Have you been wondering if you can deduct automobile expenses? I get this question a lot!

The Canadian income tax act allows you to deduct any reasonable expenses incurred for the purpose of earning property or business income, subject to a bunch of exceptions.

Therefore, you are generally eligible to claim automobile expenses, However, the big question is, HOW?

In this video, I share what documents you need to keep to earn your deduction. We’ll also dive deeper into how to claim your deductions with practical examples and major pitfalls to avoid.


Key Moments In This Episode
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1:25 - How to earn your deduction in the eyes of CRA
2:20 - What are you eligible to deduct with an electric vehicle vs. a Regular vehicle?
4:43 - Formula to calculate deductible eligible leasing cost amount
5:24 - Claiming Capital Cost Allowance
6:51 - Leasing vs purchasing
9:45 - How and what to document in your auto log book (Examples)
13: 28 - How to determine your actual deduction amount with practical examples
17:28 - Common tax deduction questions answered

If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible.

Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies, so you don’t miss a thing!

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Please make sure to speak to a professional that knows your personal situation before making a decision.

If you need to talk to someone on my team, send us an email at admin@cccpa.ca

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DISCLAIMER:

Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice.
The information contained in this video is for general information purposes only.
The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan.
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