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New Member
posted Apr 27, 2023 10:56:41 AM

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

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1 Replies
Returning Member
May 1, 2023 10:49:48 AM

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