It generally costs money to make money. There are a lot of expenses involved in running a business, and most of them can be related to travel. The silver lining here is that is if you’re a self-employed business owner, you can deduct the motor vehicle expenses you paid out in order to bring income in. The travel expenses you can claim are not restricted to gasoline. As long as they’re related to your business, you can deduct: licence and registration fees fuel costs insurance interest on money borrowed to buy a vehicle maintenance and repairs leasing costs parking fees You’ll potentially save thousands when you claim everything on this list. However there are a couple of steps you should tak
We all want a healthy tax refund, claiming your vehicle expenses could make a big difference. If you’re using your personal vehicle for business purposes, you may be able to claim a couple of extra thousand dollars on your personal income tax return. In order to even consider deducting your motor vehicle expenses, the Canada Revenue Agency states that you must meet all of the following conditions: You were normally required to work away from your employer’s place of business or in different places. Under your contract of employment, you had to pay your own motor vehicle expenses. You did not receive a non-taxable allowance for motor vehicle expenses. You keep with all your automobile expense
