How To Deduct Automobile Expenses

Have you been wondering if you can deduct automobile expenses? I get this question a lot! The Canadian income tax act allows you to deduct any reasonable expenses incurred for the purpose of earning property or business income, subject to a bunch of exceptions. Therefore, you are generally eligible to claim automobile expenses, However, the big question is, HOW? In this video, I share what documents you need to keep to earn your deduction. We’ll also dive deeper into how to claim your deductions with practical examples and major pitfalls to avoid. Key Moments In This Episode ======================== 1:25 - How to earn your deduction in the eyes of CRA 2:20 - What are you eligible to deduct with an electric vehicle vs. a Regular vehicle? 4:43 - Formula to calculate deductible eligible leasing cost amount 5:24 - Claiming Capital Cost Allowance 6:51 - Leasing vs purchasing 9:45 - How and what to document in your auto log book (Examples) 13: 28 - How to determine your actual deduction amount with practical examples 17:28 - Common tax deduction questions answered If you have any questions or thoughts after watching this video, leave a comment below, and I’ll respond as soon as possible. Don’t forget to subscribe to my channel for more videos on Canadian real estate and tax-saving strategies, so you don’t miss a thing! ---------------------- Please make sure to speak to a professional that knows your personal situation before making a decision. If you need to talk to someone on my team, send us an email at [email protected] ---------------------- SIGN UP FOR OUR NEWSLETTER Want to stay up-to-date with all the latest news about Real Estate Tax Tips, Receive weekly tax tips and free real estate investment resources? Then subscribe to our newsletter here: https://realestatetaxtips.ca/youtube ---------------------- Want to PAY LESS TAX as a real estate investor? Check Out All of My Tax Saving Resources HERE: https://realestatetaxtips.ca/resource ---------------------- FOLLOW ME ON SOCIAL MEDIA: Facebook:  / realestatetaxtips   Instagram:   / realestatetaxtips   ---------------------- ⭐Cherry’s Best Real Estate Tax Tips ⭐ ➡️Everything You Need To Know About REIT Taxation:    • Everything You Need To Know About REIT Tax...   ➡️3 Structures to Own Student Rentals for Your Kids:    • 3 Structures to Own Student Rentals for Yo...   ➡️Student Rentals VS Other Rentals and Garden Suites:    • Student Rentals VS Other Rentals and Garde...   ➡️Everything you need to know about Preconstruction Assignment Sales:    • Everything you need to know about Preconst...   ➡️5 Ways to Ease Interest Hike Pressure:    • 5 Ways to Ease Interest Hike Pressure   ➡️Why Whole Life Insurance Is A Great Complement To Real Estate:    • Why Whole Life Insurance Is A Great Comple...   ---------------------- DISCLAIMER: Real estate Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your legal and tax advisors to ensure you get the best personalized advice. The information contained in this video is for general information purposes only. The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the article or the information, products, services, or related graphics contained on the presentation for any purpose. Any reliance you place on such information is, therefore, strictly at your own risk. In no event will we be liable for any loss or damage, including, without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of or connected with the use of this information. #taxdeduction #taxwriteoff #deduction #tax #taxes #CRA #tesla #insurance #mileage #realestatetaxtips #cherrychanneltv