car benefits vs company cost


I would like to know if car benefits for sharesholder is a company cost or not. Is it correct if the entry like:

Debit: Employee Benefits 

  Credit: Due to shareholder M. xxx

Thanks a lot!


  • Sylvie

    As per the Taxable Benefit and Allowances from CRA for Car Benefits:

    Information on the topics discussed in this chapter can be found at: ■ ■ IT-63, Benefits, Including Standby Charge for an Automobile, from the Personal Use of a Motor Vehicle Supplied by an Employer – After 1992 ■ IT-522, Vehicle, Travel and Sales Expenses of Employees ■ and select “Facts about automobile and other vehicle benefits and automobile allowances”

    The above will get you started.