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How do I charge vehicle expenses?

In most cases the most effective "accounting" for vehicle costs is to charge the company mileage for business use of your personal vehicle. The limits per fiscal year, as set by Revenue Canada, are as follows; 0 km to 5,000 km per fiscal year $.54 per km 5,001 and more per fiscal year $.48 per km When the owner(s) of the corporation charge mileage for vehicle business use the funds they receive are not taxable personally but are a deduction to the company. In some cases a company owned vehicle will be a more attractive tax scenario but as a minimum the vehicle would have to be used for business more than 90% of the time.

 

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Contren Management Consultants Inc.
1030 Upper James, Suite 204
Hamilton, Ontario. Canada L9C 6X6
Tel: (905) 769-6400
Fax: (905) 575-4600

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