BU357 Lecture Notes - Lecture 3: Capital Cost Allowance, Capital Cost
Document Summary
Taxable benefits: special benefit calculations apply to: Housing loss/cost benefits: housing loss = selling home and you incur loss, then employer paid for loss. Use of employer automobiles: employer automobiles = employer provide you automobile = One-half of any amount above ,000 is included. Eligible housing loss: employee loan = if you borrow your employer, there"s a benefit. Employer-paid for employee"s loss on sale of home: (ousing loss: you sell your home and there"s a loss, then your employer gives you. 1/2 * (20,000 15,000) = 2,500 taxable income if housing loss is eligible the amount of the loss to compensate you. Any amount received from employer beyond ,000 is taxable (below k is tax- free) and divide by half. Receive ,000 from employer to cover housing loss. Eligible housing loss according to section 6: sell home b/c work location moved, sell home and you move at least 40km closer to the work location.
