GST and PST and excluding insurance) and was
made available to her for 8 months. ABC pays all of the operating
costs which amounted to $3,500 in 2010. Ginger drove 13,000 km in 2010
of which 8,000 were for business. What is the minimum taxable benefit
that Ginger must include on her 2010 personal tax return?
I calculated it as $1,000 standby charge + $500 operating benefit =
$1,500, but still not sure if $3,500 operating cost reimbursed by
employer should be ignored or not?
Korina
Satish Tahiliani
Jun 20, 2011, 1:38:52 PM6/20/11
to cga-tx1-se...@googlegroups.com
The answer is 1500
Sent from my iPhone
Korina
Jun 20, 2011, 2:10:31 PM6/20/11
to CGA TX1 session 4 - 2011
Thanks Satish!
Kelly Ross
Jun 20, 2011, 2:13:11 PM6/20/11
to TX1 Study Group
1500 is the answer.
> Date: Mon, 20 Jun 2011 09:13:23 -0700
> Subject: Quiz 1 -Automobile tax benefit
> From: prop.up...@sympatico.ca
> To: CGA-tx1-se...@googlegroups.com
> Subject: Quiz 1 -Automobile tax benefit
> From: prop.up...@sympatico.ca
> To: CGA-tx1-se...@googlegroups.com
sharmely thatparan
Jun 20, 2011, 2:58:25 PM6/20/11
to cga-tx1-se...@googlegroups.com
answer- 1500
Korina
Jun 20, 2011, 6:43:16 PM6/20/11
to CGA TX1 session 4 - 2011
Thanks everyone! 1500 is correct answer.
Nayyar Yousuf
Jun 20, 2011, 7:02:06 PM6/20/11
to cga-tx1-se...@googlegroups.com
Hi Korina
Your answer is perfect. It is $1,500 and nothing else.
Cheers
Syed
Marie Watson
Jun 20, 2011, 7:48:58 PM6/20/11
to TX1 Study Group
Your answer is correct Korina.
Marie Watson
Date: Mon, 20 Jun 2011 17:02:06 -0600
Subject: Re: Quiz 1 -Automobile tax benefit
From: nay...@gmail.com
To: cga-tx1-se...@googlegroups.com
Reply all
Reply to author
Forward
0 new messages