Does it make sense to Lease a vehicle if you are self employed .
If yes how much can you claim on the lease payment of car in your tax returns.
Quote:
Originally posted by Bingo
Does it make sense to Lease a vehicle if you are self employed .
If yes how much can you claim on the lease payment of car in your tax returns.
What else can one claim apart from Lease if you are selfemployed ,can you claim your in house office expenses and salary etc What is required do you need to have a incorporation or business number from Revenue Canada is enough to claim.
Obviously you'll need to register the business.
What else can you claim?
Your rent, your cell phone, internet connection cost, cable tv, morning coffee, lunch, dinner, your utilities, dress shirts, suits, shoes, sunglasses, bus tickets, train pass, gas, anything and everything, partly of full.
PROVIDED IT'S FOR YOUR LEGAL BUSINESS USE.
Now, how you prove that it's for business use? That's up to you and your business.
Anything that you have to buy/use for your business can be claimed. But keep in mind, "for business" - that generates revenue. Not for you.
You buy fruits in wholesale and sell to few of your customers. You drive 100KM each day to buy those fruits. Now that drive is you claim.
You go for lunch meeting with a prospective client. You can claim that expense.
You go for lunch with your friend. Now that's no business expense. Can you claim that? As I said, it's up to you and your business.
There is also a tini-tiny difference between "use in business" and "Use for business". You business needs a car. Does that car needs to be a 100K car? Or a 20K car? That depends on you business and the revenue generated. The claims you make much be comparable with the revenue you are generating.
Yaayee .. I'm no more "junior desi"
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