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

 
1 Reply
PetroS
Returning Member

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

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