{"id":7296,"date":"2022-04-13T14:59:47","date_gmt":"2022-04-13T18:59:47","guid":{"rendered":"https:\/\/www.spiegelsohmer.com\/?p=7296"},"modified":"2022-04-13T15:04:36","modified_gmt":"2022-04-13T19:04:36","slug":"corporate-owned-airplane-beware-of-taxable-benefits","status":"publish","type":"post","link":"https:\/\/spiegelryan.com\/en\/2022\/04\/13\/corporate-owned-airplane-beware-of-taxable-benefits\/","title":{"rendered":"Corporate-owned airplane: beware of taxable benefits"},"content":{"rendered":"<p>The Canada Revenue Agency has long held a policy that the personal use of a corporately owned airplane by shareholders and employees can give rise to taxable benefits.<\/p>\n<p>Depending on the circumstances, the benefit can be computed in either of three ways:<\/p>\n<ul>\n<li>where there is both a business and personal purpose to the flight: the highest priced ticket available in the marketplace for an equivalent commercial flight;<\/li>\n<li>where there is no business purpose for the flight: the price of the charter of an equivalent aircraft for an equivalent flight;<\/li>\n<li>where the airplane is used primarily for personal purposes during the year: the personal use portion of the aircraft&#8217;s operating costs plus an imputed available-for-use amount.<\/li>\n<\/ul>\n<p>Corporate taxpayers would do well to maintain a detailed logbook and records to substantiate the use of the airplane in order to minimize potential taxes on a benefit. CRA is also generally reluctant to recognize a valid business expense for trips to remote locations for client development purposes. A taxable benefit will often be reassessed and expenses denied in such situations.<\/p>\n<p>A litigation with the tax authorities on such issues can be costly and complex. Taxpayers should do well to consult their tax advisors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canada Revenue Agency has long held a policy that the personal use of a corporately owned airplane by shareholders and employees can give rise to taxable benefits. Depending on the circumstances, the benefit can be computed in either of three ways: where there is both a business and personal purpose to the flight: the [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-7296","post","type-post","status-publish","format-standard","hentry","category-taxation-law"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Corporate-owned airplane: beware of taxable benefits - Spiegel Ryan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.spiegelsohmer.com\/en\/2022\/04\/13\/corporate-owned-airplane-beware-of-taxable-benefits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Corporate-owned airplane: beware of taxable benefits - Spiegel Ryan\" \/>\n<meta property=\"og:description\" content=\"The Canada Revenue Agency has long held a policy that the personal use of a corporately owned airplane by shareholders and employees can give rise to taxable benefits. 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