ADMS 3520 Chapter Notes - Chapter 2: Capital Cost Allowance

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Published on 9 Aug 2012
School
York University
Department
Administrative Studies
Course
ADMS 3520
Ch. 2 Employment Income
+ Salary
+ Commission Income
+ Taxable Benefits (paid by employer)
- Allowable Deductions (paid by employee)
= Net Employment Income
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A-1
AUTOMOBILE BENEFITS
Standby Charge – Owned car
2% x Cost of Car x number of months
Operating Cost Benefit
Personal km x 24¢
If car is leased by employer, the standby charge
2/3 x monthly lease x number of months
(exclude any insurance cost)
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A – 2
AUTOMOBILE BENEFITS
Compute Employment use of Automobile
- km for Employment = %
Total km Driven
If Employment use > 50%
Operating Cost Benefit can be reduced to ½ Standby Charge (if
lower)
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Document Summary

2% x cost of car x number of months. If car is leased by employer, the standby charge. 2/3 x monthly lease x number of months (exclude any insurance cost) Operating cost benefit can be reduced to standby charge (if lower) Determine who is making the payment for the (1) amount. Are allowed to claim all expenses considered necessary in performance of duties. Must receive part of remuneration in form of commissions. Employer signs t2200 to authorize salesperson to deduct expenses. Ordinarily required to carry out duties away from employer"s place of business. Expenses, except for cca on automobile, and interest expense on car loan, are limited to total amount of commission income if employer reimburses employee for expenses, the reimbursement must be included in income. Stock option is given to employee to purchase shares at a specific price. Option price is price indicated on stock option. The option is exercised when market value of shares is .

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