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Calculate Marie annual automobile taxable benefit

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Question - Marie Massy works for Liberty Promotions in Northwest Territories and is provided with a company-leased automobile. The automobile was in Marie's possession for 365 days. Of the 33,884 kilometres driven, 16,114 kilometres were for business purposes. The monthly lease cost of the vehicle was $339.20, excluding the GST calculated at 5%.

Marie requested in writing that Liberty Promotions use the optional operating cost method if all the conditions apply. She did not reimburse the company for any of the expenses associated with the automobile.

Required - Calculate Marie's annual automobile taxable benefit.

Reference no: EM132873183

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