The Canada Revenue Agency (CRA) has developed an innovative tool for small businesses that are looking to calculate their estimated automobile benefits for employees or shareholders. Automobile Benefits Online Calculator allows businesses to enter and calculate their recommended automobile benefits to prorate to their employee’s pay periods. These amounts can then be added to an employee’s salary along with other benefits/allowances to determine the total amount subject to Canada Pension Plan (CPP) contributions and income tax. This tool can only be used as a calculator using the automobile deduction limits and expense benefit rates published in January 2012. The CRA will not record any of the information that is input into the online program.
Canadian Business Grants for Vehicle Leasing or Purchase
The Electric Vehicle Incentive Program provides businesses and consumers with an opportunity to receive up to $8,500 per-vehicle towards the purchase or 36 month lease of a new Hybrid-Electric or Battery Powered Electric vehicle. Businesses that are interested can receive up to a maximum of $42,500 per calendar year in business grant funding for a small business lease or purchase of 5 new green vehicles.
Canadian Small Business Funding Advice
To learn more about Government Funding Canada’s Small Business Funding Grants and Tools, please contact a Mentor Works Canadian Government Funding Expert or sign up for our Weekly Canadian Government Grants E-Newsletter. Those who are interested can also learn more about the Ontario Government Funding opportunities by following us on Twitter or LinkedIn.