Some advise for Canadians
Thread Starter
Joined: Sep 2004
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Some tax advise for Canadians
this applies to all forums, but I have an ITR so it'll go here....
I just wanted to let everyone know that if you are a Canadian (not sure how it goes for you Americans) and you are required to drive your car for work. ie you are a commissioned sales person, you have your own business or you are just required to run and get the boss coffee. This is all allowable under motor vehicle expense. It is based on KM for the year for ie. if you drove 20,000 km for the year and 10,000 km were for work, 50% of all expenses incurred over the year would be tax deductible....
Where this gets interesting:
The Government of Canada has not challenged performance upgrades as a deduction yet. Therefore all the fun expensive unecessary crap we put on our cars is deductible. Just save the receipts. So this ontop of all the stuff you would normally put in there for example gas, oil, repairs, license renewal etc.
Sounds like a pain in the ***?
I saved over 500 dollars on my taxes this year just for gas, repairs, and upgrades. The bulk of this of course was upgrades. I got every penny back I asked for.
Sweet, what do I do?
Save ALL RECEIPTS, and keep a log book for km's driven for work. At the end of the year take km's driven from work divide by total km's and multiple by tour total auto expense. BAM, your performance upgrades are deductible.
I just wanted to let everyone know that if you are a Canadian (not sure how it goes for you Americans) and you are required to drive your car for work. ie you are a commissioned sales person, you have your own business or you are just required to run and get the boss coffee. This is all allowable under motor vehicle expense. It is based on KM for the year for ie. if you drove 20,000 km for the year and 10,000 km were for work, 50% of all expenses incurred over the year would be tax deductible....
Where this gets interesting:
The Government of Canada has not challenged performance upgrades as a deduction yet. Therefore all the fun expensive unecessary crap we put on our cars is deductible. Just save the receipts. So this ontop of all the stuff you would normally put in there for example gas, oil, repairs, license renewal etc.
Sounds like a pain in the ***?
I saved over 500 dollars on my taxes this year just for gas, repairs, and upgrades. The bulk of this of course was upgrades. I got every penny back I asked for.
Sweet, what do I do?
Save ALL RECEIPTS, and keep a log book for km's driven for work. At the end of the year take km's driven from work divide by total km's and multiple by tour total auto expense. BAM, your performance upgrades are deductible.
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Joined: Dec 1999
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From: Siege Perilous
Re: Some tax advise for Canadians (type_r_jon)
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by type_r_jon »</TD></TR><TR><TD CLASS="quote">
The Government of Canada [have] not challenged performance upgrades as a deduction....</TD></TR></TABLE>
From you mouth to the ear of Inland Revenue and the Solicitor General.
The Government of Canada [have] not challenged performance upgrades as a deduction....</TD></TR></TABLE>
From you mouth to the ear of Inland Revenue and the Solicitor General.
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Joined: Jul 2002
Posts: 14,274
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Re: Some tax advise for Canadians (George Knighton)
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by George Knighton »</TD></TR><TR><TD CLASS="quote">From you mouth to the ear of Inland Revenue and the Solicitor General. </TD></TR></TABLE>
Huh?
</TD></TR></TABLE>Huh?
H-T Order of Merit
Joined: Dec 1999
Posts: 96,508
Likes: 38
From: Siege Perilous
Re: Some tax advise for Canadians (Chris N)
<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Chris N »</TD></TR><TR><TD CLASS="quote">
Huh?</TD></TR></TABLE>
Go back to sleep. It's a Commonwealth Club thing.
Huh?</TD></TR></TABLE>
Go back to sleep. It's a Commonwealth Club thing.
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