Questions? Call 416-367-4222

If you drive an expensive company-owned car, especially if it’s older than three years, the amount of the associated taxable benefit may make it more economical for you to buy the car from your employer and arrange for an offsetting increase in pay, because your taxable benefit is based on the car’s original cost and not its current value.

Personal use of corporate property by owner/manager

An owner/manager of a corporation will have to include as a taxable benefit for Canadian income tax purposes the personal use of corporate property and most loans received. Certain specific loans, such as housing loans, may not have to be taxed.


"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

Get your CRA tax issue solved

Address: Rotfleisch & Samulovitch P.C.
2822 Danforth Avenue Toronto, Ontario M4C 1M1

Driving an expensive company-owned car
Man in tie holding a pen signing tax reports
Federal government introduces new trust reporting rules to take effect in 2023 taxation year – Trustees need to be prepared.
Picture of a Roll of Monday in an Open Jar
Using Promissory Notes to Distribute Trust Income to Beneficiaries: A Canadian Tax Lawyer’s Analysis
Qualifying Disability Trusts – Canadian Income Tax – Toronto Tax Lawyer Guide
A Canadian Tax Lawyer’s Scary Taxes for Halloween
New Trust Tax Reporting Rules: Toronto Tax Lawyer Analysis
New Trust Tax Reporting Rules: Toronto Tax Lawyer Analysis
Bare Trusts Tax Consequences: Canadian Tax Lawyer Guidance
Bare Trusts Tax Consequences: Canadian Tax Lawyer Guidance
ontario college of dentists
Taxation of Testamentary Trusts – Canadian Tax Lawyer Analysis
Infamous Canadian Money Laundering Schemes