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  • Writer's pictureSumma MG

How can I deduct my car for my business? Should I lease or buy a vehicle?

Those are two very common questions. It depends on your personal and business situation. First, always keep a log to record km driven for the year total and km driven to earn your income. Without a log you cannot claim vehicle expenses. If you own a vehicle personally, the best solution to claim business km as per auto allowance rates, for example in 2019 you can claim 58¢ per kilometer for the first 5,000 kilometers driven and 52¢ per kilometer driven after that.

When you purchase a vehicle, you might be under different scenarios, such as leasing, lease-to-buy or purchase. The interest may also vary depends on a lease or purchase option. Call me at 778-731-0707 or 604-376-5823 to discuss.

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