The question below are based on the following information: T…
The question below are based on the following information: The cost of the purchase of a used automobile is $20,000 including HST. If the automobile is leased, the monthly lease payment is $500 including HST. The automobile is driven for a total of 26,000 km in 2023 and the operating expenses for the year are $4,000. Assume the automobile is purchased. It was used by an employee for the whole year. The employee drives it for personal purposes for a total of 9,000 kms. What is the minimum taxable benefit? Show all of your work.