But a recent Q&A with a Montreal Gazette tax expert has revealed how the changes brought on by the novel coronavirus may impact your average Canadian employee with a company car come tax season.
According to the Gazette’s personal finance journalist Paul Delean, who consulted Nick Moriatis, partner at FL Fuller Landau LLP accounting firm, the answer is “Quite possibly, and not in a good way.” RELATED Lorraine Complains/Explains Lorraine Explains: Use your car for work? Here’s what you can and can’t claim by Lorraine Sommerfeld | April 13, 2020 Basically, there are two factors that go into calculating how much of a taxable benefit a vehicle is: the standby charge and the total kilometres of personal usage, which is multiplied by 28 cents.
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