Company Car Cash Allowance

If you decide to use or let employees use a company vehicle for personal reasons the CRA taxes that benefit in two ways. Any car allowance or reimbursement would be taxable to the employee and.

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First as a standby charge and then as an operating expense benefit.

. As with any benefit given to employees companies must consider the benefits value and report it as part of the employees pay as well as withhold taxes from the value amount. Personal use of a company car is considered under this policy as a non-cash fringe benefit. From a company standpoint buying a vehicle allows you to deduct all the costs associated with it and claim capital cost allowance on the purchase.

Buying a Company Car.

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