National Payroll Institute PF1 Question Answer
Anne Massy works for Liberty Promotions in Nunavut and is provided with a company-leased automobile. The automobile was in Anne’s possession for 365 days. Of the 34,134 kilometres driven, 15,805 kilometres were for business purposes. The monthly lease cost of the vehicle was $198.60, excluding GST calculated at 5%. Anne requested in writing that Liberty Promotions use the optional operating cost method if all conditions apply. She did not reimburse the company for any of the expenses associated with the automobile. Calculate Anne’s annual automobile taxable benefit.
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