Automobile Expenses & Recordkeeping Many people use their cars for work or business and personally incur expenses in doing so. If this is your situation, you’ll want to be able to deduct those expenses against the related income. The Canada Revenue Agency (CRA) has strict requirements for claiming automobile deductions that are designed to ensure that only true business-related expenses may be claimed. To substantiate your deduction, you’ll have to maintain detailed records of the expenses you incur and the kilometres you drive on income-earning activities. Use a mileage log book and keep it in your vehicle at all times. This log will record the purpose and details of every trip you make and the mileage involved. If you fill out the log throughout the year, you’ll have all the information you need at year-end to support your tax deductions. The log book itself doesn't complete the picture. There are complex rules that apply in determining how much of your expenses can be claimed. In addition, review the tax planning opportunities discussed HERE and HERE. A Chartered Accountant should be consulted. Contact Keith Anderson CA at (780) 447-5830 if you need advice.
Legal Notice And Disclaimer Privacy Statement | 
