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amandafawcett201
April 27, 2023
Question

How to calculate cost of vehicle if purchased in prior year?

  • April 27, 2023
  • 1 reply
  • 0 views
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    1 reply

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    PetroS
    May 1, 2023

    Both the standby charge and operating benefit can be calculated by using the calculator provided by CRA which requires the following information:

    • Cost of the automobile if it was purchased (including sales tax)

    • Any capital additions to the vehicle (not regular repairs and maintenance)

    • Lease costs if the car is leased

    • Lease term

    • Province

    • Number of total kilometres driven during the year

    • Number of business and personal kilometres driven during the year

    • Any amounts reimbursed by the employee

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