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Please use our contact form below to get in contact with us or feel free to give us a call today.
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#9 – 2611 37th Ave NE Calgary, AB
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Frequently Asked Questions
Is it better to lease or buy a vehicle?
Tax wise there is not alot of difference between the two finance options. If you finance a vehicle you may be able to deduct the interest, and the vehicle is depreciated over just over 3 years to a maximum of $35,000 (for most taxpayers). If you are leasing, each payment you make may be tax deductlble – but again your are limited to the $35,000 threshhold.
Do I really need a mileage log?
Absolutely – If you do not have a detailed mileage log, CRA can disallow ALL of your vehicle expenses including depreciation. You need to have a mileage log that details both your business and personal mileage for the entire taxation period. It should outline where you go, and for what purpose. There are many great apps that you can use to make this easier, but a paper log is also acceptable. Please remember, that your daily commute from home to your office is not considered business miles by CRA. Business mileage is from your office to a seperate work site, or meeting with a client or business professional
Can I deduct my grocery store donation or home lotto tickets?
You can only claim a charitable donation credit for any donations made that you receive an officla tax receipt. If there is any type of benefit you receive, (i.e. a chance to win something), then it is not considered a charitable donation. Only registered charities can issue offical donation receipts.