As a Canadian taxpayer, you may be eligible to claim motor vehicle expenses if you use your vehicle for business purposes. The Canada Revenue Agency (CRA) requires detailed records to support your claims, so understanding the rules can help you maximize your deductions.
🚗 What Can You Claim? Eligible deductions include fuel, maintenance, insurance, licensing fees, lease payments, and depreciation (capital cost allowance). However, personal-use mileage is not deductible, and you must keep a mileage log for business-related activities.
📋 What Records Are Required? To satisfy CRA requirements, you must keep:
- A detailed mileage log, including dates, destinations, and purpose of each trip
- Receipts for all eligible expenses
- Year-end odometer readings
✅ How SPG Tax Can Help Navigating motor vehicle expense deductions can be complex. At SPG Tax, we ensure accurate filings and help you take advantage of every eligible deduction.
👉 Get Professional Tax Support Today! Don’t miss out on valuable deductions. Contact us now to learn how SPG Tax can help you file with confidence and save more!