On November 1, 2020, Ms. Sherry Boland leases an automobile to be used 100 percent of the time in her unincorporated business. The lease cost is $862 per month, and a total of $1,724 was paid for the year. The manufacturer's suggested list price for the automobile is $53,000. Ms. Boland makes no down payment and no refundable deposits. Determine her maximum deduction for lease payments for 2020. Ignore GST and PST considerations.

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The Answer of On November 1, 2020, Ms. Sherry Boland leases an automobile to be used 100 percent of the time in her unincorporated business. The lease cost is $862 per month, and a total of $1,724 was paid for the year. The manufacturer's suggested list price for the automobile is $53,000. Ms. Boland makes no down payment and no refundable deposits. Determine her maximum deduction for lease payments for 2020. Ignore GST and PST considerations.