Car Expense & Benefit:
When your employers provide automobiles to you (as an employee) to help perform the employment duties, or instead give you allowances or expense reimbursements, the tax implications can easily become very complex.
With automobile expenses revenue agencies want to ensure that you do not receive receive tax free benefit. It is important to keep in mind that there’s a difference between allowance and benefit. The benefit is taxable where as long allowance are reasonable it is not.
Please note, this article is not a substitute for professional advice. For more information call us at 514-585-6848 or visit us at www.paulsandassociates.com