289. Cash equivalent of the benefit under the residual charge: asset made available for private use without transfer of the property in the asset.

If an asset has been made available to the employee or a member of the employee's family or household for private use without transfer of the property in the asset, the cost is the higher of:

  1.  

    (1)     the 'annual value' of the use of the asset; and

  2.  

    (2)     the annual amount of the sums, if any, paid by those providing the benefit by way of rent or hire charge for the asset1.

A deduction from this cost is allowed for periods when the asset was unavailable for private use