Tax Savings
Company provided vehicles bring with them the taxable
benefit charge from Revenue Canada and this is
eliminated when the driver is paid a Car Allowance.
Properly designed, the Car Allowance can be paid tax
free to the employee giving each employee more money to
pay for his or her vehicle.Vehicle Choice
A Car Allowance allows drivers to choose a vehicle,
while still within the program guidelines, that best
matches with their lifestyle. For some that will mean a
mini-van, while others might move to an import sedan or
a fuel saving diesel vehicle. The result is increased
driver satisfaction by allowing greater freedom to pick
the vehicle that best meets their personal needs.
Fair and Accurate
Each employee or groups of employees in a given city are
provided with a reimbursement schedule identifying their
unique costs based on geographic cost variances and
annual business kilometres driven. Drivers feel
confident that their entire individual costs incurred
while driving their personal car on business are
identified and factored into their monthly
reimbursement.
CarTracker
CarDATA makes available a spreadsheet program to
all drivers to track and record vehicle expenses. The
program calculates monthly fuel economy and
provides a business/personal expense summary at
year-end, which can be used for income tax preparation.
A separate Fuel Economy Calculator is also available.
Access to these programs is through the online section
of CarDATA's website. |
