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Tax Implications of Vehicles - Part 1

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Costs associated with a vehicle can be written off as long as the vehicle is used at least partly for business purposes.
The following costs can be written off:

  • Capital cost allowance (gradual depreciation of the cost of the vehicle itself, if purchased)
  • Leasing cost (maximum $800/month plus taxes)
  • Lease down payment (amortize over term of lease)
  • Gas
  • Highway tolls
  • Repairs and maintenance
  • Parking
  • Tickets
  • Accident damage
  • Interest on loan (maximum $300/month)
  • License plates
  • Insurance
  • Driver's license

Please contact us at 905-943-4046 if you need further assistance or accounting services in the coming months. Click here for additional contact information

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