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One of the perks of being an entrepreneur is getting a nice car through your business. Instead of just paying out of pocket, what’s better than getting your business to pay for it and geting a tax deduction? As tempting as it is, there are certain limitations that the Canadian Revenue Agency (CRA) imposes. Vehicle related deductions are also one of the most audited areas. So make sure to watch the entire video to understand what your options are!
00:00 Intro
00:32 What is Business Purpose?
01:09 Types of Vehicle Tax Deduction
02:11 How to Structure Vehicle For Business Use
03:05 Buying vs. Leasing
06:21 Personal Use for Employer Provided Vehicle
07:55 Business Use for Employee Provided Vehicle
08:24 Good Practices
CRA LINKS MENTIONED
➡️2022 Automobile Deduction limits and Expense benefit rates for businesses: [ Ссылка ]
➡️Calculations for eligible leasing costs: [ Ссылка ]
➡️Automobile Benefits Online Calculator: [ Ссылка ]
Disclaimer: Note this video is not tax advice and should be used for informational purposes only. Consult with your own tax advisor for specific advice related to your specific business situation and needs.
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WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, working with Global 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
