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Should you always say no thanks to a company car Generally, I discourage employees from taking a company car Here s why: The standby charge you re going to face is always based on the original cost of the car, even as the car depreciates in value over time This is a bad deal if there ever was one In most cases, it ll be better for you to provide your own car, and then take an allowance or reimbursement from your employer to cover the costs of using your car for work I ll talk more about this in a minute
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Signing with the Team: Strategies for Employees
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If you re going to accept a company car, here are three things to keep in mind: Consider buying the car from your employer after two or three years to
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avoid a consistently high standby charge on a vehicle that has depreciated in value Avoid company cars that cost over $30,000 You see, this will lead to a
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double-tax problem Your standby charge will be based on the full cost of the car, but your employer will only be entitled to depreciate $30,000
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(plus GST and PST) of that car in 2006 The excess over $30,000 is effectively taxed twice Minimize the amount of time the car is available to you for personal use
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If, for example, you park the car at your employer s place of business at the end of the workday, you could argue that the car is not available to
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you for personal use that day You should be aware, however, that the tax collector will generally take the view that the car is still available to you unless your employer requires you to park it at the of ce in the evenings or while you re on vacation At any rate, if the car is only available to you 345 days each year, rather than 365, you ll effectively face a standby charge for just 11 months instead of 12 months because of the way the calculation is done
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TO MAKE A LONG STORY SHORT:
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You may face two different taxable bene ts if your company provides you with a car: a standby charge and an operating cost bene t In most cases, you ll be better off providing your own car to avoid these taxable bene ts and then taking an allowance or reimbursement from your employer for use of your car at work
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1 0 1 Ta x S e c r e t s F o r C a n a d i a n s
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Tim s Tip 32: Claim automobile expenses that exceed your allowance or reimbursements
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So, you re convinced that providing your own car for use at work is better than using a company car Great Now, how is this use of your car going to save you tax The rules can be kind of tricky, but I ll walk you through them
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Reimbursements and Allowances
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First, you need to understand the difference between a reimbursement and an allowance A reimbursement is never taxable If, for example, you incurred certain car expenses on the job and you submitted actual receipts to your employer for reimbursement, you would not be required to include that reimbursement in your income An allowance is different It s a payment from your employer for which you are not required to provide actual receipts That is, you re not required to account for the payments received Is an allowance taxable to you It all depends Let me explain An allowance paid to you for using your own car for work will be non-taxable if it is considered reasonable The allowance will generally be considered reasonable if it s based on actual kilometres driven for work (CRA considers a reasonable allowance for 2006 to be $050 per kilometre for the rst 5,000 kilometres, and $044 for each additional kilometre; the rates are 4 cents higher in the Yukon, Northwest Territories, and Nunavut; these amounts are what your employer is permitted to deduct) That means you ll need to keep a daily driver s log showing how many kilometres you ve driven and the purpose of the trip If you meet this test, then the allowance is tax-free If the allowance is not based on distance driven, then it is not considered to be reasonable, and it must be included in your income In fact, this type of allowance is supposed to be reported by your employer on your T4 slip each year
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