Weekly Tax Tips
Automobile Expenses & Recordkeeping
4 Mar 2009
If you personally incur expenses for the use of your car for work or business, you'll want to be able to deduct those expenses against the related income. The Canada Revenue Agency has strict requirements for claiming automobile deductions that are designed to ensure that only true business-related expenses may be claimed. Read our tax bulletin titled Automobile Expenses & Recordkeeping to determine whether you should be keeping records of automobile expenses, what types of expenses to track when using your car for work or business and the deductibility of those expenses.
If your employer provides you with a car for carrying out your duties, certain taxable benefits may be included in your income. This bulletin also explains these taxable benefits.
This tax tip is a publication of BDO Dunwoody LLP on developments in the area of taxation. This material is general in nature and should not be relied upon to replace the requirement for specific professional advice. The information in this tax tip is current as of 4 Mar 2009.
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