• Home
  • Courses
    New Business Workshop – What New Business Owners Need to Know

    New Business Workshop – What New Business Owners Need to Know

    Free
    Read More
  • Features
    • Resources
    • Blog
    • Shop
    • Local Services
  • Forums
  • Contact
    • Cart

      0
The Happy BookkeeperThe Happy Bookkeeper
  • Home
  • Courses
    New Business Workshop – What New Business Owners Need to Know

    New Business Workshop – What New Business Owners Need to Know

    Free
    Read More
  • Features
    • Resources
    • Blog
    • Shop
    • Local Services
  • Forums
  • Contact
    • Cart

      0

Blog Posts

  • Home
  • Blog
  • Blog Posts
  • Claiming Vehicle Expenses as a Non-Incorporated Business Owner

Claiming Vehicle Expenses as a Non-Incorporated Business Owner

  • Posted by The Happy Bookkeeper
  • Categories Blog Posts
  • Date January 3, 2018
  • Comments 0 comment

Happy New Year! Take a moment to snap a pic of your odometer right now! If you own your own business, and you are not incorporated (so, a sole proprietorship or a partnership), you are required by CRA to keep a vehicle log if you want to claim your vehicle expenses. And knowing your odometer reading at the beginning of the year and at the end of the year is part of that calculation! If you use your vehicle 50% for business, and 50% for personal, then, you can claim 50% of all your vehicle expenses on your tax return, reducing your taxable business profit! But, in order to know the percentage of vehicle expenses that you can claim, you need to keep a vehicle log. Manually, or by using an app on your smart phone! (There are lots to choose from!).

If you use your vehicle 90% or more for business, you can claim 100% of your vehicle expenses! But you need to also be able to prove it! So CRA suggests to keep a vehicle log for three months as a baseline to support the 100% claim if ever reviewed.

To find out more about claiming vehicle expenses right from the horse’s mouth, here’s the link to find out more!
https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/business-expenses/motor-vehicle-expenses.html

Tag:Sole Proprietorship, Vehicle Expenses, Vehicle Log

The Happy Bookkeeper

Previous post

Merry Christmas!
January 3, 2018

Next post

More than just a raise in Minimum Wage in the "Fair Workplaces, Better Jobs Act 2017"
January 5, 2018

You may also like

Bookkeeping Tips for Small Business Success2
Free Local Workshop! Bookkeeping Tips for Small Business Success!
6 June, 2018
calculator with the word payroll on the display
Ontario Reverses New Ontario Holiday Pay Calculation!
8 May, 2018
Free filing option2
Free Filing Software for All!
29 April, 2018

Leave A Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Recent Blog Posts

  • This Week Somebody Asked Me… How to Enter a Promotional Gift Certificate or Discount
  • Free Local Workshop! Bookkeeping Tips for Small Business Success!
  • Ontario Reverses New Ontario Holiday Pay Calculation!
  • Free Filing Software for All!
  • Filing Due Date for the Self Employed
THB Logo
naomi@thehappybookkeeper.ca
(877) 837-7040
  • Privacy
  • Terms
  • Sitemap
  • Purchase