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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.

Disclaimer:

"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."

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