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Protected B when completedCalculating Automobile Benefits You can use this worksheet to calculate the employee's automobile benefit that you must report on a T4 or T4A slip. You can also use the total
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How to fill out calculating automobile benefits

How to fill out calculating automobile benefits
01
Gather all the necessary information such as the fair market value of the vehicle, the number of days the vehicle was available for personal use, and the total number of kilometers driven during personal use.
02
Calculate the standby charge by multiplying the fair market value of the vehicle by the applicable standby charge rate.
03
Calculate the operating cost benefit by multiplying the total number of kilometers driven during personal use by the prescribed rate per kilometer.
04
Add the standby charge and operating cost benefit to find the total automobile benefit.
05
Include the total automobile benefit in the employee's income for the tax year.
Who needs calculating automobile benefits?
01
Employers who provide company vehicles to employees for personal use.
02
Employees who receive a company vehicle for personal use.
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What is calculating automobile benefits?
Calculating automobile benefits involves determining the taxable value of a company-provided vehicle that is used for personal purposes by an employee.
Who is required to file calculating automobile benefits?
Employers are required to calculate and report automobile benefits for employees who use company-provided vehicles for personal use.
How to fill out calculating automobile benefits?
To fill out calculating automobile benefits, employers need to determine the fair market value of the vehicle, the personal use percentage, and any additional taxable benefits related to the vehicle.
What is the purpose of calculating automobile benefits?
The purpose of calculating automobile benefits is to ensure that employees are properly taxed on the personal use of company-provided vehicles, in accordance with tax laws.
What information must be reported on calculating automobile benefits?
Employers must report the fair market value of the vehicle, the personal use percentage, any additional taxable benefits related to the vehicle, and the amount included in the employee's income.
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