Both the T2 and the corporate books should exclude any personal use portion. As best practice, I suggest, you should not mix the two. Saying that, vehicles tend to be the only exception but then 100% of the vehicle goes on the BS and T2 with a T4 taxable benefit to the vehicle users using CRA’s prescribed form and associated HST adjustment, if applicable.
I believe a few others have weighed in as well with similar comments.
Gregory Marko PEng, MBA, CPA CMA
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